How EXRNchain works?
EXRNchain is a complex network that consists of:
a. Bidding Contract
(connected to EXRNex and EXRNswaps GUI)
b. TAI [Trustless Asset Identification] backend
(running on IPFS by EXRT nodes)
c. Swap Backend Relayer & Swap Contract
d. EXRN token
(purchased as an intermediary crosschain asset)
e. EXRT token
(purchased as a fee 0.01% or 15 cents)
f. Reverse Swap Call
g. EEP [EXRN Exit Pool]
a. Maker places bid for a crosschain trade.
Taker accepts the trade.
b. Assets of both sides are verified to be genuine.
c. Swap process gets executed, money of both sides are locked in and escrowed.
d. EXRN is automatically purchased by taker.
e. EXRT purchased by taker as a fee.
f. Deal is done, maker receives EXRN, and taker receives given asset.
g. Maker automatically swaps EXRN to the desired asset with a special EXRN Liquidity Pool.
The given process works almost identical for simple data transfers and personal cross chain transfers.
Take a look at the outline of our first iteration of four-chain connection:
aID - asset (mother chain ID);
txID - transaction data;
genTX - generation of transaction;
(running on IPFS by EXRT nodes)
txD2 - additional transaction data (signed message, execution call etc.);
tai - trustless asset identification
An ability of multiple blockchains to exchange information without losing an order of events happening on all participating blockchains within a set ‘transaction fence’.
Let’s have an example where you buy BTC with ETH on EXRNex.
Once you have clicked the ‘buy’ button for an order:
1. Transaction to the bidding contract is generated. [Chain A]
The execution call with swap details is sent to the EXRT Network. [A → B]
2. TAI (Trustless Asset Identification) and hashing, computation, keys generation, validation processes are happening at backend distributed over the EXRT validating machines with no centralized entity at control. [Chain B, backend]
3. Backend generates the execution call from the maker chain to proceed TAI and verify amounts. [C → B]
4. Assets of both sides are verified to be genuine. [Chain B, TAI]
Funds are locked in and escrowed. [Chain B, backend]
5. EXRN collateral for the trade amount is bought by taker. [Chain A]
6. EXRT fee purchased. [Chain B]
7. Proceeding the trade. [B → A and B → C]
8. Funds unlocked, BTC sent to takers wallet. [Chain C]
Maker receives EXRN collateral, which is automatically swapped back to ETH. [Chain A]
Transaction fence - an order of transactions, signed messages, calls and backend actions happening within a single swap or data exchange.
Alias is a decentralized nickname registration and assignation protocol,
that will allow you to use easy and understandable names to do crosschain transactions, pay for goods or accept payments. It will be globally accepted across all EXRN compatible products.
There are already nickname solutions on some platforms, but they are: one-chain limited, hard to understand, not newbie and/or techie-friendly which makes them practically unusable and pointless. What we are proposing is user's ‘one and only’ point to access all of the crosschain and to accept all transactions of your crypto-assets with one simple nickname. The protocol and nickname ownership will be hosted on EXRT Network blockchain. This element will be rolled out to public at the same time as our mobile apps.
What is EXRT Network?
EXRT Network is a highly scalable innovative blockchain that is developed to support & secure ecosystem of decentralized crosschain applications.
Sub-second block times ensure high throughput (1,000 TPS - 100,000 TPS) needed for EXRNchain crosschain ecosystem and massive scalability for smart contracts and DApps.
EXRT VM is based on Ethereum Virtual Machine (EVM) codebase which allows for support of reliable decentralized applications and cross-blockchain DApps (running on EXRNchain).
EXRT Network is exploring different consensus algorithms (DPOS, Threshold Relay, Tendermint, Casper POS) and will be based on the most secure and reliable of them (after sufficient amount of testing).
EXRT Network is the core securing the EXRNchain ecosystem that allows for crosschain transactions and has dozens of use cases. This allows EXRT network to be an interoperable blockchain.
There are no working multi-crosschain solutions currently. EXRNchain as of now is a closed-source idea that a small team is trying to bring to reality. Technology proposed on this page is very complex and ambitious and it may take a long time before it will be possible to fully create it.