Beneswap launched a global "cross-chain bridge", using threshold signatures, zero-knowledge proofs, multi-party computing, node consensus and other technical methods to achieve an essential decentralized asset cross-chain protocol system, which is fairer, more decentralized and supports all technologies Cross-chain transactions and transfers of public chain assets.
Beneswap's cross-chain bridge is a decentralized cross chain asset trusteeship, through which users can complete the asset trusteeship and extraction. The assets under trusteeship can be used for Beneswap transactions, and liquidity mining, cross chain mining and other functions. The trusteeship process is as follows.
Flow path and working principles of Beneswap’s cross chain agreement:
(1) The asset co-management address is used to receive the trusteeship request of the corresponding asset of the external blockchain;
(2) Beneswap node network drives the smart contract of asset image according to the corresponding transaction of the address. The node is composed of different organizations and institutions. And any node in the node network does not have the power to operate independently, thus realizing decentralized trusteeship;
(3) The smart contract of asset mapping completes the additional issuance of the mapped assets of the corresponding external assets, and transfer them into the asset pool of the corresponding mapped assets, so as to realize the cross chain of assets.
Through Beneswap’s cross chain technology, token circulation between different public chains does not need to be carried out in a “wrapped” way. For example, the well-known WBTC, short for wrapped BTC, literally means “wrapped Bitcoin”. It is an ERC-20 token based on Ethereum and linked to Bitcoin, and realizes 1:1 anchoring with Bitcoin. But through Beneswap, BTC can trade on different public chains, including ETH, Polkadot, Binance chain and other networks, without any "wrapping".