Burn-to-Claim: An asset transfer protocol for blockchain interoperability

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Author(s)
Pillai, B
Biswas, K
Hóu, Z
Muthukkumarasamy, V
Year published
2021
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Show full item recordAbstract
The future of multi-blockchain architecture depends on the emergence of new protocols that enable consensus between trustless cross-blockchain participants. However, interoperability between blockchains remains a research challenge. The existing interoperability approaches provide integration through solutions using a middleware system, making it difficult to gain confidence in the security and correctness of the process. A cross-blockchain protocol must provide a self-verifiable state proof that encodes trust in the transfer process to guarantee consensus. Inspired by the burn-address concept, we propose a Burn-to-Claim ...
View more >The future of multi-blockchain architecture depends on the emergence of new protocols that enable consensus between trustless cross-blockchain participants. However, interoperability between blockchains remains a research challenge. The existing interoperability approaches provide integration through solutions using a middleware system, making it difficult to gain confidence in the security and correctness of the process. A cross-blockchain protocol must provide a self-verifiable state proof that encodes trust in the transfer process to guarantee consensus. Inspired by the burn-address concept, we propose a Burn-to-Claim cross-blockchain protocol to exchange assets between two networks. The proposed protocol transfers assets from one blockchain system to another so that the asset is burned from the source blockchain and recreated on the destination blockchain. Our protocol makes use of digital signatures, hash-time-locks and integration mechanisms to perform cross-blockchain transactions in a distributed manner. We theoretically prove that the proposed cross-blockchain protocol transfers assets securely and correctly. In addition, the experimental results demonstrate the feasibility of the Burn-to-Claim protocol when used in an application environment.
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View more >The future of multi-blockchain architecture depends on the emergence of new protocols that enable consensus between trustless cross-blockchain participants. However, interoperability between blockchains remains a research challenge. The existing interoperability approaches provide integration through solutions using a middleware system, making it difficult to gain confidence in the security and correctness of the process. A cross-blockchain protocol must provide a self-verifiable state proof that encodes trust in the transfer process to guarantee consensus. Inspired by the burn-address concept, we propose a Burn-to-Claim cross-blockchain protocol to exchange assets between two networks. The proposed protocol transfers assets from one blockchain system to another so that the asset is burned from the source blockchain and recreated on the destination blockchain. Our protocol makes use of digital signatures, hash-time-locks and integration mechanisms to perform cross-blockchain transactions in a distributed manner. We theoretically prove that the proposed cross-blockchain protocol transfers assets securely and correctly. In addition, the experimental results demonstrate the feasibility of the Burn-to-Claim protocol when used in an application environment.
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Journal Title
Computer Networks
Volume
200
Copyright Statement
© 2021 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
Subject
Information and computing sciences
Networking and communications