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4.2 SatoshiChain Cross-Chain Protocol
This SatoshiChain Cross-Chain Protocol is essential to linking the original Bitcoin blockchain to the SatoshiChain. This protocol uses a fixed ratio of
1:100,000,000 BTC:SAT to enter or exit the SatoshiChain. When users peg their Bitcoin to the SatoshiChain, the SatoshiChain protocol mints Satoshi tokens ($SAT).
Conversely, when a user destroys $SAT tokens, he can withdraw bitcoin from the SatoshiChain chain using a ratio of 100,000,000:1. In this context, a cross-chain bridge protocol module will be utilized to achieve cross-chain transactions. .
The primary features of the cross-chain protocol are:- 1.Decentralized and secure cross-chain support of Bitcoin to SatoshiChain
- 2.A trustless key generation for threshold signature schemes. Generated private shares of the signing key will be used to calculate final signed transactions.
- 3.The private key shares will also be managed by the community and third-party partners to eliminate any risk of a single-point-of-failure (i.e., centralization).
- 4.The protocol governance mechanism supports voting capabilities for organizations that run on the cross-chain protocol.
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Fig 3. SatoshiChain Cross-Chain Protocol
Last modified 7mo ago