robvanmieghem
commented
6 years ago Rob: describe the functionality in more detail
Open robvanmieghem opened 6 years ago
robvanmieghem
commented
6 years ago Rob: describe the functionality in more detail
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens.
General idea
A lot of the bigger exchanges support erc20 tokens but it would require some effort to support tftokens directly. By creating an erc20 token to represent tft, these exchanges can support an and transfer tft amongst each other without any effort. We propse to be able to send tft to an ethereum address, he bridge would create the tfterc20's and add them to the target ethereum address. Maybe multisign is required to secure this. The reverse depends if we can encode a tft adress in an eth adress, if not, a receiving adress needs to be published on the tft chain first. A user can withdraw from an exchange to an eth adress generated by a tft wallet and a blockcreator node would include the coin creation transaction to a block. Every full node can run a validator to only accept valid eth to tft transactions. This would allow user to easily convert tft to tft erc20 and back, making the process to transfer tft to an exchange that supports tfterc20 and back almost seamless.