Description: Blockchain Interoperability Trustless, Interoperable, Cryptocurrency-backed Assets
bitcoin (6735) blockchain (5722) ethereum (3875) defi (985) decentralized finance (390) interoperability (133) blockchain interoperability (3)
XCLAIM is a framework for achieving trustless and efficient cross-chain exchanges using cryptocurrency-backed assets (CbAs). XCLAIM allows to create assets which are 1:1 backed by existing cryptocurrencies, without requiring trust in a central operator. While this approach is applicable to a wide range of cryptocurrencies, we currently focus on implementing Bitcoin-backed tokens on Ethereum, i.e. XCLAIM(BTC,ETH).
XCLAIM introduces three protocols to achieve decentralized, transparent, consistent, atomic, and censorship resistant cross-blockchain swaps:
The current XCLAIM prototype is compliant with the ERC20 standard. An overview of the protocol is presented below: