The construction of the blockchain cross-chain network plays a vital role in the development of the industry, which is mainly due to the huge imagination of its application scenarios. The cross-chain application scenarios once again reflect the charm of blockchain technology. At this time, the cross-chain bridge between orion and heco is also a collision of technological revolution sparks. Through this article, you will learn about the most cutting-edge cross-chain application scenarios, creating infinite possibilities for the future of technology life.
1) Expansion of the underlying platform
At present, the performance of the underlying blockchain platform has become one of the bottlenecks restricting the development of blockchain applications, and there are many expansion plans, “main chain + side chain” model to become one of important, will be a lot of transaction processing and calculation of main chain overhead and transferring them to the side chain, and maintained as an organically integrated whole through the cross-chain technology of the main chain and the side chain. This type of model has been adopted by many projects, such as Aelf, Lisk, Plasma, and so on.
2) Payment and settlement
At present, application cross-chain projects are mostly dedicated to solving the problem of cross-ledger payment and settlement. For example, Ripple and Zipper mainly solve the problem of cross-border remittance of centralized ledgers, while BTC-Relay solves the cross-chain payment problem of Ethereum and Bitcoin network.
3) Decentralized exchanges
A major feature of the blockchain world is distributed and decentralized. As the entrance between the real world and the blockchain world, most exchanges are centralized. Due to current technical limitations, exchanges can only be implemented in a centralized manner for the time being. The cross-chain technology provides the possibility for decentralized exchanges.
4) Cross-chain wallet
Blockchain digital wallets are one of the main places to store blockchain digital assets, and current wallets are mainly used to store digital assets and cannot conduct transactions. The development of cross-chain technology makes wallets capable of cross-currency transactions. Currently, Kcash, Jaxx, Qbao and many other wallets are planning to develop cross-chain functions. The realization of cross-chain module in digital wallet will gradually transfer some asset transactions from the current exchange to the cross-chain wallet scenario.
5) Mainnet asset mapping
Before the mainnet of the public chain goes live, many blockchain projects will use ERC20 tokens to replace the native digital currency of the mainnet for circulation. When the mainnet of the public chain went online, it faced the problem of mapping ERC20 tokens to the mainnet tokens. Due to the complexity of the mapping process, it is very easy for users to fail the mapping due to operational errors during the mapping process, which will cause users to bear the risk of asset loss, which is very inhumane. Cross-chain technology can eliminate many complicated mapping operations, allowing users to convert ERC20 tokens to mainnet native tokens with a single click.
6) Cross-chain oracle
The current blockchain can only obtain the information of its own chain, and know nothing about events, status, etc., on other chains, which limits the application of the blockchain to a small range. Cross-chain technology can realize the interaction of information between different chains, and the smart contract of chain A can be triggered and executed based on the state of chain B, thereby realizing the function of cross-chain oracle. For example, the cross-chain oracle machine can operate on the assets on the chain B according to the asset certification on the chain A, and distribute and process the digital assets of the chain B. The chain is no longer completely separated from the chain, and the isolated blockchains are opened up to form a blockchain network that can influence and interact with each other, giving birth to more valuable blockchain applications.
7) Asset mortgage
Since cross-chain can realize the interaction between different chains, we can apply cross-chain technology in asset mortgage scenarios. Users can use chain A's digital assets as collateral to obtain the right to use chain B assets. If the user finishes using the chain B assets within the specified time and returns them, the user can recover the personal assets locked in chain A; if the user does not return the chain B assets as agreed, the assets locked on chain A will be disposed of. The asset mortgage function allows users to obtain a wider range of asset use rights, while also guaranteeing the rights and interests of asset lenders. This application can transfer property mortgages in the real world to the blockchain world.
8) On-chain transactions of physical assets
In the future, more and more physical assets will be mapped to the blockchain and become digital assets, and cross-chain technology can allow such digital assets to be transferred, mortgaged and traded in different chains, greatly improving the security, traceability and convenience of asset trading.
9) Other applications
Just like the Hash time lock technology inspired by the Lightning Network and the Raiden Network, it has good applications in the cross-chain field, so the cross-chain technology can also inspire other fields. One of the core points of cross-chain is to ensure the atomicity of transactions, which may be applied to scenarios such as the simultaneous settlement of goods and foreign currencies.
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