TNC cross-chain asset converter debuted at the Berlin meetup in March, which marks a significant landmark for Trinity in its exploration of new territories. Rather than an independent, vertical and closed system, the “isolated islands” in the blockchain space are linked by the converter which makes it possible for the exchange of value and data.
The cross-chain asset conversion technology can be explained as a bridge linking different blockchains as a way to realize cross-chain transaction, asset conversion and information exchange among different chains. The TNC cross-chain asset converter adopts the notary schemes which is a centralized structure that selects a group of notaries to monitor the events and status on the target chain and sign the transfer of assets.
Via the TNC cross-chain asset converter released on our official website, users can convert their NEP5 TNCs on Neo into ERC20 TNCs on Ethereum.
This is how the TNC cross-chain asset converter works: send NEP5 TNCs to the conversion address with the recipient address on Ethereum attached. Once confirmed by the cross-chain notaries, TNCs will be frozen by the Neo conversion address and the Ethereum conversion contract will send equal amount of ERC20 TNCs to the recipient address that the user inserted before.
The amount of ECR20 TNCs is the same as that of NEP5 TNCs, which is 1 billion. ERC20 TNCs are not new tokens or add-issued tokens. Only 1 billion TNCs are in activation at the same time. For example, if 30% NEP5 TNCs are frozen and 70% are activated, then 30% ERC20 TNCs are activated and 70% are frozen.
Note: Activation/frozen stand for TNC status on the two underlying chains, and has nothing to do with TNCs in the ecosystem, ESOP and lock-up program of the Trinity Foundation.
ERC20 TNCs will be available on more exchanges that only support Ethereum assets, realizing cross-chain value exchange. Apart from converting NEP5 TNCs on our official website, ERC20 TNCs can be purchased on exchanges in the future.
KuCoin will list ERC20 TNCs and launch a TNC(ERC20)/ETH exchange market.
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