Bytecoin blockchain has formally been integrated with Ethereum with the introduction of the Bytecoin Gateway Project. This new union will give birth to the BCN20 currency.
This idea had been contemplated since the beginning of the year by Bytecoin developers for the purpose of platform expansion.
The developers of the cryptocurrency revealed that:
“Bytecoin Gateway is a technology that bridges the Bytecoin blockchain with the Ethereum blockchain”
Made Possible By Amethyst Upgrade
Bytecoin’s cross-chain integration is powered by their upgraded Amethyst software of the platform. One component from the Bytecoin Amethyst App that helped in creating Gateway is the Auditable Wallets which enables users to activate “view only” mode on their wallets so that it could be viewed by outsiders to know customer’s balance without compromising their privacy.
Auditable wallets form the first part of Bytecoin Gateway as it will serve two purposes. First, it will be used to record and monitor the base assets. It will also hold the BCN currency.
The other part is the Smart Contract from Ethereum. It will issue and distribute the new currency – BCN20 which is placed at a 1:1 ratio with the BCN in Auditable Wallets.
Dual Monitoring Platforms
According to Bytecoin Gateway site, Monitoring the activities of the currency on both sides is possible. Customers and Stakeholders can monitor original BCN from the Auditable Wallets and then check the activities of BCN20 from Ethereum’s Smart Contract distributed ledger.
A separate panel has been created by Bytecoin developers. This will contain every data in the Auditable Wallets and Smart Contracts.
This cross-chain integration is fully transparent without the original BCN secrecy. It was created to expand Bytecoin crypto’s products which will make the company a vibrant crypto technology.
This step will also boost the capital reserves of Bytecoin and assist with the development of the cryptocurrency.
Bytecoin’s CMO Jenny Goldberg talked about the development saying:
“We have done a lot of work to make this release happen and we are very happy to be able to expand Bytecoin to new horizons. This is another face of Bytecoin, one that we hope will act as a catalyst for further branching out and community growth. We believe that this launch, by increasing the capabilities of each Bytecoin user, significantly bolsters the platform as a whole.”
Some analysts are of the opinion that the success of the cross-chain would help remedy the reputation of the Bytecoin network which has hardly recovered from its premine saga.