A brief outline
Creation of a cross chain bridge to transfer tokens between the Binance Smart Chain (BSC) blockchain and the private blockchain network of the customer’s financial platform (fintech).
An innovative financial (FinTech) platform that connects businesses and individuals and provides its members with a secure, private way to exchange funds/assets, services and goods within its ecosystem. The FinTech crypto-platform which is being developed, belongs to its members and provides privacy and legal protection.
Vision of the problem (project background)
The modern crypto-industry pays a great deal of attention to the interoperability of different ecosystems. The technology base of each project may have unique architectural features, which impedes direct integration, and in this situation, the most popular solution is to create bridges between blockchains, as well as between blockchains and other high-tech systems.
Confidentiality of financial transactions and legal protection have become a critical requirement for modern organizations. The current market has the following shortcomings:
● Lack of any legal solution to ensure the privacy of financial information
Instability of the cryptocurrency market due to the small number of projects solving real financial problems
● Lack of a reliable solution for storing digital assets without the risk of losing them
● Consolidation of the banking industry has led to a significant reduction in the number of local banks specializing in small business lending.
The FinTech platform solves the aforementioned problems. The technological platform for the financial system integration is based on the Consortium Blockchain technology, where banks, insurance companies, borrowers, lenders, shops, grocery stores, large and small businesses can integrate into one global ecosystem and take advantage of blockchain and cryptocurrency to optimize their interaction.
Benefits of the platform
- free access to finance and the chance for businesses and private companies to receive funding from members of the ecosystem that is under development
- secure storage of digital assets through the use of Consortium Blockchain technology
- confidentiality of transactions within the system s secured by foregoing the use of public blockchain and using the network’s internal token
Setting the goals for Bridge development
The platform involves two unrelated blockchains — the Binance Smart Chain (BSC) public network and the internal blockchain of the system based on the Consortium Blockchain technology.
The goal of the Bridge project development is to enable external users of the project to transfer ecosystem tokens from the BSC network to the internal ecosystem network and back using a centralized service for mutual settlements within the target network.
RSquad solution description
Bridge is a system that provides platform users with the ability to transfer cryptocurrency assets from the BSC network to the internal network through a centralized service.
The development team identified the following priorities in project development:
- The blockchain module should consist of a set of smart contracts deployed in the public and private networks.
- PublicBridge & PrivateBridge smart contracts are to be created to access the networks, as well as a smart contract to accumulate funds in the public network.
- Interaction of smart contracts should be carried out by means of off-chain service.
The RSquad team developed the System, which consists of the following subsystems, modules and functional components:
- The Smart-contracts subsystem;
- The Dispatcher subsystem;
- The Public Interface subsystem;
- The Admin panel subsystem.
Below is a graphic representation of the scenario of interaction between the structural elements of the System:
The Smart-contracts subsystem is designed to ensure the functioning of cryptocurrency asset issuance and freezing. The subsystem is the same for any integrated EVM blockchain and consists of the following building blocks (smart contracts):
- The ERC20 smart contract — a contract that implements crypto-token logic;
- The Vault smart contract — a contract for accepting and freezing original cryptoassets;
- The Producer smart contract — a contract that implements the logic of synthesized crypto-assets release.
- The Bridge smart contract — a contract that implements the logic of sending events for tracking from the blockchain network to the outside world, as well as implements the logic of accepting transactions from the Dispatcher subsystem for further synthesis.
The Dispatcher Subsystem is designed to provide centralized functioning of off-chain tracking and transfer of cryptocurrency assets transactions from one blockchain network to another (applied to this task — from the BSC network to the client network). At the same time, the Subsystem is architecturally implemented in such a way so as to make it possible to substitute the Subsystem with another one in the future without affecting other subsystems (to transfer to decentralized management).
The Public Interface subsystem is designed to ensure the interaction of external users of the System with the System functionality through the implemented graphical interfaces.
The Admin Panel subsystem is intended to manage the System infrastructure, logging, as well as technical parameters and characteristics of the System.
The developed System provides interaction with external modules for transaction signing. These modules are generally referred to as Wallet.
Technologies used for solution implementation
- Smart-contracts — a set of smart contracts in the Solidity programming language for EVM-compliant blockchains;
- Dispatcher — a centralized back-end implemented in the Node.js programming language using Loopback.js library;
Technologies to ensure general functioning and the system CI/CD:
- Docker-ce, Docker-compose;
- Internal system wallet — Wallet;
- MetaMask/BSC Extension.
RSquad Solution Benefits
Bridge is a system that provides platform users with the ability to transfer cryptocurrency assets from the BSC network to the internal network through a centralized service, which has the following advantages:
- Secure transactions
- High speed of transactions
- User-friendly interface
- Ergonomic administration and statistics collection panel for network administrators
The Bridge system makes it possible to use the resources of both blockchains efficiently and combine their advantages, thereby providing users with more opportunities and convenient service.
This solution paves the way for the rapid transparent transfer of tokens from the public network to the corporate network (client network), making it possible to connect any projects that have their own computing procedures to corporate networks.
In this way, the interaction between the traditional economy and the crypto-economy is achieved, which is ensured by the bridge that has been developed.
With the solution developed, the platform enables enterprises to connect to blockchain and use cryptocurrency within the ecosystem, addressing the current limitations of complexity, the high cost of interaction, and the lack of privacy inherent in the real economy. Businesses and companies get the chance to interact with the best suppliers and manufacturers in the global marketplace, passing by the usual constraints. The platform helps reduce excessively costly transfer and settlement procedures between them.