Bytecoin team has churned out Bytecoin’s Gateway Project that creates a bridge between Bytecoin blockchain and Ethereum ecosystem by making use of BCN20 currency. Blockchain bridging is a process of linking two different blockchains by making use of intermediate currency, which in this case is BCN20.
Several changes were made to Bytecoin Amethyst software to allow Bytecoin blockchain talk to Ethereum blockchain. For Bytecoin’s gateway, an auditable wallet is used to store and keep track of base funds that anchor corresponding currency on bridged blockchain.
So how does this work? Well, an Ethereum Smart Contract will be used to put into circulation a new currency called BCN20 at a 1-to-1 ratio with the original BCN secured in the auditable wallet.
Since this is an auditable contract, users can keep track of currency at both ends. So, while the Bytecoin’s blockchain is totally private by default, this BCN20 currency is 100% transparent and auditable.
Jenny Goldberg, Bytecoin’s CMO is very confident about the bridge. She says that this is another face of Bytecoin, one that they hope will act as a catalyst for further branching out and community growth. They believe that this launch, by increasing the capabilities of each Bytecoin user, significantly bolsters the platform as a whole.