Exporting Assets (Tokens & NFTs) To Other Blockchains
Blockchain of Thing’s Multi-Chain Token Technology enables the Catenis user to take a Catenis Smart Asset (token), export it to a foreign blockchain, and create an equal counterpart of that asset within that foreign blockchain in exchange for the original Catenis Smart Asset. At any point, if the user wishes to, they may take any quantity of transferred asset (migrated) from the foreign blockchain and transfer (migrate) that quantity back into Catenis as a Catenis Smart Asset. Catenis supports three popular foreign blockchains currently used in DeFi: Ethereum, Binance Smart Chain, and Polygon PoS Chain. It also supports the Bitcoin Blockchain on which the Catenis Smart Assets run natively. Having access to bidirectional migration support of tokens for all four protocols enables companies to avoid the limitations of being locked into only one specific blockchain or token type. This functionality supplies flexibility to our customers and the crypto community, protecting them from the constraints of being locked into one protocol.
The blockchains that are presently supported
- Binance Smart Chain
- Polygon PoS Chain
- Bitcoin Blockchain
Overview of General Functionality
1. Asset Exporting (Creating a Token Type)
When a Catenis Smart Asset is exported, Catenis creates an equivalent “token” on the foreign blockchain (deploys the smart contract). This action creates the equivalent of the Catenis Smart Asset with all of its properties. However, exporting an asset does not create any units on the foreign blockchain; it simply creates the “asset type.”
2. Asset Migration (Transfer Units of a Given Type)
Enables quantities of the Catenis Smart Asset you have exported to be moved to the foreign blockchain of your choice. To transfer units of your Smart Assets, you must migrate (transfer) the asset after exporting. You can export the same Catenis Smart Asset to several blockchains. Nevertheless, you will need to have enough units of your Smart Assets to migrate to more than one blockchain (Example: you have five XYZ Smart Assets, you can migrate one of these assets to Polygon and the other four assets to Binance Smart Chain).
It is first required to export the asset to be created on the foreign blockchain before gaining the ability to migrate units of that asset to the foreign blockchain. (Example: if ten units of Catenis Smart Assets are migrated, ten units (tokens) will now exist on the foreign blockchain). Assets can be migrated out to a foreign blockchain and brought back into Catenis. This is only possible if those units of that asset were previously ever migrated out.
3. Asset Export Outcome
4. Asset Migration Outcome
Monitor the migration of the Catenis Smart Asset into the blockchain of choice. This will show the client the status and success of migrating their units of Smart Assets that have been migrated over to the target foreign blockchain.
5. List Asset Export
Displays the history and status of the Smart Assets Exported for the user to see the assets that were exported from Catenis to one or more foreign blockchain(s).
6. List Asset Migration
Displays the history and status of the Asset Migration. Provides the user the ability to see what asset quantities have been migrated to other foreign blockchains.
7. Asset Export Admin Account (Funding Fees)
This account is owned by Blockchain of Things. It is used to hold the foreign blockchain’s native tokens required to fund the transaction fees. Customers must fund this account (make a payment to the Blockchain of Things account) with the required quantity of foreign blockchain native tokens stipulated by the foreign blockchain’s fee market to be able to export their Catenis Smart Assets. Blockchain of Things does not make any markup on fees charged by the foreign blockchain.
8. Export Profiles
This determines how many native coins (Ether, for example) are consumed via foreign blockchain fees when transactions are issued. It is expressed in terms of execution speed. The faster the transactions are to be confirmed on the foreign blockchain, the more native coins are consumed in fees. Catenis supports four levels of speed: Slow • Average • Fast • Fastest. The rate of speed determines the cost of exporting the token based on the foreign blockchain’s fee market.