Understanding the Export Asset Node

In this quick tutorial, we will cover Understanding the Export Asset Node. Today, you will learn all about the Export Asset Node in Catenis Flow.

In this video we will cover:

• How this node works
• What this node does and does not create
• The different fields specific to this node in Catenis Flow
• A list of the foreign blockchain you are able to export to
• How to choose how fast or slow this transaction will be confirmed and what are the differences

Prerequisite

• A Free Catenis Development account or Production account
• Node-RED installed on either a local or cloud environment
• Catenis Flow Pallet installed on Node-RED
• A Catenis Virtual Device configured on Node-RED
• Basic understanding of how to use Node-RED

After watching Understanding the Export Asset Node, feel free to watch the next video, Working with the Export Asset Node, to further expand your knowledge.

Subscribe to our channel for more Bitcoin Blockchain building videos! https://www.youtube.com/c/BlockchainofThings

Links from this video for easy access:

• Working with the Retrieve Device Identification Node: https://blockchainofthings.com/tutorials/work-with-retrieve-device-ID-node
• Understanding the Migrate Asset Node: https://blockchainofthings.com/tutorials/understand-migrate-asset-node
• How to Configure a Virtual Device: https://blockchainofthings.com/tutorials/configure-virtual-device
• Working with the Export Asset Node: https://blockchainofthings.com/tutorials/work-with-export-asset-node

To sign up for your free account, head to our website www.blockchainofthings.com.

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Hi, this is Claire for Blockchain of Things.

Today, you will learn all about the Export Asset Node.

The Export Asset Node deploys a smart contract to create a

token that is equivalent to a Catenis Smart Asset on the foreign blockchain.

While exporting an asset does create the equivalent of the

Catenis Smart Asset with all of its properties,

exporting an asset does not create any units of that
Catenis Smart Asset on the foreign blockchain.

It simply creates the asset type.

before any units of the asset can be transferred to the foreign blockchain,

it is necessary to use the Export Asset Node to create the asset type on the foreign blockchain.

The same Catenis Smart Asset can be exported to more than one foreign blockchain,

provided you have enough units
of that Catenis Asset to migrate some

units to one blockchain, while migrating other units of the asset to others.

For example, if you have five units of the XYZ Smart Asset,

you can migrate one unit of XYZ to Polygon POS chain,

and three units to Binance Smart Chain.

To learn how to transfer units after exporting, learn about Migrating Assets Node here:

In addition to the standard name and connection fields,

this node contains a number of fields specific to Catenis Flow.

In the asset ID field, enter the ID of a previously created

Catenis Smart Asset that you will export to a foreign blockchain.

In the foreign blockchain field,

select a foreign blockchain to Export Asset to,
from among the available foreign blockchains.

Which currently include Ethereum,

Binance Smart Chain,

and Polygon Proof Of Stake Chain.

When the Export Asset functionality issues a transaction on the foreign blockchain,

you may choose how fast or slow this transaction will

be confirmed in the consumption profile field.

Although Blockchain of Things does not charge a fee for this transaction type,

this transaction will occur on a foreign blockchain and

will therefore incur a fee in that blockchain’s native cryptocurrency.

The fees are based on the fee market of the foreign

blockchain and must be decided by the user.

The fee amount is inversely related to the speed that you select.

Such that the fastest transaction times are the most expensive.

Note, that all foreign tokens deposited into this account are non-refundable.

Also, note, that setting the consumption profile at this level

overrides the consumption profile settings at the Administrative Dashboard on your account.

Use the estimate-only field to simulate

the foreign blockchain transaction in order to estimate the transaction fee.

The result indicates the approximate
amount of the asset needed in your

Administrative Dashboard’s Asset Export Admin Account,

in order to complete the transaction.

Quick tip, if the price is too high set the transaction speed slower

in the consumption profile field and re-run the estimate to get a lower fee.

Awesome!

Now, you should understand the Export Asset Node and you’re ready to move on to our next tutorial.

Where we’ll learn how to use the Export Asset Node to create our own flow.

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