In this quick tutorial, we will cover Understanding the Migrate Asset Node. Today, you will learn all about the Migrate Asset Node. The Migrate Asset node transfers quantities of a Catenis Smart Asset that you have already exported to a foreign blockchain of your choice.
In this video we will cover:
Prerequisite
After watching Understanding the Migrate Asset Node, feel free to watch the next video, Working with the Migrate Asset Node, to further expand your knowledge.
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Hi, this is Claire for Blockchain of Things.
Today, you will learn all about the Migrate Asset Node.
The Migrate Asset Node transfers quantities
of a Catenis Smart Asset
that you have already exported to
a foreign blockchain of your choice.
If you have not yet transferred a Catenis Smart Asset to a foreign blockchain,
you can learn how to do so here:
The same Catenis Smart Asset can be exported to more than one foreign blockchain,
provided you have enough units of that asset.
Note, that assets that have been migrated to a foreign blockchain
can be brought back into the Catenis Platform.
Name the node in the name field and set a previously
configured virtual device in the connection field.
Enter the ID of a previously created Catenis Smart Asset that you will export
to a foreign blockchain in the Asset ID field.
In the foreign blockchain field, select a foreign blockchain to export your asset to,
from among the available foreign blockchains, which currently include:
Ethereum,
Binance Smart Chain,
and Polygon Proof Of Stake Chain.
In the Migration Direction field,
migrate units of a Catenis Smart Asset outward to a foreign blockchain,
or migrate units back inward from a foreign blockchain back into the Catenis Platform.
In the destination address field, if you selected to migrate units of a Catenis Smart Asset outward,
this is the public wallet address on the foreign blockchain that will receive the units.
Note, that many wallet apps such as MetaMask,
require you to supply the token contract address
in order for tokens to be added to the wallet.
See the video, “Understanding the Asset Export Outcome Node” for more information at this link:
In the Consumption Profile field when the Export Asset functionality
issues a transaction on the foreign blockchain,
you may choose how fast or slow this transaction will be confirmed.
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.
Select Estimate Only to estimate the transaction fee by simulating the foreign blockchain transaction.
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.
Great work!
Now, you should understand the Migrate Asset Node.
In our next tutorial, you’ll learn how to use the Migrate Asset Node in your own flow.
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