Understanding the Migrate Asset Node

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:

• How this node works
• A list of the foreign blockchain you are able to export to
• The difference between outward and inward in Catenis Flow
• Setting the consumption profile
• How to estimate the transaction fee

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
• Basic understanding of the Export Asset Node

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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Links from this video for easy access:

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