Ever given Ethereum went live about a year ago there have been critics who questioned a need to launch another blockchain with a possess cryptographic token to secure a network. But it doesn’t meant that both blockchains can’t attain or interoperate, states Joseph Chow, creator of BTC Relay.
Progress has been done mixing a dual recently by RSK for instance, and Bitcoin’s possess Sidechains plan has lots of egghead horsepower pushing it on.
BTC Relay is a overpass between Bitcoin and Ethereum. In elementary terms, it allows a user to compensate with Bitcoin to use Ethereum.
BTC Relay is an Ethereum contract, that other Ethereum contracts and decentralised applications (DApps) can use, that is a trust-free approach of verifying a Bitcoin payment; there are no intermediaries that need to be devoted with certifying that a Bitcoin transaction took place.
Chow explains how Ethereum and Bitcoin are a innovations that make this leisure from trust possible. He told IBTimes UK: “Ethereum’s statefulness and programming denunciation allows applications to be built, and this power, total with a creation of Bitcoin SPV (simplified remuneration verification), allows BTC Relay to be trustless: from a immobile formula itself we are ensured that BTC Relay outputs are not