Wanchain Transaction Sample

Modified on Sun, 19 Feb 2023 at 10:29 PM

Bitcoin Blockchain to Wanchain Blockchain

May and John have accounts on Bitcoin and Wanchain. May needs to transfer 5 Bitcoins (BTC) to John.

May makes a cross-chain transaction request using the Wanchain wallet and initiates a transfer of Bitcoin from her Bitcoin wallet with the recipient being John's Bitcoin cross-chain locked account.

The validator node of Wanchain receives the cross-chain transaction request, verifies that the transaction has been recorded in the Bitcoin Blockchain, and creates a new smart contract token BTC on Wanchain, which is the equivalent amount of BTC that needs to be cross-transferred to John on Wanchain.

Wanchain Blockchain to Bitcoin Blockchain

What will happen now if John needs to pay 5 BTC to Nancy?

John uses his Wanchain wallet to initiate a cross-chain transaction with the BTC asset contract. After receiving the request, the validator node will lock the corresponding 5 BTC assets and then uses the threshold secret-sharing mechanism to create a Bitcoin transaction with John’s Wanchain Locked Account to Nancy’s Bitcoin account. After the validator node verifies the confirmed transaction on Bitcoin blockchain, the 5 BTC locked under John’s account will be cleared. The asset or the BTC then is officially transferred back to the original chain.

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