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.
Interested to buy Wanchain (WAN)? Check the Market Now: https://www.bitkub.com/market/WAN
For questions and inquiries, please feel free to contact us.
BITKUB ONLINE Co., Ltd.
Contact us: Bitkub Support