Bitcoin Blockchain to Wanchain Blockchain
May and John have accounts on Bitcoin and Wanchain. And May needs to transfer 5 Bitcoin 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 a Bitcoin cross-chain Locked Account of John.
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. The validator node, after receiving the request will lock the corresponding 5 BTC assets. Then validator node 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.