What is cross-chain?
With the development of blockchain technology, in addition to the mainstream public chains BTC and Ethereum, many different new public chains have been born. Users’ demand for asset conversion between different public chains has spawned a new technology – cross-chain.
Cross-chain, as the name implies, is a technology that enables value to cross the barriers between chains and conduct direct circulation.
So how to understand cross-chain? A blockchain is a type of distributed ledger. A blockchain is an independent ledger, and two different chains are two different independent ledgers, and the two ledgers are not related. In essence, there is no way to transfer value between ledgers, but for a specific user, the value stored by the user on one blockchain can become the value on another chain, which is the circulation of value.
In fact, cross-chain is essentially the same as currency exchange. Cross-chaining does not change the total value of each blockchain, it is just an exchange between different holders.
One of the core elements of cross-chain technology is to help user A on one chain find user B on another chain who is willing to exchange. From a business perspective, cross-chain technology is an exchange that allows users to conduct cross-chain transactions on the exchange.
Cross-chain exchange tutorial
1) Switch wallets that require cross-chain exchange and switch the main chain. This exchange takes USDT of Heco chain as an example;
2) Click [Swap] and [Cross-chain Bridge] to enter the page, set the currency exchange amount, the current main chain and the main chain after cross-chain. Pay attention to the miner fee shown below to prevent the balance from being less than the amount you need after cross-chain deduction; click [Confirm] and enter your wallet 6-digit password.
3) After the cross-chain transaction is sent, click [I understand], you can see the transaction on the cross-chain transaction history page, and click to enter the transaction order details page; if you are worried that the transaction is unsuccessful, you can click [Block Browse] in the lower right corner. Viewer] to check the status; if it is displayed as [Success], it means that the cross-chain exchange has been successfully put on the chain, and the cross-chain exchange of USDT of Heco chain to USDT of BSC chain has been completed.
After cross-chain transaction, where can I check the exchanged currency?
Take the cross-chain exchange tutorial above as an example, the USDT of the Heco chain is cross-chained to the USDT of the BSC chain. After the cross-chain is successful, go back to the homepage of the wallet and click on the upper right corner to switch the Heco chain to the main chain after the exchange;
It can be seen that the amount of USDT has decreased, which is due to the deduction of miner fees when cross-chaining.