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ioTube

DECENTRALIZED. MULTI一ASSET. CROSS CHAIN BRIDGE.
Category
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Finance
Blockchain
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IoTex
Currency
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IOTX
Publisher
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Iotex Team
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What is ioTube?
ioTube is a revolutionary platform that facilitates seamless cross-chain token transfers, allowing users to move their digital assets between different blockchain networks effortlessly. As the blockchain ecosystem continues to expand, the need for interoperability between various chains becomes increasingly crucial. ioTube addresses this challenge by employing a sophisticated system of smart contracts and witness nodes to ensure secure and efficient cross-chain token transfers.

The Complexity of Cross-Chain Transfers
Interacting with different blockchain networks can be a complex and challenging task due to their inherent differences in protocols, consensus mechanisms, and architecture. This lack of interoperability creates barriers for users who wish to transfer assets from one chain to another, restricting the seamless flow of value across the decentralized landscape.

The Role of ioTube
ioTube aims to break down these barriers and unlock the true potential of blockchain technology by providing a user-friendly platform for cross-chain token transfers. It acts as a bridge that connects multiple blockchain networks, enabling users to move their assets freely and securely between different chains.

Smart Contracts for Cross-Chain Transfers
At the heart of ioTube's functionality are multiple smart contracts deployed on both the origin and destination blockchains. These smart contracts work collaboratively to facilitate cross-chain token transfers. When a user initiates a transfer, the process begins with the deposit of assets into a "cashier contract" on the origin chain (Chain A).

Witness Nodes
Once the assets are deposited into the cashier contract, the event is observed by multiple witness nodes. Witness nodes play a crucial role in the ioTube ecosystem, as they validate and verify transactions across different blockchains. These nodes ensure the accuracy and integrity of cross-chain transfers, enhancing the security and trustworthiness of the entire process.

Enabling Trustless Cross-Chain Transfers
By leveraging the power of smart contracts and witness nodes, ioTube eliminates the need for trust in the cross-chain transfer process. Users can confidently transfer their assets between different blockchains without relying on centralized intermediaries or third-party custodians. This trustless nature aligns with the core principles of blockchain technology, ensuring users maintain full control over their assets throughout the transfer process.

Seamless and Efficient Transfers
The use of smart contracts and witness nodes streamlines the cross-chain transfer process, making it significantly more efficient compared to traditional methods. Users no longer need to navigate complex procedures or interact with multiple exchanges to move their assets between different chains. ioTube simplifies the process, making cross-chain token transfers as easy as a few clicks.

Supporting Interoperability Across Networks
As the blockchain space continues to evolve, new networks and protocols emerge, each with its unique features and functionalities. ioTube's architecture is designed to be highly adaptable and scalable, allowing it to support a wide range of blockchain networks. This flexibility enables the platform to stay at the forefront of the rapidly evolving blockchain landscape, continually expanding its capabilities to include new chains.

Enhancing the DeFi Ecosystem
DeFi (Decentralized Finance) has seen remarkable growth in recent years, revolutionizing traditional financial services through blockchain technology. ioTube plays a pivotal role in enhancing the DeFi ecosystem by enabling seamless cross-chain token transfers. This interoperability fosters greater liquidity, efficiency, and accessibility within the DeFi space, unlocking new possibilities for users and projects alike.

ioTube is a pioneering platform that bridges the gap in cross-chain token transfers, providing a solution for the interoperability challenges faced by the blockchain ecosystem. Through the use of smart contracts and witness nodes, ioTube facilitates secure, efficient, and trustless cross-chain transfers, empowering users to move their assets freely between different blockchain networks. With its commitment to seamless interoperability and support for a wide range of blockchain networks, ioTube is at the forefront of driving the blockchain revolution, making decentralized finance more accessible and user-friendly for all.
Information
Type
Automated Market Maker
Blockchain
IoTex
Currency
IOTX
Platform
Windows, macOS
Publisher
Iotex Team
Version
V5
FAQ
ioTube is a decentralized cross-chain bridge that enables the bidirectional exchange of crypto-assets (e.g., fungible/non-fungible tokens, stablecoins) between IoTeX and other blockchain networks.
ioTube UI is accessible at https://tube.iotex.io
In addition to the immediate use cases for ioTube to bring new assets, data, and liquidity to the IoTeX Network, ioTube has the potential to greatly expand the capabilities of the IoTeX Network: by utilizing ioTube to port over the necessary crypto-assets and data, IoTeX has the potential to become a back-end processor for BSC and other blockchains.

In the long-term, the unique assets generated by the IoTeX blockchain, such as IoT device data, can be used to trigger logic in smart contracts on BSC and other blockchains. In other words, IoTeX’s blockchain could serve as an oracle for non-IoTeX contracts, or vice-versa.
ioTube is comprised of two core components:

A set of smart contractspre-deployed on IoTeX and other blockchains
A pool of 'witnesses'that listens for ioTube actions on smart contracts on IoTeX and other blockchains. When a token-lock action is detected on one blockchain, the pool of witnesses validates it and relays the finalized information to the other blockchain: here, the same amount of a 'Proxy-Token' is minted. On the opposite, when a Proxy-Token burn is detected on one blockchain, the pool of witnesses validates it and relays the finalized information to the other blockchain, where the same amount of the original token is unlocked.
A 'Proxy-Token' is a representation of another token that lives on a different blockchain (for example the ioWETH token on IoTeX could be the 'Proxy' version on IoTeX of the WETH token on Ethereum).
A Proxy-Token is an exact copy of the original token, it has the same properties, and can be used in the same ways as the original token: It just lives on a different blockchain than the original one.
No: The supply of the original token does never change as a result of using ioTube: ioTube bridge locks a certain amount of a token on one blockchain (essentially taking it out of circulation) and mints the exact same amount of a Proxy-Token on the other blockchain, that represents in all respects the original token (i.e. regenerating the locked supply). As a result, the circulating supply of the original token will stay the same: it's just split across two different blockchains instead of one.
Once you use ioTube to transfer your original tokens from Ethereum to IoTeX, the original tokens get stored and locked in the ioTube contracts: you do not own those tokens on Ethereum anymore. On the other side, you now own the same amount of Proxy-Tokens that gets sent to you on the IoTeX blockchain.
Yes: you can send Proxy-Tokens from IoTeX to Ethereum at any time, and receive back the same amount of the original token on Ethereum.
Yes: ioTube code is open source, you can find it on GitHub: https://github.com/iotexproject/ioTube
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