The cross-chain "instarbridge" smart contract is now live on INSTAR Blockchain, Ethereum Blockchain, and the Partisia Blockchain Testnet. INSTAR Liquidity Pool details for Uniswap up next!
The cross-chain "instarbridge" smart contract is now live on INSTAR Blockchain, Ethereum Blockchain, and the Partisia Blockchain Testnet (details on PBC coming soon)
Today, we announce the live launch of our partnership with Partisia and Sepior with the deployment of MPC Oracles. This MPC Oracle technology service allows non-Ethereum assets, such as INSTAR, access to the rapidly growing DeFi marketplaces Uniswap and Balancer. The Oracles are built to scale and can rapidly provide the service for any other non-Ethereum asset. It also works in reverse, and offers Ethereum blockchain assets the ability to move to other blockchains, such as INSTAR, which offers free and instant transactions. It's easy to imagine in the near future how DeFi swaps will begin to occur on second layer blockchain solutions, like INSTAR, instead of directly on the Ethereum blockchain, where transaction fees have risen as high as $70 to execute a single swap.
Token bridges and cross chain smart contract systems are becoming popular in the blockchain space, allowing various blockchain assets to transfer across blockchains and be used in other ecosystems. "instarbridge" is the most innovative, however, as it is secured / governed by a decentralized network of MPC oracles.
What exactly does MPC mean? MPC, known as multiparty computation is a subfield of cryptography with the goal of creating methods for parties to jointly compute a function over their inputs while keeping those inputs private. Unlike traditional cryptographic tasks, where cryptography assures security and integrity of communication or storage and the adversary is outside the system of participants (an eavesdropper on the sender and receiver), the cryptography in this model protects participants' privacy from each other.
Currently the oracle maintains a consensus on all relevant states such as an external shared state on another blockchain. The current implementation allows the Oracle services to easily scale to other cryptocurrencies and privacy preserving use cases. This is done by having an MPC cluster managing the wallets on the other chains. At the same time, these oracles have different accesses to the other chain, making the information decentralized, validated and authenticated. This gives a powerful mechanism to work across different blockchains and orchestrate the secure transfer of assets across other chains. The oracle can be used more generally by keeping secrets and decentralized synchronizing consensus on an external state - setting the stage for the most robust privacy preserving blockchain technology to come to the market. To test out sending your INSTAR tokens back and forth to Ethereum - please follow the below video instructions.
Official Ethereum Contract Address for sending tokens back to INSTAR chain: 0x8193711b2763Bc7DfD67Da0d6C8c26642eafDAF3
[
{
"inputs": [
{
"internalType": "string",
"name": "to",
"type": "string"
},
{
"internalType": "uint256",
"name": "amount",
"type": "uint256"
}
],
"constant": false,
"payable": false,
"name": "deposit",
"stateMutability": "nonpayable",
"type": "function"
}
]Official Smart Contract on Instar:instarbridge
Next Up
Uniswap Liquidity Pool An INSTAR liquidity pool on Ethereum is opening this week with more details and reward opportunities to be announced in a follow up blog post!
PBC Testnet
The MPC oracles are running in cohesion with a fully orchestrated blockchain solution with built in ZK computation, sharding, and eager blocks. Stay tuned to find out more about one of the most advanced blockchain products that is about to launch and change blockchain capabilities forever!
Onwards,
Team INSTAR