Hello and welcome to this blog post about SWINGBY White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Swingby white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Swingby (SWINGBY).
I can ensue you that, you will be able to understand every bits and pieces related to Swingby (SWINGBY) after going through the Swingby white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Swingby White Paper
Swingby white paper will be going to provide you, all the information that is needed to get started with Swingby (SWINGBY), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Swingby (SWINGBY).
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The current blockchain ecosystem has evolved rapidly since Bitcoin’s creation in 2009, but it still faces two major issues: scalability and cross-chain interoperability. Scalability in this context means the number of transactions per second that any particular blockchain network can handle before degrading in performance, and interoperability refers to the secure movement of assets from one blockchain onto another. Interoperability is of specific interest, as blockchains with different goals make trade-offs in for example decentralization versus performance to fulfill the needs of different use cases. This paper focuses on interoperability, but the solution also has a positive impact on Bitcoin’s scalability.
There are two main techniques that can move assets between different blockchains, which we explain briefly. The first is the use of a relay mechanism such as an atomic swap or hash and time locked contract, and the second is the use of a trusted custodian. Relay mechanisms often rely on external observers called oracles who monitor a source blockchain for specific transactions and “relay” the information onto another chain. Trusted custodians are specific trusted business intermediaries who control coins on one chain and issue new “depository receipts” for those coins on another chain. The custodian functions as an escrow agent and acts as an administrator.
There are however centralisation and trust challenges inherent in both of these solutions: Oracles, used in relay mechanisms, need to be trusted to honestly provide crucial transactional data. Custodians need to be trusted to hold customer assets. Both solutions rely on human administrators running trusted centralised services.
Wherever trusted entities exist, they can fail, compromised either by an external or internal malicious actor. Swingby Skybridge, described in this document, can provide a technical custodian with decentralized control. This technical custodian is effectively a cryptocurrency address where a subset of a large community is needed to create a valid signature. This is much harder to compromise than centralised business-based custodians, and it can be used to move cryptocurrencies across different blockchains, taking advantage of all they have to offer.
White Paper Link: Swingby White Paper
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