Trinity has released the TNC cross-chain asset converter that was announced at the Berlin meet up in March. The convertor will allow users to convert TNC tokens between NEP-5 and ERC-20 standard.
The TNC cross-chain asset converter works like this:
Users send NEP5 (NEO) TNC tokens to the conversion address with the recipient’s Ethereum address attached. Once confirmed by cross-chain notaries, those TNCs will be frozen by the NEO conversion address, and the Ethereum conversion contract will send an equal amount of ERC20 TNCs to the provided address.
The technology adopts what is called “notary schemes,” which is a centralized structure that selects a group of notaries to monitor the events and status on the target chain and signs the transfer of assets.
In total, there are 1 billion ERC20 TNC and NEP5 TNC tokens, with a limited quantity in activation at a given time. For example, if 30% NEP5 TNCs are frozen and 70% are activated, then 30% ERC20 TNCs are activated, and 70% is frozen.
The asset converter can be found at http://tokenswap.trinity.tech/.
In future, ERC20 TNC tokens will be made available on exchanges that only support Ethereum assets, providing a cross-chain value exchange. Aside from converting NEP5 TNCs via the platform’s website, ERC20 TNCs will be purchasable on select exchanges in future. For example, KuCoin will list ERC20 TNCs and launch a TNC(ERC20)/ETH exchange market.
For more information on Trinity you can visit their website, Twitter, Medium, Telegram, or Github.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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