Trinity Protocol has revealed the Trinity Token (TNC) cross-chain asset converter. The announcement was made to attendees at the Berlin meet up on March 24th.
TNC Cross-Chain Conversion
The TNC cross-chain converter provides a conversion service between NEO NEP-5 tokens and Ethereum ERC-20 tokens. The conversion process will follow as below:
- Send NEP-5 TNC tokens to conversion address on NEO MainNet, with the recipient’s ETH address attached.
- NEP-5 TNC tokens will become frozen by the NEO conversion address, and ERC-20 tokens unfrozen.
- An equal amount of ERC-20 TNC will be sent to the users wallet via Ethereum conversion smart contract.
The process for converting ERC-20 TNC tokens to NEP-5 TNC tokens will be the same, but in reversed order. The cross-chain conversion is a trade of existing tokens, no new tokens on either blockchain will be minted through the conversion protocol.
Trinity believe the cross-chain asset conversion functionality will increase liquidity as it will allow the listing of ERC-20 TNC tokens on exchanges, increase decentralized trades between ERC-20 and NEP-5 tokens, and expands Trinity’s market influence.
The asset converter is still in early stages, and has only been tested internally among the Trinity Protocol team. Currently, the Trinity Foundation is the only witness to the cross-chain conversion to ensure user’s unsuccessful conversions can be refunded. If demand increases for NEP-5/ERC-20 conversions, the Trinity Foundation will allow more nodes to be cross-chain witnesses.
Other Trinity Foundation Short-Term Plans
The Trinity Loyalty Reward Initiative will be launched at the end of March. This incentive program will provide an opportunity for TNC token holders to lock their tokens in a contract, and receive bonuses at a later date when they’re able to be unlocked. Further details from the Trinity Foundation are forthcoming.
The Trinity Network will be launching a Second Edition TestNet toward the end of March as well. The team continues to strive towards developing a fully decentralized and autonomous second layer network and to incentivize users to participate and operate nodes.