QX Interoperability - v.0.7
  • 💡ABOUT
    • License
    • How to Give Attribution For Usage of QX Interoperability
  • 👬Industry Initiatives
    • ISO Interoperability Framework
    • EEA Crosschain Interoperability Specification Suite
    • IEEE Standards for Blockchain Interoperability
    • ICMA Bond Data Taxonomy
    • IETF Secure Asset Transfer Protocol
    • SODA MIT Crosschain Interop WG
    • Decentralized ID for Tokenization
    • Cross-chain Interoperability Alliance
    • SWIFT Coalition
    • BIS Projects
    • MAS Projects
    • Regulated Liability Network
      • UK Finance - Regulated Liability Network
      • US - Regulated Liability Network
    • Hyperledger Projects
    • EEA-OASIS L2 WG
    • RollColl WG
    • ITU Digital Currency Global Initiative
    • EIP-5164: Cross-Chain Execution
    • EIP-3220: Crosschain Identifier Specification
    • EIP-7281: Sovereign Bridged Token
    • ERC-7092: Financial Bonds
    • ERC-3643: Permissioned Tokens
    • ERC1400: Universal Token for Assets and Payments
    • ERC6960: Dual Layer Token
    • CASA CAIPs
    • COSMOS IBC
    • Polkadot XCM
    • IEEE Crosschain Workshop
  • 🏦Use Cases
    • Payments/Digital Asset Transactions
      • Enable transfers of digital payment tokens
      • Conduct Compliant Cross-VASP Digital Asset Transaction
      • Swap NFT for Tokenized Bank Deposits
      • Enable Intra-Group Payments with Tokenised Deposits
    • Wholesale CBDC (wCBDC)
      • Enable Settlement with Simultaneous Delivery versus Payment
      • Facilitate Cross-Border Payments with wCBDC
      • Enable FX transactions to facilitate cross-border payments
      • Settle Crypto Derivatives using wCBDC
      • Access Liquidity via wCBDC
      • Settle Interbank Payments with wCBDC
      • Settle Interbank Payments with wCBDC (Acquirer-Merchant Settlement)
      • Make Property Payments with Tokenized Deposits
      • Provide FX Liquidity using wCBDC
      • Enable Payment versus Payment (PvP)
      • Crosschain digital bonds trades
    • Decentralized Finance (DeFi)
      • Aggregate Yields across Blockchains for Corporate Treasuries
    • Retail CBDC (rCBDC)
      • Provide Targeted Government Transfers (Government Vouchers)
      • Streamline Home Equity Lending
      • Provide Corporate Vouchers and Rewards
      • Make Milestone-Based Property Purchase Payments
      • Enable Traceable and Targeted Donations
      • Consumer Prepayments to Corporations
      • Enable Asset Transactions
      • Enable Cross-Border Remittances
      • Government Payouts
      • Managing Learning Accounts
    • Private Markets/Asset Tokenization and Trading
      • Tokenize and Trade Private Equity Fund Shares
      • Distribute and Settle Private Corporate Debt Issuance
      • Trade Employee Stock Grants as Digital Securities
      • Enable Secondary Trading for Non-Listed Assets and Private Markets
      • Automated Discretionary Portfolio Management with Tokenized Assets
    • Trade & Commerce
      • Support Tokenized Electronic Bills of Lading for Global Trade
      • Commercial Vouchers
      • Online Commerce
      • Programmable Rewards
    • DAOs
  • 🛠️Solutions Providers
    • Swift
    • Mastercard
    • Fnality
    • Quant Network
    • Ownera
    • Fujitsu
    • Deutsche Bank/Standard Chartered Ventures
    • Kaleido
    • Onyx/JP Morgan
    • Canton Network
    • Universal Digital Payments Network Alliance
    • Li.Fi
    • Visa
    • Partior
    • CLSNet
    • Impel
    • Adhara
    • Datachain
    • Ant Group
    • CitiGroup
    • WeBank
    • IMF ?
    • BIS ?
    • Progmat ?
    • GroundX ?
  • 📓Requirements
    • Legal & Regulatory Layer
    • Governance and Policies Layer
      • Audit and Compliance sub-layer
      • Operations sub-layer
    • Application Layer
    • Integration and Middleware Layer
      • Oracle sub-layer
    • Semantic Layer
    • Syntactic Layer
    • Foundational Layer
      • Discovery sub-layer
      • Smart contract sub-layer
      • Function call sub-layer
      • Messaging sub-layer
      • Transaction sub-layer
      • Consensus sub-layer
      • Data transfer sub-layer
      • Security sub-layer
        • Identity and Authentication
        • Data Privacy
    • -
  • Protocol Providers
    • Chainlink
    • Axelar
    • Connext
    • Across
    • Toposware
    • IBC
    • Hyperlane
    • Sovereign Labs
    • Polymer Labs
    • Orb Labs
    • Zetachain
    • Sygma
    • deBridge
    • Wormhole
    • Routeur Protocol
    • Synapse
    • Wanchain
    • Gnosis
    • LayerZero
    • Comparison
  • Bridging Approaches
    • Bridges
    • Native Bridge
    • Third Party bridge
    • Multi-bridge
    • Oracle
    • Shared Sequencer
    • Mechanisms
      • Hash Locking
      • Notary Schemes
      • Proof Aggregation
    • zk-rollup ecosystems
    • Intent-centric
    • Function Calls
    • Relayers
      • Multisig
      • MPC
      • Light Client
      • ZKP Stark
      • ZKP Snark
      • Hybrid method
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On this page
  • 1. Problems/Challenges it aims to solve
  • 2. Solutions
  • 3. Target Customers
  • 4. Key Points
  • 5. People
  • 6. Industry Initiatives Participation
  • 7. Resources

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  1. Protocol Providers

Chainlink

1. Problems/Challenges it aims to solve

2. Solutions

Chainlink Cross-Chain Interoperability Protocol (CCIP): An open-source protocol to facilitate secure and efficient cross-chain interactions, including token transfers and arbitrary messaging, leveraging features such as a Risk Management Network, decentralized oracle computation, and off-chain reporting protocol.

Services provided:

  • Asset and information transfer across multiple blockchains and facilitating secure token transfers directly to EOAs or smart contracts on different blockchains.

  • Enabling application developers to utilize various blockchain networks' strengths and benefits, fostering collaboration and cross-chain application development.

  • Blockchain abstraction layers that allow interaction with any blockchain network through a single middleware.

  • Security features like monitoring for malicious activities and leveraging a decentralized oracle computation network with verified on-chain performance histories.

  • Security features such as Risk Management Network, decentralized oracle computation, and the off-chain reporting (OCR) protocol.

  • Guidance through concepts, architecture, and best practices for deploying contracts using Chainlink CCIP.

3. Target Customers

  • Traditional backends/Institutional players: That wish to interact with various blockchain networks without building separate in-house solutions for each interaction.

  • dApp developers: To leverage cross-chain functionalities and create dApps with enhanced features and services.

  • Web3 entrepreneurs: Looking to securely meet all their cross-chain needs, including token transfers and messaging.

  • Users of DeFi platforms: Who aim to maximize yields, leverage assets for loans, and engage in cross-chain lending activities

4. Key Points

The Chainlink Cross-Chain Interoperability Protocol (CCIP) primarily operates at the following layers:

  • Oracle Layer - CCIP enables Chainlink oracles to provide external data to blockchains in a standardized way.

  • Semantic Layer - CCIP provides a common schema, API, and ontology for interpreting oracle data.

  • Syntactic Layer - CCIP specifies a JSON schema for encoding, serializing, and validating oracle data.

  • Data Transfer Layer - CCIP outlines how oracle requests/responses are communicated between chains.

  • Smart Contract Layer - CCIP defines how to call oracle contracts in a cross-chain compatible way.

So in summary, CCIP focuses on:

  • Standardizing oracle services across chains at the Oracle Layer

  • Providing common oracle semantics at the Semantic Layer

  • Defining structured oracle data formats at the Syntactic Layer

  • Transmitting oracle data between chains at the Data Transfer Layer

  • Enabling portable oracle integration at the Smart Contract Layer

High-level a step-by-step summary of how Chainlink's Cross-Chain Interoperability Protocol (CCIP) works:

  1. A decentralized app (DApp) on the sending blockchain makes a request to the CCIP router contract to interact with another blockchain.

  2. The router contract validates the request and forwards it to the receiving chain's on-ramp contract.

  3. If tokens are being transferred, the router locks them in the sending chain's token pool.

  4. The on-ramp contract emits an event that the committing Oracle network listens for.

  5. The committing Oracle generates a Merkle root and sends it to the commit store on the receiving chain.

  6. In parallel, the risk management nodes validate the Merkle root and validate it.

  7. The executing Oracle listens for the validation event and sends a Merkle proof to the off-ramp contract.

  8. The off-ramp contract validates the proof against the commit store and risk contract.

  9. If valid, the off-ramp contract executes the request - minting tokens or unlocking from the pool.

  10. The router routes the response back to the destination DApp contract or address.

  11. The user pays CCIP fees in native or ERC20 tokens for using the protocol.

CCIP uses router contracts, token pools, Oracles, and Merkle proofs to enable interoperability across blockchains in a decentralized and trustless manner.

5. People

Sergey Nazarov - Co-founder

Thomas Trepanier - Head of Capital Markets

Ryan Lovell - Director Capital Markets

Pieter Pauwels - CCIP Market Strategy Manager

6. Industry Initiatives Participation

7. Resources

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Last updated 1 year ago

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