Ava Labs, Inc. (20240259222). SECURE AND TRUSTWORTHY BRIDGE FOR TRANSFERRING ASSETS ACROSS DIFFERENT NETWORKS simplified abstract
Contents
SECURE AND TRUSTWORTHY BRIDGE FOR TRANSFERRING ASSETS ACROSS DIFFERENT NETWORKS
Organization Name
Inventor(s)
Michael Edmond Kaplan of Brooklyn NY (US)
Nicholas Mussallem of San Rafael CA (US)
Emin Gun Sirer of New York NY (US)
SECURE AND TRUSTWORTHY BRIDGE FOR TRANSFERRING ASSETS ACROSS DIFFERENT NETWORKS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240259222 titled 'SECURE AND TRUSTWORTHY BRIDGE FOR TRANSFERRING ASSETS ACROSS DIFFERENT NETWORKS
The patent application describes systems and methods for securely transferring assets between blockchain networks.
- The system includes a storage device with a bridge program that locks native assets from one blockchain network and mints synthetic assets representing them on another blockchain network.
- The bridge program also performs unlock operations to transfer the native assets back to the original blockchain network when the synthetic assets are returned or destroyed.
- A computer system executes the bridge program in a secure computing enclave to provide a trusted execution environment for the asset transfers.
Potential Applications: - Cross-chain asset transfers between different blockchain networks - Secure and efficient management of assets on multiple blockchains
Problems Solved: - Ensuring secure and reliable asset transfers between blockchain networks - Simplifying the process of minting and redeeming synthetic assets
Benefits: - Increased interoperability between blockchain networks - Enhanced security for asset transfers - Streamlined management of assets across different blockchains
Commercial Applications: Title: Secure Cross-Chain Asset Transfer System This technology could be used in the finance industry for cross-border payments, in the gaming industry for transferring in-game assets between different platforms, and in supply chain management for tracking goods across multiple blockchain networks.
Prior Art: Readers can explore prior art related to cross-chain asset transfers, secure computing enclaves, and blockchain interoperability protocols.
Frequently Updated Research: Stay informed about the latest developments in cross-chain asset transfer technologies, secure computing environments, and blockchain interoperability standards.
Questions about Cross-Chain Asset Transfer: 1. How does this technology improve the efficiency of asset transfers between blockchain networks? - This technology streamlines the process of locking and minting assets on different blockchains, making cross-chain transfers more secure and reliable.
2. What are the potential challenges in implementing cross-chain asset transfers using this system? - Some challenges may include ensuring compatibility between different blockchain networks, managing the security of asset transfers, and addressing regulatory considerations.
Original Abstract Submitted
described herein are systems and methods for providing the secure transfer of assets between blockchain networks. the system can include a storage device that can store a bridge program that is programmed to perform (i) lock operations that lock native assets from a first blockchain network and mint synthetic assets representing the native assets in a second blockchain network, and (ii) unlock operations that unlock the native assets by transferring the native assets to an address in the first blockchain network in response to the synthetic assets being returned or destroyed. the system can include a computer system that loads and executes the bridge program in a secure computing enclave that provides a trusted execution environment. the computer system can then perform the lock operations and the unlock operations to provide a bridge between the first blockchain network and the second blockchain network.
