A framework for efficient cross-chain token transfers in blockchain networks
The proliferation of blockchain technology has resulted in diverse token standards, posing challenges for compatibility, security, and performance in existing cross-chain bridges. This paper introduces a novel framework capable of concurrently facilitating fungible token exchange, as well as the pro...
| Main Authors: | , , , , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2024-02-01
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| Series: | Journal of King Saud University: Computer and Information Sciences |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S1319157824000570 |
| _version_ | 1797272471581229056 |
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| author | Hongyu Guo Haozhe Liang Ju Huang Wei Ou Wenbao Han Qionglu Zhang Ruizhi Zhang |
| author_facet | Hongyu Guo Haozhe Liang Ju Huang Wei Ou Wenbao Han Qionglu Zhang Ruizhi Zhang |
| author_sort | Hongyu Guo |
| collection | DOAJ |
| description | The proliferation of blockchain technology has resulted in diverse token standards, posing challenges for compatibility, security, and performance in existing cross-chain bridges. This paper introduces a novel framework capable of concurrently facilitating fungible token exchange, as well as the processing of both individual and batch non-fungible tokens (NFTs). We deploy token bridges that meet different token standards to support cross-chain staking and unlocking of ERC20, ERC721, and ERC1155. To minimize both waiting times and handling fees, we relocate processes necessitating frequent transactions and verifications to the sidechain. Additionally, we adopt a batch-processing approach for tokens necessitating cross-chain transfers, leveraging payment channels to facilitate efficiency. The system’s reliability is upheld through the validator group. Validators acquire an initial reputation value by making deposits and enhance both their rewards and reputation by successfully completing NFT auction tasks on the sidechain. We use OpenZeppelin’s security library functions to standardize token operations, and carefully design the validator’s reward, punishment, and reputation mechanisms. Our comprehensive contract security audit and system analysis validate our solution’s effectiveness in mitigating common vulnerabilities and internal threats. Implementation and testing with Ethereum and its test network demonstrate substantial reductions in transmission time for key cross-chain token steps by nearly half. Moreover, our framework showcases efficiency and cost-effectiveness with an average gas cost of 693,379. |
| first_indexed | 2024-03-07T14:29:49Z |
| format | Article |
| id | doaj.art-2e082a0d67474ff98abbf833795b46d6 |
| institution | Directory Open Access Journal |
| issn | 1319-1578 |
| language | English |
| last_indexed | 2024-03-07T14:29:49Z |
| publishDate | 2024-02-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of King Saud University: Computer and Information Sciences |
| spelling | doaj.art-2e082a0d67474ff98abbf833795b46d62024-03-06T05:25:47ZengElsevierJournal of King Saud University: Computer and Information Sciences1319-15782024-02-01362101968A framework for efficient cross-chain token transfers in blockchain networksHongyu Guo0Haozhe Liang1Ju Huang2Wei Ou3Wenbao Han4Qionglu Zhang5Ruizhi Zhang6School of Cyberspace Security (School of Cryptology), Hainan University, Haikou, 570228, Hainan, ChinaSchool of Cyberspace Security (School of Cryptology), Hainan University, Haikou, 570228, Hainan, ChinaSchool of Computer Science and Technology, Hainan University, Haikou, 570228, Hainan, ChinaSchool of Cyberspace Security (School of Cryptology), Hainan University, Haikou, 570228, Hainan, China; State Key Laboratory of Information Security, Institute of Information Engineering, Chinese Academy of Sciences, Beijing 100093, China; Corresponding author at: School of Cyberspace Security (School of Cryptology), Hainan University, Haikou, 570228, Hainan, China.School of Cyberspace Security (School of Cryptology), Hainan University, Haikou, 570228, Hainan, ChinaState Key Laboratory of Information Security, Institute of Information Engineering, Chinese Academy of Sciences, Beijing 100093, ChinaHenan Key Laboratory of Network Cryptography Technology, ZhengZhou, 450001, Henan, ChinaThe proliferation of blockchain technology has resulted in diverse token standards, posing challenges for compatibility, security, and performance in existing cross-chain bridges. This paper introduces a novel framework capable of concurrently facilitating fungible token exchange, as well as the processing of both individual and batch non-fungible tokens (NFTs). We deploy token bridges that meet different token standards to support cross-chain staking and unlocking of ERC20, ERC721, and ERC1155. To minimize both waiting times and handling fees, we relocate processes necessitating frequent transactions and verifications to the sidechain. Additionally, we adopt a batch-processing approach for tokens necessitating cross-chain transfers, leveraging payment channels to facilitate efficiency. The system’s reliability is upheld through the validator group. Validators acquire an initial reputation value by making deposits and enhance both their rewards and reputation by successfully completing NFT auction tasks on the sidechain. We use OpenZeppelin’s security library functions to standardize token operations, and carefully design the validator’s reward, punishment, and reputation mechanisms. Our comprehensive contract security audit and system analysis validate our solution’s effectiveness in mitigating common vulnerabilities and internal threats. Implementation and testing with Ethereum and its test network demonstrate substantial reductions in transmission time for key cross-chain token steps by nearly half. Moreover, our framework showcases efficiency and cost-effectiveness with an average gas cost of 693,379.http://www.sciencedirect.com/science/article/pii/S1319157824000570Blockchain technologyToken bridgeCross-chain interoperabilityPayment channelToken standards |
| spellingShingle | Hongyu Guo Haozhe Liang Ju Huang Wei Ou Wenbao Han Qionglu Zhang Ruizhi Zhang A framework for efficient cross-chain token transfers in blockchain networks Journal of King Saud University: Computer and Information Sciences Blockchain technology Token bridge Cross-chain interoperability Payment channel Token standards |
| title | A framework for efficient cross-chain token transfers in blockchain networks |
| title_full | A framework for efficient cross-chain token transfers in blockchain networks |
| title_fullStr | A framework for efficient cross-chain token transfers in blockchain networks |
| title_full_unstemmed | A framework for efficient cross-chain token transfers in blockchain networks |
| title_short | A framework for efficient cross-chain token transfers in blockchain networks |
| title_sort | framework for efficient cross chain token transfers in blockchain networks |
| topic | Blockchain technology Token bridge Cross-chain interoperability Payment channel Token standards |
| url | http://www.sciencedirect.com/science/article/pii/S1319157824000570 |
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