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A Bridge Between Different Cryptocurrencies

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The newly developed protocol could be integrated directly into existing crypto software; talks are underway with Bitpanda, with which the research team is cooperating closely.

Credit: BTCManager

A decentralized protocol developed by researchers at Austria's Vienna University of Technology (TU Wien) and the decentralized multi-blockchain token system Pantos could allow for the efficient, secure exchange of one cryptocurrency for another.

The new protocol, Glimpse, can be integrated into existing crypto software to facilitate cross-currency transactions.

TU Wien's Zeta Avarikioti said the protocol "has to prove that the amount was actually transferred by only using a relatively small amount of data. If large parts of a blockchain were needed for this, with hundreds of gigabytes of data, it would be completely impractical.”

Further, TU Wien's Lukas Aumayr said, "Glimpse can be used to express crypto-loans within smart contracts, as well as other exciting decentralized financial instruments such as asset migrations, and wrapping and unwrapping of tokens."

From TU Wein (Austria)
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