Digital assets may exist on multiple blockchain platforms. Moving assets between blockchains is accomplished by removing an asset from a source blockchain, and creating it on a target blockchain.
Looking Glass is a cross-chain portal that facilitates fast, reliable, secure movement of digital assets between blockchain platforms. In its first iteration, it will move ERC20, ERC721, and ER1155 assets bidirectionally between Ethereum, OMG, Binance Smart Chain (BSC), and xDai.
We're building on top of Curvegrid's MultiBaas blockchain middleware using Go to connect to their REST APIs. Transaction signing is done via an enterprise wallet.
The asset transfer works as follows:
Transfer: the asset owner sends the ERC20, ERC721, or ERC1155 asset to a well known Looking Glass address.
Event triggered: Looking Glass is monitoring the events on the address, and uses the Transfer event as its queue to initiate a cross-chain asset transfer.
Sign: the appropriate burn and mint transactions are signed by an enterprise wallet.
Burn: the asset is burned (removed) from the source blockchain.
Mint: the asset is minted (created) on the destination blockchain.