Sifchain Project Overview
Sifchain was created with Cosmos SDK and inherited Thorchain’s interchain capabilities. However, Sifchain uses tethered tokens to support interchain transactions across a wide range of blockchains.
In addition to connecting to the Cosmos hub via IBC, Sifchain already supports interchain transactions for Ethereum ERC-20 tokens. In the future, 20–25 leading blockchains such as Bitcoin, Polkadot and EVM chains such as Avalanche and Polygon will also be connected via Sifchain. This will also simplify the blockchain integration process, reduce cost and remove development barriers for the open source community.
Unlike Bitcoin or Ethereum, which operate on the probabilistic finality of blocks, the Cosmos SDK provides guarantees of finality. This is important with respect to the certainty that a block will be completed. Since Sifchain is built on Cosmos, this feature is embedded automatically, which is very important for inter-chain token exchange.
Peggy & Peg-zones.
To provide interchain support, Sifchain uses a concept called “Peggy” to create a tethered token model. Peg-zones make it easy to transfer assets between Sifchain and an external chain. Peg-zones can even be used for inter-chain transfers between the finalist and probabilist blockchain.
Peg-zones can also be viewed as a blockchain that tracks the state of another blockchain.
Connecting to IBC.
In August 2021, Sifchain connected to IBC. With IBC, users are now free to move any assets between Sifchain and any connected blockchain through IBC. Sifchain went the route of connecting to each individual blockchain. There were many reasons for this decision, but mostly it allows users to move assets in a very simple and straightforward way.
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