iBitcome Launches Mallow, A Protocol Allowing Value Exchange Between Blockchains

For most cryptocurrencies, exchanging your funds to other coins or tokens typically requires you to execute a trade through a centralized exchange service, taking time, reducing privacy and involving sometimes significant fees. A new protocol just launched by iBitcome looks to allow users to trade across multiple blockchains, which helps users directly exchange value between different blockchains — such as Bitcoin Cash and Ethereum.

Wrap it Up

The Open Federated Gateway Protocol, or OFGP, was designed to allow multiple digital assets to be pegged to each other through an intermediate token known as wrapped BCH, or WBCH, which exists on the OFGP federation blockchain termed Mallow. The value of one WBCH will be pegged to the value of one Bitcoin Cash (BCH). Decentralized exchanges (DEXs) have long been considered the holy grail for cryptocurrency users, enabling buyers and sellers to execute trades without risk and without centralized intermediaries interrupting the service. However, these exchanges have typically failed to provide the liquidity users are looking for, with users typically being forced to either accept its limitations or move to a centralized exchange. iBitcome is hoping its OFGP will alleviate come of these challenges without compromising end-user security.

Partnership with DEx.top

iBitcome partnered with DEx.top in the creation of OFGP, a decentralized exchange which allows the trading of Ethereum based digital assets and the exchange of ETH and ERC20 tokens. Incorporating OGFP into the mix allows users to convert their ETH to WBCH through its smart contracts. BCH can be interconverted with WBCH via the iBitcoin Wallet, whilst the WBCH tokens can be traded against ETH on the exchange. Mallow is accompanied by a block explorer that allows anybody to track the flow of digital assets across the public blockchain. Over time, iBitcome expects other groups to offer their own gateway to access OFGP. The team behind Mallow have also highlighted their intention to add more public blockchains to its federation in the future, allowing the interconversion of even more cryptocurrencies and providing many more people with the benefit of increased speed and convenience. What do you think about federated blockchains? Do you think iBitcome made the right choice using BCH as the base currency? Let us know your thoughts below!