Aryacoin is going Cross-Chain
The Aryacoin Team is glad to announce that in the next month Aryacoin will be going Cross-Chain, allowing users to use AYA on different blockchains like ETH and BSC.
The reason for going cross chain:
The main reason of taking AYA cross chain is to allow users more options to use , hodl and trade Aryacoins. Aryacoin on BSC and ETH chains also allows AYA to be traded on DEX’s and allow AYA to be directly used in different Defi projects. This also opens up Aryacoin to a new communities and significantly increase the reach of Aryacoin.
How will this be achieved:
The core Aryacoin Blockchain would remain functional with all the features and security it has to offer now , along with the OmniLayer , which allows users to create tokens and NFT’s on the Aryacoin Blockchain. The total supply and other factors will not change and always will be dependent on the main Aryacoin chain. ETH and BSC will just act as secondary chains to use AYA.
The whole ecosystem will still revolve around the main Aryacoin Blockchain and users can choose the blockchain they want to use.
The Aryacoin Team will setup a bridge between all three chains: Aryacoin, Ethereum and Binance Smart Chain. This bridge will allow users to swap Aryacoin between the 3 chains.
The first transfer of AYA would be from the main AYA chain to BSC and ETH. To acheive transparency all the Aryacoin Team will setup a vault on Aryacoin Chain. This vault will hold and lock all the Aryacoin which is issued in the BSC and ETH chain.
When a swap is done from the Aryacoin Blockchain to ETH/BSC. The Aryacoin swapped will be sent to the vault and will be locked and an equal amount of Aryacoin Tokens on ETH/BSC will be issued.
When a swap is done from the ETH/BSC chain to Aryacoin Chain, the tokens on the ETH/BSC chain will be burned and equal amount of Aryacoin will be released from the Vault. Thus keeping all the chains in equilibrium.
Initiall 5,000,000 AYA will be bridged to ETH and BSC each and the AYA vault will hold 10,000,000 AYA. The vault address and other specific details will be shared soon.
What does it mean for the main Aryacoin Blockchain:
The main Aryacoin Blockchain will remain unchanged by this process and would function normally. The ETH/BSC tokens will still be pegged to real Aryacoins on the main Aryacoin Blockchain. This type of token issuance have been successfully executed in almost every major cryptocurrency (Bitcoin , Litecoin and many more have tokens pegged to real coins on chains like BSC and ETH) , and this opens whole new opportunity for the users and for the project ecosystem to grow beyond the boundaries of blockchain.
When will be this done?
The swap bridge is currently in final stages of development and the smart contracts are being developed to the latest ERC20 and BEP20 standards. Along with this we are working with our partners to get the ERC20 and BEP20 information updated everywhere, to keep the process transparent and trust intact with users.
We expect to be cross chain in the next month and will be back with another article and annoucement with more info.