Crypto.org Chain Issues DOT Token via IBC Solo Machine
Today, we are partnering with Crypto.com to deploy Polkadot (DOT) pegged token via IBC solo machine on Crypto.org Chain.
Since the last Draco II — Phase 2 mainnet upgrade of Crypto.org chain, native token issuance can be done via IBC solo machines. IBC solo machine allows token issuers to mint IBC-enabled tokens natively without launching their own Cosmos zones while enjoying interoperability within the Cosmos ecosystem.
Prior to IBC solo machines, If a user would like to issue a native token on Crypto.org Chain or Cronos (at ICS level), one would need to:
Set up a standard Cosmos-SDK base chain and maintain the network;
Connect the blockchain with Crypto.org Chain or Cronos via IBC protocol and maintain the relayer that processes the transaction to and from different chains.
which involves significant engineering and maintenance efforts.
By leveraging the solo machine, tokens can be issued natively and directly on Crypto.org Chain in the Cosmos-standard ICS-20 form, which is natively recognised and can be transferred internally or via IBC to other Cosmos-SDK based and IBC enabled chains for different purposes.
Today, we are bringing IBC solo machines to production, and partnering with Crypto.com to deploy Polkadot (DOT) pegged token via IBC solo machine on Crypto.org Chain. The DOT token is a 1:1 wrapped token backed by Crypto.com. In which, the DOT token will be ported to the Cronos Mainnet Beta and will be recognised at the smart contract level for various DApps adoptions. Given it’s issued via solo machine, the DOT token can be natively sent around in the Cosmos interchain ecosystem using IBC. To read more, kindly visit this repository that implements the IBC Solo Machine, which can be used to interface with other Cosmos SDK based chains & replicated ledgers.
Going forward, we will continue to expand more functionality of IBC solo machine, such as providing the graphical user interface and integrating it to other products. If you have further questions and feedback to share with us, you are always welcome to drop us an email or [email protected] or find us on Discord.