Possible to built a Blockchain with different existing coins?

bryan21

jr. member

Activity: 75

Merit: 3

Quote from: lockept93 on February 12, 2018, 03:36:26 AM

Sorry for this newbie question, but i never was the fully technical interested guy and use cryptos mostly as a USER.
So is it in any way possible to connect for example BTC and LTC in one chain?
And/Or is it possible to "Deposit" BTC in a chain to release the coin xyz - and on the other side a way to burn these new coins to release the "deposited" BTC again?

I really hope u understand what i mean - sorry english is not my passion...

Possible yes, but need collaboration and development to run it. I think is a good ideas, but need regulations also for implementation.
It will help each others to to promote their coins and investors can feel the profit once is a new coins.

aleksej996

sr. member

Activity: 490

Merit: 389

Do not trust the government

I think atomic swap technology is built for this.
I don't really know much about it, but as far as I heard, it should allow for trustless exchange of coins.

But still answer to your exact question is no, you can't connect coins in one chain. Atomic swaps work on a different principle, I think.

colvis

full member

Activity: 378

Merit: 101

their is no how that you can connect two different coin which the contract are not thesame together because the contract will never agree with each other.

the answer their is NO.

orkoso

member

Activity: 276

Merit: 23

Quote from: lockept93 on February 12, 2018, 03:36:26 AM

Sorry for this newbie question, but i never was the fully technical interested guy and use cryptos mostly as a USER.
So is it in any way possible to connect for example BTC and LTC in one chain?
And/Or is it possible to "Deposit" BTC in a chain to release the coin xyz - and on the other side a way to burn these new coins to release the "deposited" BTC again?

I really hope u understand what i mean - sorry english is not my passion...

The short answer is no. That is something quite peculiar about chains: you can fork, but you can´t merge.

The long answer is ... Yes. For this, you would need to build a system that acts as relay between the chains and I think that Polkadot, and old project, is trying to achieve that. It would act a as relay among chains, so while you would not be able to really connect them, you would be able to have a trust-less relay that would produce actions in the two chains.

Now, what you propose, that is converting coins just like that is not possible at the moment, just as it is not possible to burn USD to create Euros.

lockept93

sr. member

Activity: 448

Merit: 252

Sorry for this newbie question, but i never was the fully technical interested guy and use cryptos mostly as a USER.
So is it in any way possible to connect for example BTC and LTC in one chain?
And/Or is it possible to "Deposit" BTC in a chain to release the coin xyz - and on the other side a way to burn these new coins to release the "deposited" BTC again?

I really hope u understand what i mean - sorry english is not my passion...

Topic: Possible to built a Blockchain with different existing coins? (Read 174 times)