What is BlockSwap and why will MobileGo use it?

MobileGo will use a cool new piece of tech that allows it to exist on two blockchains simultaneously, with tokens passing between them as holders wish.

Both the Ethereum and Waves blockchains offer unique functionality. Ethereum’s smart contracts open the way for player-led tournaments that pay out automatically to the winners, amongst many other use cases. Meanwhile Waves allows the easy creation and management of tokens and numerous other facilities around them. Consequently, we have decided to host MobileGo on both blockchains, allowing people to buy them with WAVES and ETH as well as BTC and GAME. Holders will be able to switch between blockchains quickly and easily using a new piece of tech called BlockSwap, developed by Incent Loyalty.

BlockSwap works by creating a fixed supply of tokens on each blockchain and locking half of them at any given time. If a total of 100 million MobileGo tokens are sold in our crowdfund, 100 million would be created on Ethereum and the same number on Waves. Ethereum-hosted tokens would be distributed to investors who deposited ETH, and the remainder of the Ethereum MGO supply locked by means of smart contract. Those who deposited BTC, GAME and WAVES will receive a Waves token, and the remaining supply of Waves MobileGo tokens would be held in a wallet controlled by a set of servers. (The process requires some trust that these servers will continue to operate, but is transparent.)

The first step is to Register a Waves address with BlockSwap, linking it to an Ethereum address. When tokens are then sent to the BlockSwap Waves address, a smart contract unlocks the equivalent number of tokens on the Ethereum blockchain and sends them to your Ethereum address.

To move them in the other direction, you will need to add the relevant contract to an Ethereum wallet (required information is supplied) and execute it, locking those tokens and releasing the same number to the designated Waves wallet via the BlockSwap server. The total number of active and inactive tokens can be viewed on the blockchain at all times. You can find out more from this video.

Advantages
Aside from allowing us to use the functionality of both blockchains, there are several advantages to employing BlockSwap for MobileGo. Crypto is still relatively fragmented, and this allows us to leverage interest and expertise from the Waves and Ethereum communities, as well as GAME. BlockSwap itself came about through a collaboration between two people building applications on Waves and Ethereum.

It also means that redundancy is built into the project. Should either blockchain become the target of an attack or a security vulnerability, tokens can still be safely hosted, transferred and traded on the other.

Lastly, it increases the appeal of MobileGo for exchanges. If a given exchange has already integrated Waves or Ethereum tokens, this makes it easier to add MGO on either one of its supporting blockchains. Anyone can then deposit to the exchange to trade, either directly or using BlockSwap as an intermediary step – and anyone who buys MGO from an exchange can withdraw it to the wallet of their choice.

You can find the original block post on MobileGo's website here: https://mobilego.io/blockswap-will-mobilego-use/

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