How it Works
Learn more about how the swap works here.
The BitFinance Trading Bridge provides a solution for being able to exchange ERC-20 and ERC-721 tokens. It utilizes a bridge between two distinct blockchain tokens using the Quorum blockchain environment.
There will be two tokens on separate blockchains: an ERC-20 "cash" token, and an ERC-721 loan tokens.
In order for this conversion to take place, a "bridge" between these separate blockchain implementations is developed using these two distinct smart contract protocols. The solution makes use of escrow contracts once both users have entered their information in the forms below.
Trade assets will be stored in escrow contracts for both parties until the trade is fully completed. If either party cancels the transaction, the trade assets will be rightfully returned to the respective owner.
Click below to see an example.
View Example Let's start with two of our developers (Colin & Mackenzie) who wish to exchange ERC-20 and ERC-721 tokens.
Mackenzie's ERC-721 token in this instance is his house that he wishes to sell.
We will be using the other 2 developers (Sadaf & Nathan) to represent the escrow wallets.
Colin, the buyer, will be initializing the swap by filling out the swap forms.
Note: This is just a rough mockup for now until the UI is completed.
Mackenzie, the seller, will review the trade proposed by Colin.
He'll submit his end of the trade to the escrow wallet alongside Colin's once he approves of the trade.
The trade assets are now forwarded to their respective escrow contracts until the trade is completed.
Mackenzie and Colin both must approve the trade by releasing their trade assets.
Using our Java-implemented bridge, the escrow contracts can be traded.
The bridge will forward the traded assets to their new owners unless the trade is cancelled.
