Blockchain Promise tries a spotify for collateral payments

A new blockchain protocol from Interlay, a Web 3.0 Foundation-founded company promises to reduce collateral requirements in cross-chain applications.

Interlay says it received a grant from the foundation to build a bridge between Polkadot and Bitcoin (BTC). The latest paper to come out from this project, “Promise: Leveraging Future Gains for Collateral Reduction”, proposes a new protocol. Promise works a little Spotify, says Dominik Harz, one of the creators. A PhD student at Imperial College London, Harz is in Japan due to the Covid-19 outbreak. He believes that Promise sill do for transactions involving collateral, what Spotify did for the music industry.

Harz explains that initially potential beneficiaries could be exchanges and issuers of “wrapped” tokens.

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CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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