Abstract
We present Value Token Transfer Protocol (VTTP), a decentralized finance protocol for exchange of value or tokens within and between participating blockchain networks, fiat bank accounts and fiat wallets. The protocol allows intra-chain or inter-chain transfers of cryptocurrencies or tokens. VTTP works in both client-server and peer-to-peer models. The protocol comprises receiving from a client a transfer request to transfer value in a form of a cryptocurrency or a token, determining if the transfer request is intra-chain or inter-chain, transmitting to the client a response to the transfer request, the response comprising a raw transaction, receiving from the client a response to the raw transaction wherein a private key of a user is used to sign the raw transaction, defining a signed transaction, verifying a signature of the signed transaction and broadcasting the signed transaction to the sending and receiving blockchain networks.
Highlights
Blockchain technology provides the ability to establish trust in a peer-to-peer network through a distributed consensus mechanism rather than relying on a powerful central authority [1]
We present Value Token Transfer Protocol (VTTP), a decentralized finance protocol for exchange of value or tokens within and between participating blockchain networks, fiat bank accounts and fiat wallets
In this paper we present, Value Token Transfer Protocol (VTTP), a decentralized finance protocol for exchange of value or tokens within and between blockchain networks [2] [3]
Summary
Blockchain technology provides the ability to establish trust in a peer-to-peer network through a distributed consensus mechanism rather than relying on a powerful central authority [1]. Blockchain has brought about an economic paradigm shift by transforming financial products into trustless and transparent with the ability to run without intermediaries. This movement is often referred to as Decentralized finance (DeFi) or open finance. In the client-server model, VTTP works as a request-response protocol based on a client-server architecture, where a VTTP Client sends requests to a VTTP Server, and the server responds to the requests. Exchange of fiat currency (in fiat bank accounts and fiat wallet apps) with tokens on blockchain networks. Retrieve information on accounts, contracts, transactions for all participating blockchain networks, fiat bank accounts and fiat wallets
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