From now on, users can convert any of their .bit main account onto Ethereum!
To motivate Ethereum users better interact with .bit ecosystem, and allow .bit users to fix reasonable prices for their accounts, we develop the function of .bit Convert, making a .bit account into an NFT that satisfies ERC-721 standard.
.bit users can convert any of their accounts to an Ethereum standard NFT that can be traded on OpenSea, LooksRare, X2Y2, Rarible and other trading platforms, and can be checked on data platforms such as NFTScan, NFTGo, etc.
Background
Ever since the launch of .bit, users on Ethereum ecosystem are eager to obtain their own high-value .bit accounts that can be displayed and traded on Ethereum network.
In an ideal world of blockchain community, all assets, including tokens and NFTs, should be able to flow freely: from one server to another, from a user to another. There is no barrier and no postponement.
Nevertheless, in reality, we have to confront several problems: first, data does not interflow among chains; second, the underlying techniques of public chains are different; third, the infrastructure of one chain cannot be applied to another.
Mission
.bit, constructed based on Nervos CKB, allows being held by any public chain address. It is a pioneering undertaking within Decentralized Identity (DID) field.
However, since the contract programming model of Nervos CKB is different from the those of other public chains, there is threshold for assets liquidity.
In order to lower the bar for users to register and trade, .bit team and our ecosystem partners have developed a series of registration and trading platforms, such as did.top, dename.com, gogodas.com, however, our mission is way beyond this.
Due to the natural cross-chain characteristics of .bit, we hope to embrace more possibilities for our ecosystem, to which Ethereum is our first goal.
ERC-721
After conversion, the .bit account will be presented as a standard Ethereum NFT which satisfies ERC-721 protocol. It will improve the composability of .bit as a Web3.0 infrastructure.
Users can check their .bit accounts in their ETH wallets, and trade on all the marketplaces that support Ethereum NFT trading, such as OpenSea, LooksRare, X2Y2, Rarible, Element, etc.
Users can convert .bit accounts on Ethereum back to Nervos CKB if they want to enjoy free gas fee for .bit administration and multi-chain holding capacity.
Convert Bridge
To realize converting .bit accounts to Ethereum NFTs, .bit team constructs a highly efficient, elegant, and safe convert bridge, actualizing the two-way transformation of .bit accounts between Nervos CKB and Ethereum.
Safety
The most important requirement in the process is safety.
The Convert Bridge is developed based on several safety mechanisms, such as Multisig, Notary schemes, Distributed private key control, separation of Cold Wallet and Hot Wallet, etc. Safety is strictly guaranteed during the converting process.
This Convert Bridge is operated by several reputable partners from .bit ecosystem, ensuring that even .bit team members themselves are not able to control the cross-chain assets from users.
* The security mechanism is basically identical with force-bridge.
Efficiency
Normally the biggest pain point for cross-chain is efficiency.
After many in-depth researches and discussions, and overthrowing proposals multiple times, .bit team presents the last optimal solution: on the premise of guaranteed safety, one-way conversion time can be shorten to 3 minutes.
Meanwhile, in theory, the bridge supports unlimited conversion, while it only depends on the TPS of Nervos CKB and ETH.
Elegance
The Convert Bridge, designed specifically for .bit, is not a conventionally defined comprehensive cross-chain bridge. As a result, each of its function perfectly match the needs for .bit accounts.
The simple and elegant design not only avoids possible attacks for complicated cross-chain bridges, but also supports horizontal scaling. In the future we will also support other chains, like BNB, Solana, Polkadot, etc.
Prospect
Converting .bit accounts to Ethereum NFTs is only a small step for .bit team. .bit team will continuously put efforts on cross-chain development, making more users from different chains experience the advantages of .bit.
Furthermore, as the infrastructure of future blockchain ecosystem, .bit will carry on to bridge the gap among public chains, promote ecological integration, and provide greater value for users.
Guide
Please refer to “Convert your .bit to NFT on Ethereum now!”.
Frequently Asked Questions
Please refer to FAQ.
