run ⬡ the ⬡ juels
run ⬡ the ⬡ juels
LINK−4,01 %
"The Chainlink Cross-Chain Interoperability Protocol (CCIP) Upon receiving the request from Swift, which contains both the metadata and the blockchain message signature, CCIP is used as an abstraction layer to create a blockchain transaction and securely transmit the transaction to the Forwarder Contract. The Forwarder Contract address, which was initially involved in creating the blockchain message, undertakes multiple verification and validation processes, before forwarding the request to the designated token contract where the token transfer is initiated. This transfer can either occur within the same blockchain or use CCIP to securely reach the destination blockchain’s wallet. Throughout the cross-chain transfer process, each step and any exception returned by the smart contract while processing the transaction are monitored by CCIP as events. CCIP sends a status update for each of these events to Swift, which matches the received status update to the relevant Swift message and informs the relevant institutions of its progress. Middle and back-office systems rely on these updates for internal teams to provide transparency, manage risk and report transaction progress to all relevant parties. Depending on the specified configuration, the CCIP router will immobilise a certain quantity of tokens within a ‘token pool’ (see our glossary here) on the source blockchain. Concurrently, wrapped tokens will be generated on the destination blockchain. This process involves the inclusion of CCIP fees and the creation of a message that incorporates the pre-existing information. The inherent nature of blockchain transactions addresses the potential issue of a race condition arising from insufficient tokens in the token pool. Since all the instructions mentioned above are contained within a single transaction, the transaction can only succeed if all instructions are executed successfully. Note that the detailed mechanics for a cross-chain transfer can be found in the Appendix." Its all right out there. Prove it. No NDA's. $LINK @swiftcommunity #ISo20022
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run ⬡ the ⬡ juels
run ⬡ the ⬡ juels
#SWIFT CCIP fees Payable in $LINK Reducing barriers to entry by being the only token needed to securely connect the 11,500 member banks of the SWIFT consortia to blockchain via the CCIP Enterprise Abstraction Layer.
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