We have made significant progress toward our goal of an interoperability service marketplace. Completed components are highlighted in gold in the graph below. Users can now set up Bitcoin/ARK services in advance of the marketplace launch.
What is the Bitcoin/ARK service?
The Bitcoin/ARK service is an interoperability application to allow for liquid movement between Bitcoin and ARK, in both directions. It leverages the Bitcoin Listener and ARK Listener we released in 2017. The service includes the ability for consumers to open channels with the service provider to connect a Bitcoin address to an ARK address, and vice versa. We are calling this a channel service.
What is a Channel Service?
A channel service is an ACES service that stays open as long as the consumer and service agree to have it open. This means users of Bitcoin can create a channel with a service and send Bitcoin to a specific address to receive the equivalent amount of ARK in their specified connection address (and vice versa). Any time the bitcoin address receives funding, coins are moved on the ARK blockchain.
Similarly, channels can be open in the other direction as well. In the diagram below we show an ARK consumer sending ARK to an ACES ARK Service Receiving Address. The ACES ARK listener recognizes this transaction and triggers the relevant service on the Ethereum blockchain. In this case, ETH is received at the ETH consumer address.
The ability to create channel services allows for a dynamic service with Service Linking. In the diagram below you can see how we connect two independent channel services together to create one long service. The service below shows a BTC to ETH channel service. With this link, any time BTC is received at the BTC Service Receiving Address, ETH is moved to the ETH receiving Address. Service linking will allow new blockchains to simply connect to a single coin to gain access to all the blockchain services that exist on the ACES marketplace.
You can watch this demo video showing how the Bitcoin/ARK service works. The UI side of this will be integrated into the marketplace, so all applications will conform to a global standard.
Updated Website
We have made upgrades to our website at https://aces-ark.io to better reflect our project. You can read more about the project there to learn about the different components and see our full roadmap. Links to relevant Github repositories are provided where possible. If you have questions not answered in the FAQ, feel free to send us your inquiry.
Marketplace API Documentation
The marketplace provides a one-stop shop to navigate and consume ACES contracts. The below image shows a mock-up of what the marketplace could look like. The Marketplace API provides a mechanism for consumers and developers to get and post data to the marketplace. You can read more about the various features of the Marketplace API in the documentation.
This was copied from the ARK-ACES blog. https://medium.com/@arkaces
Original Article Link
Visit https://aces-ark.io/ for more info
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