Theia Wallet Announced the 1.0 Version Beta Test, Supports BTC

Oct 15, 2018 11:05 PM CDT

HANGZHOU, China, Oct. 12, 2018 /PRNewswire/ -- Theia Wallet, the world's first cross-chain wallet, recently announced open 1.0 version beta test, which supports BTC public chain. Theia Wallet is a multi-crypto asset management wallet based on cross-chain technology. Theia cross-chain wallet is used as a traffic portal to provide main chain and Dapp with solutions for user assets management and ecological landing applications. It is also the world's first user directed ICO launch platform.

Their wallet has delved into the cross-chain technology for several years and had already supported the tokens issued by ETH and WAN. Based on Wanchain cross-chain technology, Theia wallet thoroughly uses all the characteristics of the Wanchain cross-chain technology. Along with the development of Wanchain main chain, it achieves interconnectionwith more and more blockchains. Theia Wallet will support more cross-chain crypto transactions of crypto assets and all digital assets in the Wanchain ecosystem.

Cross-chain is a complicated process, the technical implementation is more about the acquisition and verification of some chain-to-chain external information, which requires nodes to have independent verification capabilities. Therefore, the current cross-chain technologies mainly have the following four implementation modes.

First of all is the notary mechanism. It is the simplest method of chain and chain interaction, the centralized or multi-signature witness mode, the witness is the legitimate user of chain A and responsible for monitoring the event and state of chain B to further operate chain A. Its essential feature is that there is no need to pay attention to the structure and consensus characteristics of the chains in question. Assuming that A and B cannot trust each other, introducing a third party that can be trusted by both A and B to become a notary and act as an intermediary. With the help of this intermediary, assets are allowed to flow between the account books. For digital crypto assets, the wallet is also run by an individual or organization. Firstly, it can't be decentralized, and secondly, it is quite difficult to support large amounts of transactions due to trust issues.

Second, the sidechain to the digital crypto assets is just like Alipay and WeChat wallet in terms of asset management, anchoring the crypto assets on the main chain to the side chain. However, the side chain cannot completely solve the trust problem of asset management. Alipay and WeChat wallets are endorsed via Alibaba and Tencent, and the side-chain is solved through the multi-centered approach of the blockchain. Besides, it is difficult for side-chain wallets to establish cross-chain smart contracts, and it is difficult to implement various financial functions, restricting the application of blockchains in stocks, bonds, derivatives, and other fields.

Moreover, Hash lock is a trigger that sets interoperability between chains AB, usually appear as a hash value of a random number to be disclosed. The essential feature is HTLC, which is a mechanism for redeeming payments by locking the original value of the hash for a period of time. Although the hash lock implements the exchange of cross-chain assets, it cannot realize the transfer of cross-chain assets and fails to achieve cross-chain contracts. Therefore, its applied scenario is relatively limited.

In the cross-chain mechanism of Wanchain, the cross-chain transaction proves that the node is not a single entity but a consensus group. To verify the legality and finality of the transaction of the other chain through the consensus is the method that can effectively word around the imperfection of the third-party notary. In terms of security assurance, Wanchain implements a small consensus by adopting cryptographically secure multi-party computing and thresholding methods. Participants must participate in the calculation to generate the public and private keys for locking accounts.

Technically, the private key of the locked account is merely theoretical. It is scattered in the hands of each locked account management node in the form of a fragment and participates in an account control process through multi-party computing.

Thus, the Theia wallet, which is created based on Wanchain cross-chain technology, has truly realized cross-chain trading and stands out in functional and security aspects. Based on Wanchain's Theia wallet, it realizes cross-chain multi-crypto-currency instant swap, perfects the crypto asset trading ecosystem, fills the blank of crypto assets transaction for cross-chain wallet, and subverts the existing crypto asset trading ecosystem. The multi-node authentication transaction of the consensus group avoids the credit risk of centralized transactions and better protects users' privacy. By interfacing with all crypto assets across the chain, Theia enables the management of multi-crypto-currency and the coexistence of digital crypto assets and wallets on different chains, thus better promoting the positive development of blockchain projects.

"We always insist on emphasizing technology and true value. The model of Internet technology development will be reproduced in the blockchain. As a developer who is enthusiastic about technology, we should continue to improve and expand the functionality of this technology and explore more possibility," the founder of Theia, Jin Huayue said. "The vision of Theia is to achieve the circulation of digital assets, virtual goods, physical asset warrants, etc. And it will serve the global production, consumption and trade field widely, in order to achieve the integration and circulation of multi-category digital assets, to explore the new value of economics and sociology!"

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Last updated: Sep 25, 2019 at 05:39 pm CDT

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