August 2, 2022 – Dallas, TX
New cross-chain interoperability via WanBridge offers more robust instant settlement options.
Impel is pleased to announce today that Bitcoin (BTC) has been added to its ISO 20022 Financial News API as an optional security for payments.
This addition enables the use of BTC in the instant settlement process for traditional banking services and other organizations using the new ISO 20022 messaging standard. It offers the opportunity for improved customer experience, increased security and significant savings in operational costs.
The future of the technology industry lies in the wide range of techniques that allow different blockchains to communicate with each other. The transfer of digital assets and data between one blockchain to another is known as cross-chain compatibility. Interoperable bridges play a crucial role in providing these robust options for desired digital assets to be used for payments.
Working with DIMO and Wanchain, Impel’s user base will be able to move BTC from its native network to the XDC network as a packaged digital asset called “XBTC” referred to as an XRC-20 token. Both DIMO and Wanchain aim to make the blockchain ecosystem fully interoperable, one bridge at a time.
Bhavesh Thakkar, Co-Founder and CEO of DIMO said:
“We see this bridge between the Bitcoin and XDC networks as an important step towards creating real interoperability in the blockchain ecosystem.”
Wanchain’s WanBridge uses an advanced version of the “Lock-Mint-Burn-Unlock” method to transfer digital assets between blockchains. No intermediaries or forwarding networks are involved as the assets are transferred directly from the source chain to the destination chain.
For example, when you move BTC to the XDC network, the nodes of the bridge will lock it on the Bitcoin network before the XBTC is minted on the XDC network. The XBTC can then be used as collateral for ISO 20022 payments.
Operated by a group of permissionless, decentralized nodes, the bridge must allocate sufficient funds and is elected monthly. Together, the nodes use a combination of Secure Multipart Computation (sMPC) and Shamir’s Secret Sharing (SSS) to generate signatures and secure these cross-chain assets.
This is an approach that is far more secure than the current multisig standard. Furthermore, no single node or entity has direct access to these packaged assets, which are backed by a common pool of digital assets to over-secure the cross-chain assets.
Access the WanBridge here.
Troy S. Wood, CEO and Founder of Impel said:
“Impel offers straightforward solutions via an API to any organization around the world that needs to use the ISO 20022 compliant financial messaging standard. We’re also sweetening the deal with the option to add collateral to the message payload for instant settlement.”
Impel’s ISO 20022 financial news is a standard already in widespread use in more than 70 countries and one that the United States plans to implement by 2025. Impel’s platform optionally offers instant settlement with XDC, the native coin on the XDC network, XRC -20 tokens, such as XBTC, and the wrapped stablecoin USDC (XUSDC).
Impel’s service offerings are built and operated on the XDC network, a Layer 1 blockchain protocol that is a highly optimized, bespoke fork of Ethereum. The network offers significant benefits such as: B. near-zero gas fees, and it achieves consensus through its delegated Proof-of-Stake (XDPoS) mechanismThis consumes virtually no power and enables fast processing with transaction times of two seconds and over 2,000 transactions per second.
The XDC network offers cross-chain interoperability with its smart contracts. As a blockchain compatible with Ethereum Virtual Machine (EVM), project migrations to the network are seamless.
Security is important at Impel and financial transactions are routed through a highly secure API using a Layer 2 solution that prevents data from being exposed to unauthorized parties. It was developed by a team with decades of IT experience in providing secure technology infrastructure for banks and fintechs.
Impel does not charge any implementation, annual membership or usage fees for its financial news service. The only cost to banks and financial institutions is the XDC network’s near-zero gas fee for sending messages and payments, which is a fraction of a cent ($0.00001) or less per transaction.
In particular, financial transactions can be summarized in just one messageThis means that multiple messages can be sent in one transaction, allowing for customization to suit the needs and desires of the parties involved.
Impel offers a self-paced financial message ISO 20022 demo that allows anyone to compose and send transaction requests over the mainframe of the XDC network, with the option to add collateral such as XDC, XBTC or XUSDC to the message payload. The demo is available on Impel’s website.
Impel is a fintech innovator using blockchain technology to provide financial news, instant settlement and a bridge to the R3 Corda platform for forward-thinking banks and fintechs.
Designed to provide a cost-effective alternative to legacy solutions such as SWIFT and SEPA, Impel’s service offerings run on the XDC network using a decentralized, enterprise-ready hybrid blockchain to process financial messages and payments using XDC or XRC 20 tokens to send securely and quickly.
Leveraging superior security, Impel offers real-time payment processing instead of the current two-day standard through the central bank system. Impel’s financial messages meet the ISO 20022 standard with no cost other than the XDC network’s near-zero gas fee for sending messages or payments.
Using a bridge to the R3 Corda platform, XDC or XRC-20 tokens move to and from the Corda public network and can be used as settlement vehicles within the Corda ecosystem. Financial institutions can use Impel as a catalyst to strategically transform their businesses and unlock value opportunities enabled by the new standard. Learn more here.
Troy S. Wood, CEO and Founder of Impel
This content is sponsored and should be considered promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinion of The Daily Hodl. The Daily Hodl is not affiliated with or owned by any ICO, blockchain startup or company advertising on our platform. Investors should do their due diligence before making high-risk investments in ICOs, blockchain startups, or cryptocurrencies. Please note that you invest at your own risk and any losses you suffer are your responsibility.
follow us on Twitter Facebook Telegram