Decentralized cross-blockchain asset transfers with transfer confirmation

Abstract

Today, several solutions for cross-blockchain asset transfers exist. However, these solutions are either tailored to specific assets or neglect finality guarantees that prevent assets from getting lost in transit. In this paper, we present a cross-blockchain asset transfer protocol that supports arbitrary assets, is adaptable to different means of cross-blockchain communication, and adheres to requirements such as finality. The ability to freely transfer assets between blockchains may increase transaction throughput and provide developers with more flexibility by allowing them to design digital assets that leverage the capacities and capabilities of multiple blockchains. We define the general requirements and specifications for a cross-blockchain asset transfer protocol and provide a proof-of-concept implementation for EVM-based blockchains. Further, we evaluate the protocol concerning costs, transfer duration, and security.