Binance Chain's BEP3 atomic pegs [Explained]by@corollari
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Binance Chain's BEP3 atomic pegs [Explained]

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Binance Chain introduces a new kind of peg for tokens that come from Smart contract enabled chains, such as EOS or NEO. BEP3 pegs draw inspiration from atomic swaps to construct a mechanism that strips away the trust required in some parts of the system. When a user wants to port their tokens over to the Binance chain the following steps are taken: The user locks their original tokens inside the smart contract along with a hash of a secret only known to the user, these tokens then remain locked unless the secret is revealed in under X minutes, in which case they will get sent back. The deputy discovers that some tokens have been locked and sends a message to Binance

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@corollari

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