MultiChain Swap

Whitepaper

By- Ginete Technologies

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Table of Contents

1. Project Abstract ................................................................................................................................................ 3

2. Background .................................................................................................................................................. 4 - 6
2.1 Ethereum Chain ........................................................................................................................................................... 4
2.1.1 About the Ethereum Chain ....................................................................................................................... 4
2.1.2 The Ethereum Ecosystem .......................................................................................................................... 4
2.1.3 Why Ethereum? ............................................................................................................................................. 4
2.2 Binance Chain ............................................................................................................................................................... 5
2.2.1 About Binance Chain ................................................................................................................................... 5
2.2.2 About Binance DEX ...................................................................................................................................... 5
2.2.3 Why Binance? ................................................................................................................................................. 5
2.3 EOS Chain ....................................................................................................................................................................... 6
2.3.1 About EOS Chain ........................................................................................................................................... 6
2.3.1 The EOS Ecosystem ...................................................................................................................................... 6
2.3.1 Why EOS? ......................................................................................................................................................... 6
3. The Problem ...................................................................................................................................................... 7
4. The Solution ............................................................................................................................................... 8 - 11
4.1 Chain and Network Details ..................................................................................................................................... 8
4.2 Swapping of Tokens ................................................................................................................................................... 8
4.3 The Swapping Engine ..................................................................................................................................... 9 - 10
4.3.1 About EOS Chain ........................................................................................................................................... 9
4.3.2 The EOS Ecosystem ................................................................................................................................... 10
4.3.3 Why EOS? ...................................................................................................................................................... 11
4. Conclusion ....................................................................................................................................................... 12

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
 3

Project Abstract
A Cross-Chain Token swapping platform that supports any token deployed on the following
chains Ethereum (ERC20), Binance (BEP-2), EOS. Multichain swap acts as a one stop
platform where token can be swapped across multiple chains maintaining the overall
market cap of the across chains.

Main Dashboard

Swapping Dashboard

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
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2.1 Ethereum Chain

2.1.1 About Ethereum Chain
Ethereum is a global, decentralized platform for money and new kinds of applications. On
Ethereum, you can write code that controls money, and build applications accessible
anywhere in the world.
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some
significant technical differences between the two, the most important distinction to note is
that Bitcoin and Ethereum differ substantially in purpose and capability. The Ethereum
blockchain focuses on running the programming code of any decentralized application.

2.1.2 The Ethereum Ecosystem

Smart contract is just a phrase used to describe a computer code that can facilitate the
exchange of money, content, property, shares, or anything of value. When running on the
blockchain a smart contract becomes like a self-operating computer program that
automatically executes when specific conditions are met. Ad smart contracts run on the
blockchain, they run exactly as programmed without any possibility of any third-party
interference.

• Speed and accuracy: Smart contracts are digital and automated, so you won’t have
to spend time processing paperwork or reconciling and correcting the errors that
are often written into documents that have been filled manually errors.
• Trust: Smart contracts automatically execute transactions following predetermined
rules, and the encrypted records of those transactions are shared across
participants.
• Security: Blockchain transaction records are encrypted, and that makes them very
hard to hack. Because each individual record is connected to previous and
subsequent records on a distributed ledger, the whole chain would need to be
altered to change a single record.

2.1.3 Why Ethereum?

Ethereum’s core innovation, the Ethereum Virtual Machine (EVM) is a Turing complete
software that runs on the Ethereum network. It enables anyone to run any program,
regardless of the programming language given enough time and memory. The Ethereum
Virtual Machine makes the process of creating blockchain applications much easier and
efficient than ever before. Instead of having to build an entirely original blockchain for each
new application.
Ethereum enables developers to build and deploy decentralized applications.
A decentralized application or Dapp serve some particular purpose to its users. Because
decentralized applications are made up of code that runs on a blockchain network, they are
not controlled by any individual or central entity.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
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2.2 Binance Chain

2.2.1 About Binance Chain
Binance Chain is a blockchain software system initially developed by Binance and the
community. Binance Chain is a community-driven development project with many
developers and contributors from all over the world. Binance DEX is the decentralized
exchange feature developed on top of the Binance Chain blockchain.
A DEX is a great manifestation of Binance’s mission to spread the freedom of money. With a
DEX, a person fully holds his crypto funds and directly plug into the network to trade
without needing to provide personal information. Unlike centralized exchanges that may be
subject to downtimes, a DEX is kept running by nodes distributed around the world and
codes that execute functions. However, the current DEX options face issues that hinder
them from growing as widely used platforms. The user experience on existing DEX
platforms is less intuitive and user-friendly compared to centralized exchanges. In addition,
DEX platforms face speed and liquidity issues, which leave them lagging behind their
centralized peers.

2.2.2 About Binance DEX

Binance DEX allows you to send and receive Binance Coin (BNB) between different
addresses. You can issue new tokens on the blockchain, which you can then send, receive,
burn, mint, freeze, or unfreeze. In addition, any participant in the chain can propose the
trading pairs they want to see and, with enough support, start trading in that exact pair he
proposed. In relation to these functions, we are migrating Binance Coin (BNB) to the
Binance Chain, turning it into the blockchain’s native coin to be used for blockchain fees
and other transactions. This transition will result in more usage of BNB, now one of the top
10 cryptocurrencies in the world.

2.2.3 Why Binance?

Binance DEX was designed to handle the same amount of transactions that the current
Binance platform handles. At its current beta form, Binance DEX can handle trading
volumes as huge as the ones on the centralized exchange, at a rate of about "a couple of
thousand" transactions per second, according to CZ. These capabilities, which are already
light years ahead of most DEX options, are made possible by the Binance Chain, which has a
one-second block time. By comparison, block times are estimated at 10 minutes for the
Bitcoin blockchain and 15 seconds for the Ethereum blockchain. This easily fixes the speed
issues that hinder DEX platforms.

On the user experience side, Binance Chain is designed in a way that incorporates the most
user-friendly functions on the Binance website. It also provides people with many options
to participate in the chain. You can create your own address via the Binance Chain Web
Wallet, which has a user interface similar to what is on Binance. From there, wallets that
support Binance Chain include Trust Wallet, Binance’s official crypto app, as well as third-
party wallets like the Ledger Nano S and many more to come.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
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2.3 EOS Chain

2.3.1 About EOS Chain
EOS Blockchain is aiming to become a decentralized operating system which can support
industrial-scale decentralized applications.

According to the EOS model, instead of “renting” computing power, EOS coin holders have
ownership of the network.

For example, if you owned a 1% stake in EOS coins, you would essentially own 1% of the
network, meaning you would own 1% of the required computing power to process the
transaction. This is what makes transactions free!

The EOS coin operates in the same way as any other cryptocurrency — you can send, hold
or receive funds between wallets. This makes it an excellent payment system as you can
transfer money to anyone in the world for free, in just a few seconds.

2.3.2 About EOS Ecosystem

Ethereum’s entire system came to a standstill because of the DAO attack. Everything
stopped and the community got split because of the hardfork.
Because EOS uses DPOS this is unlikely to happen again in their ecosystem. If a DAPP is
faulty, the elected block producers can freeze it until the system is taken care of. This is
simply an extension of the DPOS system, not every node has to take care of chain
maintenance.

EOS allows well-defined levels of permission by incorporating features like web toolkit for
interface development, self-describing interfaces, self-describing database schemas, and a
declarative permission scheme.

In EOS the Governance is maintained by establishing jurisdiction and choice of law along
with other mutually accepted rules This is usually done via the legally binding constitution.
Every single transaction in EOS must include the hash of the constitution to the signature.
This, in-essence, binds the users to the constitution.

2.3.3 Why EOS?

The aim of EOS is to build a decentralized blockchain that can process fast and free transactions. It
will also allow smart contracts to be built on top of it, which will allow developers to release dApps.
Not only this, but EOS wants to build a platform that functions like an operating system, which will
make it really easy to use. Another aim of EOS is to be able to process millions of transactions per
second. This would solve a big problem, as other blockchains can recognize smart contracts, none of
them can perform that quickly. For example, even though Ethereum is the most popular smart
contract blockchain, it can only handle 15 transactions per second.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
 7

3. The Problem
Platforms like Ethereum, Binance and EOS have created an ecosystem where developers
can create and deploy their applications. The networks get constant updates which add
stability and a whole slew of features and extensions to increase development on their own
individual chains. These chains compete against each other in the crypto ecosystem trying
to bring more and more developers and users inside their ecosystem.
The underlying principle that developers utilize is the transfer of tokens from one account
to another on the same chain implemented according to their own rules. These tokens can’t
travel outside the chain.
MultiChain swap aims to solve this issue by acting as an intermediary layer with which any
token configured on the platform can be converted to any token pegged on a specific chain.
Such a system enables seamless transfer of token across chains bring interoperability to
the chains and allowing applications to now interact across chains and develop dApps that
are operable across multiple chains.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
 8

4. The Solution
4.1 Chain and Network Details
Currently Multichain swap is implemented for swapping tokens pegged on the following
chains.
• Ethereum Chain (Ropsten Test Network)
• Binance (Test Network)
• EOS (Jungle Test Network)

4.2 Swapping of tokens

The swapping of tokens happens in slightly different ways due to differences in chains but
happens in the following steps inside the Swapping Engine:
1. Transfer of tokens from the user to the Swapping Engine.
2. Verification of Transactions details.
3. Burning of Tokens on the First Chain.
4. Creation of Tokens inside the users account on the second Chain.

4.2 The Swapping Engine

Internally the swapping engine handles the incoming and outgoing transactions to each
chain in a unique manner, so the all the transactions happen atomically. Implementation
for each network is discussed below.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
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4.2.1 The Ethereum Implementation

When a Binance/EOS Chain to Ethereum Token Swap Request enters the swapping engine
the Transaction type is determined by the Ethereum Swapping Engine and the details of
the transaction is extracted from the respective chain.
After the details have been extracted the transaction is sent to the Queue Handler which
stores the transaction until it is approved by the network. The Queue handler rejects the
transaction if no receiver is specified or if the transaction fails. In the case of Binance chain
the Swapping Engine receives an instant confirmation and its directly sent for Token
conversion.
At the Token Conversion Stage, the transaction details are used to remove the appropriate
amount from circulation from the 1st chain and brought onto the 2nd chain. The Transaction
hash for this conversion is sent back to the user.
The transaction hash acts as a proof that exact amount of tokens were transferred to the
user’s account subtracting the cross-network gas fees at that time. This transaction hash
can be looked up on a Block Explorer to verify the details of the swap.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
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4.2.2 The Binance Implementation

When an Ethereum/EOS Chain to Binance Token Swap Request enters the swapping engine
the Transaction type is determined by the Binance Swapping Engine and the details of the
transaction is extracted from the respective chain.
After the details have been extracted the transaction is sent to the Queue Handler which
stores the transaction until it is approved by the network. The Queue handler rejects the
transaction if no receiver is specified or if the transaction fails. After the transaction is
approved by the network it is passed to the token converter.
At the Token Conversion Stage, the transaction details are used to remove the appropriate
amount from circulation from the 1st chain and brought onto the 2nd chain. The Transaction
hash for this conversion is sent back to the user.
The transaction hash acts as a proof that exact amount of tokens were transferred to the
user’s account subtracting the cross-network gas fees at that time. This transaction hash
can be looked up on a Block Explorer to verify the details of the swap.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
 11

4.2.3 The EOS Implementation

When a Binance/Ethereum Chain to EOS Token Swap Request enters the swapping engine
the Transaction type is determined by the EOS Swapping Engine and the details of the
transaction is extracted from the respective chain.
After the details have been extracted the transaction is sent to the Queue Handler which
stores the transaction until it is approved by the network. The Queue handler rejects the
transaction if no receiver is specified or if the transaction fails. In the case of Binance chain
the Swapping Engine receives an instant confirmation and its directly sent for Token
conversion.
At the Token Conversion Stage, the transaction details are used to remove the appropriate
amount from circulation from the 1st chain and brought onto the 2nd chain. The Transaction
hash for this conversion is sent back to the user.
The transaction hash acts as a proof that exact amount of tokens were tra2nsferred to the
user’s account subtracting the cross-network gas fees at that time. This transaction hash
can be looked up on a Block Explorer to verify the details of the swap.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in
 12

5. Conclusion
MultiChain Swap acts as bridge between multiple chains and brings interoperability to the
crypto ecosystem and the ability to exchange assets across chains in a seamless manner.
It gives the projects with tokens either on Ethereum Blockchain or EOS blockchain to easily
swap to Binance Chain (BEP2) to trade their tokens on Binance Dex seamlessly without any
hassles. The tokens can be completely migrated to Binance(BEP2) or can be converted in
some amount and then can reverse swap their tokens to the original blockchain.

Ginete Technologies Private Limited

Website: www.ginete.in E-mail: info@ginete.in