What is GRE
A blockchain interoperability protocol
Last updated
A blockchain interoperability protocol
Last updated
The blockchain interoperability protocol is important for the Web3 ecosystem and traditional systems that need to interact with different blockchains. These protocols are the basis for building a blockchain abstraction layer that allows traditional backends and Dapps to interact with any blockchain network through a single middleware solution. Without blockchain interoperability protocols, Web2 systems and DApps would need to build separate internal implementations for each cross-chain interaction they wanted to use, a time-consuming, resource-intensive, and complex process.
The blockchain interoperability protocol provides the following features:
You can transfer assets and information across multiple blockchains.
Application developers can take advantage of the strengths and benefits of different chains.
Collaboration between developers from different blockchain ecosystems can build cross-chain applications to serve more users and provide them with additional features or products.
GRE is a blockchain interoperability protocol. GRE provides a simple interface through which dApp and web3 entrepreneurs can safely meet all their cross-chain needs. Given the inherent risks of cross-chain interoperability, GRE is built with security first in mind. Some security features include a risk management network to monitor malicious activity, decentralized oracle computing from a variety of high-quality node operators with verifiable on-chain performance history, and an off-chain reporting protocol that already ensures significant security. Several mainnet blockchain values.
To understand how GRE works, see Concepts, Architecture, and Best Practices. If you are not familiar with using GRE, please read these guidelines before deploying any contracts that use GRE.
GRE supports three main functions:
Arbitrary messaging refers to the ability to send arbitrary data (encoded as bytes) to a receiving smart contract on a different blockchain. Developers are free to encode any data they wish to send. Typically, developers use arbitrary messaging to trigger informed actions of receiving smart contracts, such as rebalancing indexes, casting specific NFTS, or calling arbitrary functions using the sent data as custom parameters. Developers can encode multiple instructions in a single message, allowing them to orchestrate complex, multi-step, multi-chain tasks. Token transfer: You can transfer tokens to a smart contract or directly to an EOA (externally owned account) on a different blockchain. Programmable token transfer is the ability to simultaneously transfer tokens and arbitrary data (encoded as bytes) in a single transaction. The mechanism allows users to transfer tokens and send instructions about what to do with them. For example, a user can transfer tokens to a lending agreement with instructions to use those tokens as collateral for a loan, borrow another asset and send it back to the user.
With GRE, you can send transactions that contain data, tokens, or data and tokens. The recipient of GRE transactions can be a smart contract or an externally owned account (EOA). Smart contracts can receive both data and tokens, whereas EOAs can only receive tokens:
Programmable Token Transfer
Data and tokens
Smart contracts only. If you send data and transfer tokens to an EOA, only tokens will be transferred
Token Transfer
Token
Smart contracts and EOAs
Arbitrary Messaging
Data
Smart contracts only. EOAs on EVM blockchains cannot receive messages.
Cross-chain lending: GRE enables users to lend and borrow various crypto assets on multiple DeFi platforms running on independent chains.
Low-cost transaction computation: GRE can help to offload transaction data computation on a cost-optimized chain.
Optimize cross-chain returns: Users can leverage GRE to transfer collateral to the new DeFi protocol to maximize cross-chain returns.
Creating a new type of dApp: GRE enables users to take advantage of network effects on some chains while harnessing the computing and storage power of others.
Token Symbol: GRE Contract Address: https://etherscan.io/token/0xacE5b23671Cc6Dd00CF41fCB4ee31E008209f472
