How to swap an Ethereum ERC-20 and Neo NEP5 token with a smart contract

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I am trying to understand how to swap tokens between blockchains...

let's assume the following:

  • I have a smart contract in ETH that issues a token (ABC) as an ERC-20 token

  • I have a smart contract in NEO that issues a token (ABC) as an NEP5 token

How can I consolidate them in one blockchain? 

How do ICOs handle multi-concurrency collection?

Thank you for any help anyone can provide!!

Apr 6, 2022 in Blockchain by Rahul
• 9,680 points

1 answer to this question.

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Each blockchain is its own separated administration. Therefore it is not possible to swap tokens on-chain as you would need the first chain to rely on stuff that happens on another chain. To do something like this, usually, you need a third party that guarantees that the exchange happens correctly.  Just realise that the management of swapping is an off-chain process in this case. Neo is unique in that it describes a mechanism in which off-chain assets can be exchanged atomically, which is referred to in their whitepaper as "NeoX". Ontology is a collection of protocols of which part is an implementation of the NeoX concept.
answered Apr 12, 2022 by Soham
• 9,700 points

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