Using the state channels we’ll lower the cost of using the blockchain network while at the same time improving the blockchain throughput by reducing the computational power placed on nodes when processing and storing transactions.
The state channel protocol creates an index of assets on any blockchain without involving blockchains in trade operations. It is nearly instantaneous, enabling high-speed communication off-chain while keeping open thousands of positions to buy and sell any digital asset. This way transactions are much cheaper, faster, and more private.
With state channel, each participant knows how much liabilities they have, in which asset, and with whom to settle those liabilities. Closing the state channel will force a settlement between the participants and this settlement is done in an atomic, multi-chain and multi-asset process. This process is done using the hash time locked contract(HTLC) which allows two parties to perform an atomic swap without any intermediary before a set expiration time.
Blockchains that are supported by Biokript are Ethereum, Polygon, and Binance Smart Chain and in the near future we’ll add Solana and Polkadot.