Theia Wallet Announced the 1.0 Version Beta Test, Supports BTC

Press source from theia

The blockchain project has experienced an explosive growth, and by the end of 2017, the number of GitHub blockchain projects has exceeded 80,000. With the increasing number of crypto chain asset and the rapid expansion of the market scale, the problems of low interoperability and usage isolation among projects become more and more prominent. Each chain is like an isolated island, it`s very difficult to manage the crypto asset on the chain. At the same time, it reduces the vitality of the community and restricts the coordinated development of the network. Therefore, the interaction between value and information among chains a is being paid more and more attention. Cross-chain technology has emerged as an important direction of blockchain 3.0 and become a field for many blockchain organizations and team to conduct research and breakthroughs.

Now, the development of blockchain is similar to the Internet in its early days. Each chain is an early WAN, and the industry chain is a local area network. The greatest development of the Internet is also based on the interconnection of the underlying network protocols. Besides, the network effect of the Internet is accompanied by the increase of nodes and then the network value achieves its maximum. Therefore, the cross-chain technology is to continuously connect and expand different blockchains to finally form a huge network and construct the foundation for this valuable network.

Cross-Chain: The Technical driver of the comprehensive development and merge of the digital crypto assets
In the short-term, cross-chain technology will build a variety of public-chain value circulation channels to help achieve financial and related business innovation based on a variety of crypto assets. For the long run, cross-chain can channel the two parallel worlds, traditional asset-based chain, and chain-based crypto assets, to connect chain alliances with the public chain. However, due to the company's own technical and commercial barriers, digital assets are mostly scattered in their respective main chains, and it is quite difficult to circulate across the chain. Cross-chain is a complicated process, the technical implementation is more about the acquisition and verification of some chain-to-chain external information, which requires nodes to have independent verification capabilities. Therefore, the current cross-chain technologies mainly have the following four implementation modes.

The notary mechanism is the simplest method of chain and chain interaction, the centralized or multi-signature witness mode, the witness is the legitimate user of chain A and responsible for monitoring the event and state of chain B to further operate chain A. Its essential feature is that there is no need to pay attention to the structure and consensus characteristics of the  chains in question. Assuming that A and B cannot trust each other, then introducing a third party that can be trusted by both A and B to become a notary and acts as an intermediary. With the help of this intermediary, assets are allowed to flow between the account books. For digital crypto assets, the wallet is also run by someone or an organization. Firstly, It can't be decentralized, and secondly, it is quite difficult to support large amounts of transactions due to trust issues.

The sidechain to the digital crypto assets is just like  Alipay and WeChat wallet to the asset management, which is to anchor the crypto assets on the main chain to the side chain. However, the side chain cannot completely solve the trust problem of asset management. Alipay and WeChat wallet endorse via Alibaba and Tencent, and the side-chain is solved through the multi-centered approach of the blockchain. Besides, it is difficult for side-chain wallets to establish cross-chain smart contracts, and it is difficult to implement various financial functions, restricting the application of blockchains in stocks, bonds, derivatives, and other fields.

Hash lock is a trigger that sets interoperability between chains AB, usually appear as a hash value of a random number to be disclosed. The essential feature is HTLC, which is a mechanism for redeeming payments by locking the original value of the hash for a period of time. Although the hash lock implements the exchange of cross-chain assets, it cannot realize the transfer of cross-chain assets and fails to achieve cross-chain contracts. Therefore, its applicated scenario is relatively limited.

In the cross-chain mechanism of Wanchain, the cross-chain transaction proves that the node is not a single entity but a consensus group. To verify the legality and finality of the transaction of the other chain through the consensus is the method that can effectively avoid the imperfection of the third-party notary. In terms of security assurance, Wanchain implements a small consensus by adopting cryptographically secure multiparty computing and thresholding methods. Participants must participate in the calculation to generate the public and private keys for locking accounts.

Technically, the private key of the locked account is merely theoretical. It is scattered in the hands of each locked account management node in the form of a fragment and participates in account control process through multi-party computing. When a transaction is required, the participants must work together again to construct a signature. In order to ensure availability, participants who construct signatures do not need to fully participate, but only need to reach a threshold. The key sharing technology is to entrust the decentralized network to take charge of the private key, and the user also grasps the part of the private key of the node proxy asset. Therefore, the asset never leaves the user's control, and it is not like a centralized exchange, it is entirely up to the third party to master the asset.

Although the cross-chain trading of digital assets is currently only existed in the blockchain project, in the long run, the two parallel lines of traditional asset-winding and crypto assets on the chain will eventually merge together. The interaction and transaction between different assets will take us to the financial world full of imagination, but all of this needs to be supported by cross-chain capabilities. The third-party payment technology financial technology innovation generated by Internet technology are re-engraving the outline of traditional finance with great power, and profoundly influencing the progress of human finance. In the future, the cross-chain of crypto assets will also realize the true free circulation of digital assets, virtual goods, and physical asset warrants, etc. It will be broadly applied to serve the global production, consumption and trade fields, and to realize the full integration and circulation of multi-crypto assets, further create a deeper level of economic and social value for mankind!

Win-Win Co-operation: Theia Cross-ChainWallet reshapes the infrastructure of digital crypto assets.
Although there are many types of wallets on the market can be used to manage digital crypto assets, they own the commonalities of single-function and the types of digital assets they support are very limited. Users often have to switch between multiple wallet products to manage all their digital assets. It does not only greatly ruin the user experience, but also brought security risks to the user's asset.

As the variety of digital assets continues to increase, users' demand for unified management of multiple digital crypto assets and cross-chain transactions is becoming more and more urgent. As the entrance to the blockchain, the digital cryptocurrency wallet is also actively responding to the current development needs. All kinds of wallets are in the process of developing their own cross-chain trading functions and decentralized cross-chain transactions, implementing fast storage service on the original single storage function.

At present, there are about a few hundred cryptocurrency wallets in the world, and there are over 20 in China. Although some wallets claim to have implemented cross-chain transactions, most of the current cross-chain wallets are still not capable of trading and settling with various exchanges, fail to realize instant swap and also violate the original intention of the blockchain decentralization.

But recently,  there is a wallet that truly realizes cross-chain trading and stands out in functional and security aspects. This is the Theia wallet which is created based on Wanchain cross-chain technology. It thoroughly uses the characteristics of the Wanchain cross-chain technology. Along with the developing of Wanchain main chain, it achieves the interconnection with more and more blockchains. Theia Wallet will support more cross-chain crypto transactions of crypto assets and all digital assets in the Wanchain ecosystem.
Based on Wanchain's Theia wallet, it realizes cross-chain multi-crypto-currency instant swap, perfects the crypto asset trading ecosystem, fills the blank of crypto assets transaction for cross-chain wallet, and subverts the existing crypto asset trading ecosystem. The multi-node authentication transaction of the consensus group avoids the credit risk of centralized transactions and better protects users’ privacy. By interfacing with all crypto assets across the chain, Theia enables the management of multi-crypto-currency and the coexistence of digital crypto assets and wallets on different chains, thus better promoting the positive development of blockchain projects.

Theia Wallet is a multi-crypto asset management wallet based on cross-chain technology. Theia cross-chain wallet is used as a traffic portal to provide main chain and Dapp with solutions of user assets management and ecological landing application. Theia wallet not only has a breakthrough password account + decentralized account dual-track operation system which can meet the needs of users with different usage habits at different stages, but also a one-stop application management platform for digital crypto assets to reshape crypto asset infrastructure.