INTERLAY INTRODUCES A NEW PROTOCOL TO FACILITATE BITCOIN’S RECIPROCAL RELATIONSHIP WITH DEFI
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XCC is positioned as a supporting mechanism to XCLAIM, a protocol which acts as the foundational layer for Interlay’s Bitcoin one-to-one backed asset interBTC.
Interoperability network Interlay has released a 21-page technical whitepaper, titled XCC: Theft-Resilient and Collateral-Optimized Cryptocurrency-Backed Assets, advocating for the imminent development of cross-blockchain interoperability solutions to unlock a plethora of potential within the decentralized finance (DeFi) ecosystem.
As a Polkadot parachain, Interlay is focusing its efforts on opening pathways of communication and interaction between Bitcoin’s currency-native ecosystem, with the wider functionalities of the DeFi space with networks such as Ethereum and Polkadot.
The newly-launched XCC protocol — serving as an additional layer of XCLAIM which was introduced to the market in 2018 — enables greater asset sovereignty during cross-chain activities such as wrapping, as well as unifying Bitcoin multisigs with mechanisms typically native to the Ethereum network such as commit chains.
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