Connext introduced the NXTP protocol

Connext presented last Friday, August 6, through its Twitter account, NXTP, a “simpler” xchain transfer protocol. In his view, Nxtp is a simple and pervasive protocol for cross-chain transactions, which is why it is now on testnet and fully ready for developer integrations.

“The protocol is now fully ready for developer integrations as well. You can find documentation on how to set up here. The following test networks are already supported: Goerli, Rinkeby, Optimism-kovan, Arbitrum-rinkeby and Bombay”, he said through an article published on the Medium platform.

In addition, the company indicated that to ensure this new protocol is released as securely as possible, we will conduct a protected launch with whitelisted routers and assets.

In his view, with nxtp, cross-chain transactions go through three phases:

• Route selection: Users select the chains and assets and start an auction with the transfer information, and the routers bid to complete the transfer with a time / price range.

• Prepare – Users send a transaction to the nxtp contracts in the send chain. Seeing the event of the contract, the routers block the liquidity in the reception chain.

• Comply – Users provide a signature to unlock funds in the receiving chain, and routers use the revealed signature to claim liquidity in the sending chain.

“At any point in this flow, the participant who is owed funds can cancel a transaction (user in the receiving chain, router in the sending chain). Once the transaction has expired, either party can cancel the transaction. This means that nxtp maintains the same security model as the vector for cross-chain transactions”, he added.

Similarly, the company ensured that Nxtp works and has all the functions in testnet. We have also completed two rounds of contract audits so far.

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“We are currently completing our final audit that covers both the contracts and the off-chain system. We are also testing the load of nxtp to ensure that it can support and far exceed the volume of transactions that we are currently seeing on the main network”, he said.