How it works
Porting assets in hashport is a simple way for users to increase the functionality of their assets and introduce new & exciting opportunities across different networks. For end-users, porting is intuitive: a user connects their wallets, then selects an input asset and an output network. They specify an input amount, and the Portal calculates how much of the output asset they will receive. They then execute the Porting Execution with one click, receiving the output asset in their wallet.
Step 1
Safely lock assets onto the platform
You can submit a request for transaction on the hashport application in a few simple clicks. Then safely lock the tokens from the origin network onto the platform to begin your porting execution.
Step 2
The validator swarm picks up your transaction
Your transaction is picked up by the validator swarm. The first validator to detect your request creates the transaction which all other validators will need to sign and verify.
Step 3
Validated transaction is sent to the HCS
When more than half of the validators have signed the transaction, the information is submitted to the Hedera Consensus Service, or HCS, as an HCS topic.
Step 4
Mint your representative tokens
After the transaction information is immutably logged in the HCS, you can send a transaction to the smart contract in the destination network to mint your representation tokens.
Step 5
Confirm receipt and interact with the destination network
After successfully sending a transaction to the smart contract, your representative tokens will be minted to your destination network wallet. From here on, you can interact with the destination network using your newly minted representative tokens.
Step 1
Safely lock assets onto the platform
You can submit a request for transaction on the hashport application in a few simple clicks. Then safely lock the tokens from the origin network onto the platform to begin your porting execution.
Step 2
The validator swarm picks up your transaction
Your transaction is picked up by the validator swarm. The first validator to detect your request creates the transaction which all other validators will need to sign and verify.
Step 3
Validated transaction is sent to the HCS
When more than half of the validators have signed the transaction, the information is submitted to the Hedera Consensus Service, or HCS, as an HCS topic.
Step 4
Mint your representative tokens
After the transaction information is immutably logged in the HCS, you can send a transaction to the smart contract in the destination network to mint your representation tokens.
Step 5
Confirm receipt and interact with the destination network
After successfully sending a transaction to the smart contract, your representative tokens will be minted to your destination network wallet. From here on, you can interact with the destination network using your newly minted representative tokens.
What is a representative token?
A 1:1 re-creation of the token in a compatible form to the destination network it resides on.
What is a validator swarm?
Hashport's validator swarm is a digital authenticator. Verified by industry leading companies that comprise it.
What is Hedera Consensus Service (HCS)?
The HCS acts as a trust layer where immutable and verifiable log of messages are fairly ordered.
Service Fee
The hasport Portal applies a 0.5% service fee on each porting execution. This service fee is used to operate the validator swarm that guarantees the security and stability of the Portal.