Cross-Chain Transfer Protocol (CCTP) from Chainlink

[damsix]

Source :

Code: [Select]

#Chainlink CCIP now supports cross-chain USDC transfers through a new integration with @circle Cross-Chain Transfer Protocol (CCTP).I saw this news on Chainlink's original Twitter account and I tried to learn what Cross-Chain Transfer Protocol (CCTP)?
But after I tried to click on a website that contains important information from chainlinks, the website cannot be opened and this makes me think that this news is Hoax or Really?

Source :

But in my opinion for the type of understanding of the Cross-Chain Transfer Protocol (CCTP) is like Bridge.
Might move USDC coins from the chilink network to the Polygon Matic network. This is my opinion.
Simple and widely used by all members in this forum because it is only the meaning of my own.
Are there members in this forum who know how to work from Cross-Chain Transfer Protocol (CCTP)?

[Husires]

It's real. This is the link you're looking for https://developers.circle.com/stablecoins/docs/cctp-getting-started

This technology is not similar to bridges, but is based on the idea of native burning and minting to transfer USDC between different blockchains.

When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate. With this certificate, you obtain permission to mint the specified amount of USDC on the other blockchain, after which it is sent to the receiving address.

It's similar to Wrapped tokens but instead of a locking bridge there are burning and minting certificates.

[damsix]

When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate.

This is very worth discussing and requires more study to understand.
To be honest, I don't understand the concept provided by Cross-Chain Transfer Protocol (CCTP) from Chainlink, this is amazing but makes me confused. 
Can you give an example of a USDC transaction being sent to the destination wallet, then being verified and then getting a burning certificate?
With the Cross-Chain Transfer Protocol (CCTP) system from Chainlink, what benefits does Chainlink coin provide to its users?

[Husires]

When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate.

This is very worth discussing and requires more study to understand.
To be honest, I don't understand the concept provided by Cross-Chain Transfer Protocol (CCTP) from Chainlink, this is amazing but makes me confused. 
Can you give an example of a USDC transaction being sent to the destination wallet, then being verified and then getting a burning certificate?
With the Cross-Chain Transfer Protocol (CCTP) system from Chainlink, what benefits does Chainlink coin provide to its users?

Describing it as a Transfer Protocol is wrong, as no transfer occurs between different blockchains. All that happens is that its coins are minted and burned. It is similar to the concept of Wrapped Tokens, but instead of closing the coins, they are burned.

CCTP currently available on :Ethereum, Arbitrum and not only Chainlink
The most accurate description, in my view, is an exchange of permissions. If you pay attention to the mint code, you will find the intended permissions.

Code: [Select]

// STEP 5: Using the message bytes and signature recieve the funds on destination chain and address
  console.log(`Receiving funds on ${toChain}...`);
  const receiveTx = await avaxMessageTransmitterContract.call(
    "receiveMessage",
    [messageBytes, attestationSignature]
  );
  console.log(
    "Received funds successfully - txHash:",
    receiveTx.receipt.transactionHash
  );
};

If you want an explanation with codes, the detailed explanation is https://blog.thirdweb.com/guides/circle-cctp-transfer-usdc/

[Metha Wulandarin]

Chainlink is a good project that is ranked 13th on Coinmarketcap, what you said is true Chainlink will facilitate its users and make it easier for users to access Chainlink, Chainlink is already available on various networks to save costs of course.
After I read on Twitter through the link you attached, Chainlink provides CCIP for its users, maybe an example is this
When you buy Chainlink at CEX and you withdraw it through the solana network or others with CCIP you can exchange your Chainlink using CCIP and Chainlink also provides stable coins such as USDC, this is just my own understanding.
From this we know that Chainlink continues to grow and maintain its use so its use does not need to bother anymore to find bridge tools.

[damsix]

Describing it as a Transfer Protocol is wrong, as no transfer occurs between different blockchains. All that happens is that its coins are minted and burned. It is similar to the concept of Wrapped Tokens, but instead of closing the coins, they are burned.

CCTP currently available on :Ethereum, Arbitrum and not only Chainlink
The most accurate description, in my view, is an exchange of permissions. If you pay attention to the mint code, you will find the intended permissions.

Code: [Select]

// STEP 5: Using the message bytes and signature recieve the funds on destination chain and address
  console.log(`Receiving funds on ${toChain}...`);
  const receiveTx = await avaxMessageTransmitterContract.call(
    "receiveMessage",
    [messageBytes, attestationSignature]
  );
  console.log(
    "Received funds successfully - txHash:",
    receiveTx.receipt.transactionHash
  );
};

If you want an explanation with codes, the detailed explanation is https://blog.thirdweb.com/guides/circle-cctp-transfer-usdc/

Y're real Legend bruh , I admire you.
I am honored to see you join the altcoinstalks forum.

For code issues I don't understand, even if I understand 5% of the code I'm not sure.
But someday, if I have free time, I will try to learn to code and I will save the website references that you provide in a personal folder. Thank you Legend

[Husires]

Chainlink is a good project that is ranked 13th on Coinmarketcap, what you said is true Chainlink will facilitate its users and make it easier for users to access Chainlink, Chainlink is already available on various networks to save costs of course.

Cross-Chain Transfer Protocol (CCTP) is not limited to Chainlink, and I do not think you can do this for Chainlink, but rather for tokens like USDC on Chainlink and move it to USDC on Arbitrum, as it is a minting and burning technology, and therefore it is performed on tokens that have smart contracts.

Y're real Legend bruh , I admire you.
I am honored to see you join the altcoinstalks forum.

Thanks for creating this topic

[Metha Wulandarin]

Cross-Chain Transfer Protocol (CCTP) is not limited to Chainlink, and I do not think you can do this for Chainlink, but rather for tokens like USDC on Chainlink and move it to USDC on Arbitrum, as it is a minting and burning technology, and therefore it is performed on tokens that have smart contracts.]

Then it will generate a lot of fees like we want to bridge from ETH mainet network to ETH Arbitrum including
1 Aprove ETH on mainnet
2 Aprove ETH in Arbitrum
3 Swap
Will ETH Mainnet be burned and printed in ETH Arbitrum?
Because I see the link that you gave to a friend above is usually very large, there is an example of an exchange between USDC from the Goerli network to avax fuji.
There the costs incurred can be considered aggressive
Do you have to print manually on the intended network?

[KryptoBull]

It's real. This is the link you're looking for https://developers.circle.com/stablecoins/docs/cctp-getting-started

This technology is not similar to bridges, but is based on the idea of native burning and minting to transfer USDC between different blockchains.

When you want to transfer USDC from one chain to another, after specifying the address, it is burned on the source chain and this is verified in the burning certificate. With this certificate, you obtain permission to mint the specified amount of USDC on the other blockchain, after which it is sent to the receiving address.

It's similar to Wrapped tokens but instead of a locking bridge there are burning and minting certificates.

Thank you for the explanation!

I'm not familiar with technology but CCTP was big news when it appeared and drove the price increase of LINK. For investors in LINK, this is always a good technology 

I have a question; Why do we need to Burn & Mint tokens when we can Lock and Mint tokens on the Bridge. Does Burn & Mint make this protocol more secure and convenient than Bridge's Lock & Mint?