Enhancing security through
Multichain Digital Assets.
Enhanced security and traceability are primary drivers of the growing popularity of digital assets. Multichain assets from a variety of blockchains function seamlessly together on Ottó blockchain.
What is a
Multichain asset?
A multichain asset is comparable to a derivative in TradFi.
A trader who wants to profit from the price fluctuations of an stock they don't own can buy or sell derivatives, which are representations of the underlying stock. Multichain assets take this concept one step further by creating a token for the derivative.
Market participants can hold and transact in multichain assets without necessarily owning the underlying asset outside a particular ecosystem. Multichain digital assets are created on a 1:1 basis from the underlying asset.
Benefits:
Smarter multichain assets:
No risk of bridging contract exposure
All assets interact with smart contracts in the same way on Ottó
Ottó digital assets can be:
Swapped on the Ottó decentralized exchange
Utilized on Ottó Blockchain DeFi applications
Transferred between wallets and other users on Ottó
The multichain asset process
1
Deposit asset
Deposit any digital asset into your Ottó account from any NFT bonded blockchain wallet (e.g ETH, ADA, BTC...)
2
Transaction confirmed
Once the transaction has been confirmed, the underlying assets will be stored safely in the custodian secure cold wallet storage
3
Asset minted
An equal asset is automatically minted onto the Ottó Blockchain and credited to your Ottó account 1:1 (e.g on Ethereum 1 ETH = 1 ETH on Ottó)
4
Withdrawing from Ottó
When you withdraw your digital asset from the Ottó Blockchain, it will burn the Ottó asset. The original digital asset is released from the custody pool to your original blockchain wallet (e.g. On Ottó 1 ADA = 1 ADA on Cardano)
Multichain assets
and Ottó
Multichain assets are a fundamental component of Ottó’s framework.
Market participants will deposit digital assets with a custodian, who will mint multichain tokens, on a 1:1 basis with original tokens, and deposit them in the user's Ottó wallet, ready to transact on the blockchain.
If a user wishes to withdraw an original token from custody, they will process the withdrawal on their Ottó account, the synthetic token will be burned, and the corresponding asset will be released to the market participant. This means Ottó users can participate in new projects and use new products with minimized risk, as their digital assets are stored securely with a custodian.
Check out
Ottó's exchange
Ottó Exchange
In Partnership with
Custody Providers
Custodians perform a number of critical functions in the Ottó ecosystem, including operating as "safety deposit boxes" for digital assets owned by market participants.
When users bring digital assets into the Ottó blockchain, they are securely stored with a custody provider.
Users will also off-ramp from the Ottó ecosystem through custodians, who are responsible for releasing assets to market participants when multichain assets are withdrawn.
Ottó leverages custodial security and expertise to strengthen the credibility and legitimacy of the ecosystem. Because custodians adhere to various legal requirements when handling substantial asset values on behalf of institutional investors, participants in the Ottó ecosystem will benefit from additional layers of asset security.
Multichain digital assets are created on a 1:1 basis from the original asset. Multi assets will allow you to participate natively on Ottó blockchain regardless of which blockchain the original asset came from.