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How does BO Network work ?
The Technical Overview
- User send Huobi Stablecoin to BO smart contract on Ethereum Network.
- The smart contract emit events to receiver on converter node.
- The algorithm select a winner among converter nodes to process the transaction.
- The converter node retrieves market data from Band Protocol (in case there is different rate) then issues Z-Huobi Stablecoin and send to the instructed person in process 1.
- The receiving person can then use privacy function to send Z-Huobi Stablecoin to any merchant, ecommerce, gaming or any businesses (recipient) in the BO Network without being traceable.
- The merchant (recipient) can redeem Z-Huobi Stablecoin back to Huobi Stablecoin by sending Z-Huobi Stablecoin back to converter node. The converter node retrieves market data from Band Protocol (in case there is different rate) then send Huobi Stablecoin to the redeeming address using privacy function.
- The smart contract in Ethereum release Huobi Stablecoin and send them back to the merchant.