I want to create an ERC20 based token for an upcoming ICO and bridge this somehow with our private blockchain. Creating the token was easy enough and I can do this part. The team plan to get the ERC20 token listed at some point in the future with an ERC20 compatiable exchange.
What I am trying to understand is how our platform should interact with those ERC20 tokens and token holders. Do we just give users a public ethereum wallet address on our platform and deposit the ERC20 tokens here, if a users spends them on our platform do we just move those ERC20 tokens to our own platforms public ethereum address and create the equivalent on our own private blockchain, is there an automated way to bridge this.
At some point we would like to take these ERC20 tokens from the public and have them converted to the equivalent coin on the private Ethereum consortium blockchain or the other way around when users are leaving our platform they should be able to withdraw their equivalent balance on our platform in these ERC20 tokens.
I am looking some resources and guidance on possible best practices to bridge the two chains or smart contracts on different chains.
Best Answer
As blockchain networks only take into consideration what is happening in the chain, probably you should connect your private network to your erc20 tokens through oracles. Therefore, depending on what is going on with your smart contracts you can trigger actions on your private network or the oposite.
Following this link you can test how to build an oracle, it is quite straight forward:
https://medium.com/@mustwin/building-an-oracle-for-an-ethereum-contract-6096d3e39551
But also you could use the service oraclize
http://www.oraclize.it