$XPORT Token

$XPORT, is a utility currency of the Portal Network, it is issued as an ERC-20 token. Validators are the primary utilitarians of the token and send $XPORT to their Notary Chain account by transferring funds to the Crossway Smart Contract on Ethereum chain to acquire a balance on the Notary Chain. Notary Chain accounts are used to participate in Validator auctions and other functions.

Depositing to Notary Chain via Crossway Contract

The user submits a transaction to the Ethereum chain that calls a function in the Crossway Contract (part of Ethereum chain) that passes in their PortalAccountID and the amount of $XPORT tokens being sent.

The Active Validator set monitors the Ethereum blockchain for transactions associated with the Crossway Contract. Upon confirmation of the funding transaction within the Ethereum network, the Validator Set initiates the recording process in the Notary Chain. The account specified in the contract call becomes funded on the Notary Chain with that amount of $XPORT, which can then be used to bid in auctions for Validator slots as a validator.

Unlocking ERC-20 $XPORT via Crossway Contract

The act of moving $XPORT from the Notary Chain to the Ethereum Network is referred to as unlocking. Whenever any actor on the Portal Network wishes to unlock $XPORT collateral held on the Notary Chain to the Ethereum network, this requires the approval of the Validator Set. Throughout the auction process, a bidding Validator is restricted from withdrawing any funds. Validators are prohibited from withdrawing staked $XPORT at any given point in the epoch.

Upon a node's request on the Notary Chain to unlock $XPORT tokens, the node needs to specify the desired token amount and the Ethereum destination address, the Validator set verifies and approves the redemption if the node’s available token balance is sufficient. A registered redemption transaction, containing specifics like the amount, destination address, and redemption expiry time, is then broadcasted to the Ethereum network by the Validator Set and the Notary Chain account for the node is adjusted.

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