Let’s consider in contrast what true multi-chain asset transfer might look like.
Imagine a scenario where a project owner issues ten,000 tokens, 5,000 on Ethereum and 5,000 on BSC. This erc20 contract is different from normal erc20 contracts in that there are special APIs to burn and mint tokens.
When a user wants to transfer ten tokens from Ethereum to BSC, the burn API is called and the number of tokens on Ethereum is reduced by ten. When BSC receives this message, then when the user requests mint, it will mint him ten tokens. This completes the asset transfer. The contracts deployed on each chain are equivalent to the nodes in a p2p network, and they can freely interact with each other after discussing how to handle the specified message.
The most important (and currently missing) piece of this new development model is how to ensure that the message is delivered correctly and effectively. This is what we are building with MEP.