A new cross-chain bridge is currently connected to Ethereum through a cross-chain bridge, with Cardano and other public chains to come in the future.
Nervos today announced that the Force Bridge is now live on the mainnet. The Nervos Network is a collection of protocols and public blockchain ecosystem aiming to solve the various challenges facing blockchains like Bitcoin and Ethereum today.
The Force Bridge is currently connected to Ethereum through a cross-chain bridge and will be connected to Cardano and other EVM and non-EVM public chains in the future, such as Bitcoin, TRON, EOS, and Polkadot.
The Force Bridge is a trustless cross-chain bridge that allows for seamless transactions between the Nervos ecosystem and other public chains, making it easier for developers to expand their dApps and user base to the Nervos ecosystem.
Currently, the bridge supports ETH and whitelisted ERC-20 tokens, including Dai (DAI), Tether (USDT), and USD Coin (USDC), with more tokens to come in the future. No CKB, the native token of the Nervos ecosystem, is required to transfer assets to Nervos via the Force Bridge.
How the Force Bridge Works
While most cross-chain bridges require multiple steps before an asset can be moved, Force Bridge requires only a simple contract deployment to begin asset movement to a user or decentralized app (dApp).
When users send assets from Ethereum using the Force Bridge user interface (UI), the asset gets locked into a multi-signature wallet on Ethereum. Corresponding tokens are then minted on Nervos and sent to the corresponding users’ wallet addresses.
To ensure the safety and security of assets as they move cross-chain, the Nervos community formed a Force Bridge committee to ensure that the smart contract wallet is secure on Ethereum.
“The Force Bridge plays an integral role in our suite of multi-chain solutions, which are aimed at creating Universal Applications that transcend individual blockchains,” said Kevin Wang, co-founder at Nervos. “With the recent launch of some of our other multi-chain solutions, Polyjuice and Godwoken which were tested during our recent Hackathon, and now the Force Bridge, we’re making important progress in our roadmap and moving closer to a truly interconnected blockchain ecosystem.”
Earlier this year, Nervos announced it would connect to Cardano, the latest project in an existing research collaboration between Nervos and IOHK. Once completed, it will be the first cross-chain bridge to Cardano, allowing users to use Nervos and Cardano’s native currencies ($CKB and $ADA, respectively) interchangeably, as well as create their own tokens (user-defined tokens) across both blockchains.
As Nervos moves closer towards its vision for an interoperable blockchain ecosystem—or Interoperability 2.0—users from other chains will soon be able to use their wallets to trade in the same liquidity pool on CKB with Yokaiswap, the first interoperable AMM, DEX, Yield Farming, and Staking platform in the Nervos ecosystem. Additionally, the project is developing an update to transfer $CKB to Ethereum as wrapped $CKB (wCKB).
Kevin added, “Progress on the blockchain is an iterative process. As we continue to make headway on the Force Bridge and our multi-chain solutions, we look forward to receiving feedback from the community.”
Source: cryptoslate
from TechCrunch https://ift.tt/3FU5aGR
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon