Cross-Chain Bridging with the Bridge Network
Hello, Bridgors!! As we all know, the internet has moved through several phases to get to where we are now. “Where we are now” being the transitioning process from Web experiences in Web2 to that of Web3. This is a fundamental shift that will affect how we interact online in all forms; whether social or business related. So far, there has been the casual but increasingly widespread adoption of this new phase of the internet, as more people get to see the benefits that it holds and how it can move our current society forward.
However, it is worthy to note that this new phase of the internet, Web3, is still relatively in its infancy and as such, there are quite a lot of issues that have yet to be resolved in this evolution process. One of these issues is cross-transactions over different blockchain ecosystems. When the smartphone was first introduced, it encompassed so many aspects of our daily lives that we could easily use it for so many tasks without the need for a secondary device. Imagine being thrown back in time to the twentieth century and having to rely on so many things to meet your daily needs: a newspaper to get the news, a camera to take photos, a telephone to make calls, and so on. You would be able to tell the difference between the two timelines right away.
That is what we are currently dealing with in terms of cross-chain transactions in Web3. There have been a number of bridges built over the years to try to solve this problem, but none that effectively bridges the gap for all types of arbitrary cross-chain transactions and assets.
This is because the protocol used to move a non-fungible asset differs greatly from the protocol used to move a fungible asset, which differs further from the protocol used to trade cross-chain, and so on. This split user experience represents a significant market gap, which Bridge Network fills by creating a unified and frictionless user experience.
Now, you might be wondering what the Bridge Network is so I’ll fill you in. Bridge Network is developing a cross-chain super dApp to enable seamless transactions between blockchain ecosystems, thereby addressing the current connectivity issue. By providing the tools a user might need to transact in the multichain world, the cross-chain protocol aims to be a one-stop shop for all major cross-chain activities.
Bridge’s toolkit consists of six major components: an NFT bridge, a token bridge, a cross-chain trading platform, a cross-chain farming platform, a multi-chain explorer, and a token wrapper for any existing token to go cross-chain. The goal of constructing a cross-chain hub is to provide a frictionless and trustless environment in which users can transact without having to switch between protocols to complete what should be simple transactions.
Here is how Bridge Network intends to make cross transactions seamless:
- The first unique feature of Bridge Network is a fully integrated suite of bridge tools that allows users to conduct all major cross-chain transactions from a single user-friendly interface. Furthermore, each tool was created using extensive market research and user feedback. Bridge Network collected over 250,000 unique user feedback on the UX following the launch of the incentivized testnet, which has since been reviewed and implemented.
- Second, Bridge Network is built on a decentralized infrastructure that allows anyone to run a node and contribute to network security. Validators are required to collateralize a specified amount of $BRDG tokens, which are 100% slashed upon any malicious activity, via its bonded federation. Slashed tokens are collected and placed in an insurance pool for reimbursement. Bridge uses this measure to ensure that the network is highly secure and runs smoothly and without interruption.
- Finally, Bridge Network has developed a multichain asset issuance portal that allows token issuers to distribute their tokens across multiple blockchains without the need for manual integration. This means that any project can add its token to the main bridge without having to deal with development issues, making the token bridge inherently scalable. By connecting to the bridge, the project would be able to access a massive scale of users across multiple blockchains. The possibilities are limitless.
The Bridge Network protocol is divided into three layers: application, blockchain, and protocol. The Application Layer consists of all cross-chain tools; that is, any cross-chain tool can be built on the Bridge Network application layer and then plugged into the blockchain and protocol layer. It supports a variety of applications, including the Bridge-builder, NFT bridge, cross-chain trading, Token bridge, and many others. In contrast, the Blockchain Layer contains all Bridge Network smart contracts for supported blockchains and oracles that act as data relayers.
Lastly, the Protocol Layer integrates the blockchain layer and the validators. Each cross-chain transaction initiated via Bridge Network is given a unique identifier (hash). Bridge validators track every transaction that passes through the protocol’s smart contract, and once the transaction is complete, each validator is required to sign a unique identifier of the transaction with its private key, all while the oracle broadcasts the data to various networks.
The Bridge Network is truly the answer to cross-chain bridging in the blockchain ecosystem. Their suite of toolkits is solid evidence of this with the products coming up, you can be sure to expect only the best.