- HI EVERYONE, AND WELCOME BACK!
- SO, What is Blockchain Bridging?
- Why is it useful? BACKGROUND:
- So whats the big deal ABOUT BRIDGING exactly?
- Blockchain Versatility
- Recommended Bridges we've used.
- Wrapped Bitcoin
- Umbria Narni Bridge
- MultiChain (Fantom Anyswap)
- Portal Token Bridge (formerly Wormhole)
- Celer cBridge
- Allbridge
- Binance Bridge
- Cross-Chain Bridge
- Avalanche Bridge
- Synapse Bridge
- Outlook and final thoughts;
- Frequently Asked Questions.
- UP NEXT
- REFERENCES
- UP NEXT
HI EVERYONE, AND WELCOME BACK!
- HI EVERYONE, AND WELCOME BACK!
- SO, What is Blockchain Bridging?
- Why is it useful? BACKGROUND:
- So whats the big deal ABOUT BRIDGING exactly?
- Blockchain Versatility
- Recommended Bridges we've used.
- Wrapped Bitcoin
- Umbria Narni Bridge
- MultiChain (Fantom Anyswap)
- Portal Token Bridge (formerly Wormhole)
- Celer cBridge
- Allbridge
- Binance Bridge
- Cross-Chain Bridge
- Avalanche Bridge
- Synapse Bridge
- Outlook and final thoughts;
- Frequently Asked Questions.
- UP NEXT
- REFERENCES
- UP NEXT
SO, What is Blockchain Bridging?
Blockchain bridging is the use of a protocol that connects different networks within the blockchain in order to enable interactions between them. Also known as cross-chain bridging, this type of software connects these different networks with each other and allows users to send cryptocurrency from one chain to the other. For example, if you have Bitcoin but want to participate in Defi (Decentralized Finance), Dapp (Decentralized Applications), NFT (Non-Fungible Token) or P2E (Play to earn video game) activity, use it like a cryptocurrency token, and/or then transfer it to another network like Avalanche, Polygon, Solana..etc; you can do that through, first, blockchain bridging it to Wrapped Bitcoin (WBTC) on Ethereum Network and then moving it throughout the blockchain- all without selling your Bitcoin.
Why is it useful? BACKGROUND:
Blockchain bridges facilitate bridging the gap between different blockchains, which is essential for achieving interoperability within the blockchain space. There are many different types of blockchain bridges, each with its own unique features and benefits.
Some of the most popular blockchain bridges include the MultiChain Network, Binance, and Wrapped Bitcoin. Each of these protocols has its own strengths and weaknesses, so it’s important to choose the right one for your needs. Ultimately, blockchain bridges are critical for enabling effective communications and transactions between different blockchains.
The idea behind “What is Blockchain Bridging” is far less complicated than the term suggests. A blockchain bridge is simply a tool that lets you transfer crypto assets from one blockchain to another, solving one of the main pain points within blockchains – interoperability.
Bridging simply makes it possible for different blockchains to interact with each other and share data, which would theoretically make it possible to create a seamless global market for cryptocurrencies.
So whats the big deal ABOUT BRIDGING exactly?
Blockchain Versatility
Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain. This way I can for example transfer USDC from the AVAX network to the POLYGON network and use it there.
Recommended Bridges we've used.
Wrapped Bitcoin
Often thought of as its own bridging network and by far the biggest in crypto, it requires its own little explanation.
The Bitcoin Blockchain doesn’t have “smart contract’ features. So in order for you to take part in the many Defi, Dapp, and NFT ecosystems out there, Bitcoin first needs to be converted (tokenized) into a digital representation of itself on smart contract-supporting blockchains.
A common example is WBTC (Wrapped Bitcoin) which is an ERC-20 token (an Ethereum Blockchain native token specification).
**You can use any centralized exchange to do this or you can do it yourself through the decentralized options like Swingby network.
Umbria Narni Bridge
The Umbria Narni bridge allows for cross-chain transactions between multiple chains by holding assets on each chain and exchanging them accordingly.
Supported blockchain networks: Polygon Mainnet, Ethereum Mainnet, BNB Chain, Avalanche. Plans to support Fantom, Ronin, Solana, Cardano, Immutable X, Worldwide Asset Exchange, Gnosis, KuCoin Community Chain and Huobi Eco Chain.
Supported cryptocurrency tokens: Ethereum, Polygon, USD Coin, Tether USD, Umbria Governance Token and Wrapped Bitcoin.
MultiChain (Fantom Anyswap)
Multichain was born as Anyswap on the 20th July 2020. It is a Cross-Chain Router Protocol will allow different blockchains to interact with each other.
Supported blockchain networks: Arbitrum, Astar Network, Aurora, Avalanche, BNB Chain, Bitcoin, Blocknet, Boba Network, Celo, Clover, ColossusXT, Conflux eSpace, Cronos, Ethereum, Fantom, Fuse, Fusion, Gnosis, Harmony, Huobi, IoTex, KCC, Litecoin, Metis, Milkomeda, Moonbeam, Nebulas, OEC, Oasis Network, Optimism, Polygon, REI, Shiden Network, Syscoin NEVM, Telos, Terra, Velas and XRP.
Supported cryptocurrency tokens: View the full list of tokens here.
Portal Token Bridge (formerly Wormhole)
Portal is a bridge that offers unlimited transfers across chains for tokens and NFTs wrapped by Wormhole. Unlike many other bridges, you avoid double wrapping and never have to retrace your steps.
Supported blockchain networks: Solana, Ethereum, Terra, BNB Chain, Polygon, Avalanche, Oasis and Fantom.
Supported cryptocurrency tokens: USD Coin, Tether, FTX Token, Ethereum, Serum, MakerDAO, TerraUSD, Binance USD, Huobi Global, OKEx, Frax Protocol Token, Huobi BTC, Synthetix, Shiba Inu, Axie Infinity, SushiSwap, Decentraland, Sandbox and Uniswap.
Celer cBridge
Celer is a protocol that enables developers to build dApps that interact with multiple blockchains. This allows users to easily access tokens and other services across multiple blockchains.
Supported blockchain networks: Ethereum, Astar, BNB Chain, Avalanche, Polygon, Arbitrum, Fantom, Metis Mainnet, Oasis Emerald, Celo, Aurora, Harmony, Moonbeam, Moonriver, Optimism, Boba Network, OKExChain, Heco, Clover, Gnosis Chain, Milkomeda Cardano and Shiden.
Supported cryptocurrency tokens: Tether, USD Coin, Ethereum, MetisDAO, Kromatika, Binance USD, Thales, Domi Coin, Dodo, Unified Society, Lyra, JPEGvault, Immutable X, dForce, xToken, Wootrade, Perpetual Protocol, Mask Network, Izumi Finance, MCDex, PolkaEx, CEC Energy Chain, PerlinX, Reef Chain, Boba Network and Standard Protocol.
Allbridge
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.
Supported blockchain networks and tokens click here. we find this works best with Solana bridging specifically
Binance Bridge
The Binance Bridge is a project that allows for the bridging of various cryptocurrencies. It has an expansive set of options for bridging with a growing list of cryptocurrencies.
Supported blockchain networks: Ethereum, Solana, BNB Chain and Tron.
Supported cryptocurrency tokens: View the full list of cryptocurrencies here.
Cross-Chain Bridge
Cross-Chain Bridge is a platform that allows for the bridging of different tokens and NFTs between multiple networks. Germany-based Tixl organization, which rebranded as the Autobahn Network in March 2022
Supported blockchain networks: Avalanche, BNB Chain, Polygon, Ethereum, and Fantom.
Supported cryptocurrency tokens: Bridge, Bulk Token, Candle, DAEX Token, GamyFi Platform, TribeOne, Moonie NFT, Polychain Monsters, Realm Token, Autobahn Network, UnitedCrowd Token, Unobtanium, Upfire, USD Coin, Tether and Wrapped Ethereum.
Avalanche Bridge
The Avalanche Bridge is a bridge between the Avalanche and Ethereum networks that facilitates the transfer of tokens between the two networks. The DApp uses ChainSafe’s ChainBridge to facilitate two-way transfers of crypto tokens and NFTs. You can also Bridge BTC through Avalanches Core wallet extension
Supported blockchain networks: Avalanche, Ethereum, and Bitcoin (through the Core wallet extension).
Supported cryptocurrency tokens: BTC and ERC20 (Ethereum network) tokens created on Bitcoin and Ethereum
Synapse Bridge
Synapse is the most widely used, extensible, secure cross-chain communications network. Build truly cross-chain applications using the Synapse Protocol.
Supported blockchain networks: Arbitrum, Astar Network, Aurora, Avalanche, BNB Chain, Boba Network, Cronos, DFK Chain, Doge Chain, Ethereum, Fantom, Harmony, Klatyn, Metis, Moonbeam, Moonriver, Optimism, Polygon,
Supported cryptocurrency tokens: View the full list of cryptocurrencies here.
Outlook and final thoughts;
Your friend tells you about wrapping bitcoin and bridging it to the Solana network to play the newest P2E game and wants to show you.
Huh? Your friend wants to hand you a brand new bitcoin and is inviting you to go to a new arcade called Solana across the bridge to play some video games?… What?
You’re confused but ecstatic! Finally, you can stop using your parents’ credit card to play Street Fighter II at the arcade. Much has changed. the last time you were at the arcade was 1986 and you remember the games only took quarters back then.
Ok…so what alternate reality is this??
Don’t worry, the cryptoverse can be confusing and requires a learning curve
In short, Blockchain bridging fundamentally acts as bridges do in the real world, it connects many isolated communities which allows all to thrive.
The use of protocols that connect different networks within the blockchain to enable interactions between them enables data to be shared and opens the potential to create a global market for cryptocurrencies.
While this may sound like something out of a sci-fi movie, it could very well be the key to unlocking the full potential of blockchain technology.
As more and more businesses adopt blockchain technology, bridging will become increasingly important in order to facilitate communication and commerce between them.
Frequently Asked Questions.
When bridging two independent blockchains, extra caution has to be taken as the process is rather complex. This is due to the fact that the bridging system often has to communicate with two separate networks that have been written in different programming languages and follow different consensus mechanisms. Because there are no standards for blockchain bridges, the process of development and auditing is more difficult. This was made evident by various hacks that have taken place in the past. In order to avoid such disasters, it is important to be extra careful when interacting with crypto bridges.
Blockchain bridging can offer a number of advantages, including:
-Enabling the transfer of data and value between different blockchain networks
-Allowing different blockchain platforms to interoperate with each other
-Creating a global market for cryptocurrencies
-Facilitating communication and commerce between different businesses that use blockchain technology.
As more and more businesses adopt blockchain technology, bridging will become increasingly important in order to facilitate communication and commerce between them. In the future, we can expect to see even more innovative applications of blockchain bridging that will help to unlock the full potential of this transformative technology.
**Disclaimer**
Cryptocurrencies and ICOs are all the rage these days, with everyone from celebrities to your next door neighbor looking to get in on the action. However, it’s important to remember that investing in cryptocurrencies and ICOs is highly risky and speculative. The prices of these assets can be incredibly volatile, and there’s no guarantee that you’ll make any money by investing in them. In fact, you could easily lose everything that you put into them. So if you’re thinking about investing in cryptocurrencies or ICOs, make sure that you understand the risks involved and only invest what you can afford to lose.