Cross-chain bridges development
Cross chain / Multichain Bridges Development
Have you ever felt the
time-consuming transactions that’s happening in bitcoin or Ethereum
blockchains? This is due to the monopolization of single blockchains ruling the
entire cryptocurrency investments. To improvise the interoperability and
minimize transaction time in every blockchain, a cross-chain bridge was found.
Let’s decode what is a cross-chain bridge, what are their advantages,
applications of cross-chain bridges and who can do cross-chain bridging.
What is a cross-chain bridge?
Cross-chain bridge is the integration made between the two blockchain
protocols to facilitate the transfer of digital assets or data. Because, every
blockchain has a set of protocols, rules, and governance to regulate the
ecosystem behind it. No one can change blockchain protocols easily. That’s the
reason Blockchain cross bridging is here.
The bridging process is invented mainly to reduce the transaction time
delay, minimize the network bandwidth, reduce gas fees, increase the use-cases.
Cross-chain rectifies all the real-time problems faced in blockchain consensus.
Advantages of Cross chain bridge
development
1. High speed
transaction
Most of the
dApps are experiencing poor transaction time due to the high population of
dApps operating on ethereum blockchain. The bottleneck of transactions gives
the users a hefty time limit to do the single transaction. When implementing
this cross-chain bridge, users can freely transact on the less used blockchains
which enables high speed transactions. The bridging helps the two seperate
blockchain economies to connect with each other without disturbing the
protocols.
2. Reduced network
usage
Heavy
population of users on the single blockchain network causes the hindrance. The
reason is due to the large number of decentralized applications that are built
on the same network. Users rely on the single chain and actively participate in
the same network again and again. This reduces the network speed and
efficiency. Cross-chain bridge eliminates the need to rely on a single
blockchain and enables crossflow of participation.
3. Wide
interaction
The
investors need a wide range of opportunities to get involved in choosing the right
investment path. Defi coupled with cross-chain bridging can allow the investors
to access thousands of dApps that are available in different blockchains. After
the invention of the cross-chain bridge, entrepreneurs feel confident to
execute their web3 idea and the defi is booming amidst all the crypto ups and
downs.
4.
Interoperability
Without
blockchain’s interoperability nature, things like defi, NFT, Blockchain gaming
would not be possible. The bridge solution has only the capacity to permit the
interoperable standards in all blockchains. Whether you are moving your assets
from bitcoin to ethereum or investing in NFT with ethereum, solana or any other
chains.
5. Scalable
When adding
more user load in the specific blockchain, scalability becomes the main
problem. The blockchain network which is booming in the market can’t handle
huge loads of data suddenly. To mitigate this risk of being loaded, cross-chain
bridge can help and reduce the scalability problems.
Applications of Cross-chain Bridge
The use
cases of cross-chain bridges have been phenomenal. You can build dApps
like,
Cross-chain NFT marketplace
Cross-chain
NFT marketplace is the NFT buy/sell platform where users are allowed to
exchange NFT for the blockchain network they wish for. The polygon based NFT
marketplace took the mainstream only because of its low gas fees. When a
cross-chain NFT marketplace is in place, the NFT community can experience a whole
new ecosystem that eliminates all the real-time gas fee problems.
Cross-chain crypto lending platform
Similar to
the NFT marketplace, crypto lending platform is the place where crypto lenders
and borrowers interact with each other for mutual benefits. The lender gets
interest for the period of time and borrowers are lured with opportunities to
invest in other crypto assets for multiplying their portfolio. lending
platforms don’t have the limitations for its users due to different blockchain
constraints. Cross-chain interoperability gives the ability to handle crypto
loans
Cross-chain wallet
Cross-chain
wallet is the decentralized crypto wallet that is engineered to handle any
crypto transactions outside of specific blockchain ecosystems. The standard
crypto wallet is capable of allowing a minimum number of cryptocurrencies that
are derived from respective blockchains. But the cross-chain wallet has
unlimited options to hold and store your cryptocurrency with a single key.
There is no need to swap between each blockchain wallet for every transaction.
Cross-chain DEX
Cross-chain
DEX is the decentralized exchange where traders are trading/exchanging their
cryptos across different blockchain networks for the best price in the market.
The atomic swaps, Automated market maker, and DEX aggregators are the common
mechanisms followed in the cross-chain DEX. It adds the best user experience
since all the blockchain networks are combined with interoperability transfer
protocol. Users don’t need to switch wallets or exchanges for swapping their
cryptos.
Hivelance’s expertise in
Cross-chain bridge solutions
Hivelance’s
blockchain expertise can help you to connect the two separate blockchain
networks with seamless cross-chain bridge solutions. We are having strong
experience in delivering Native bridges, oracle based bridges, message passing
bridges, and Liquidity networks.
We know the
fundamentals of cross-chain bridge development and provide you with the
cross-chain interoperability protocols(CCIP) as guaranteed. With value added
services like technical support post implementation and add-on customization,
we back up your cross-chain projects at any cost.
visit us for
more info -
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