Blockchain technology, which started with Bitcoin, is spreading rapidly today. Today, dozens of blockchain networks are coming to the market with the claim that they are better. Bitcoin, Ethereum, Solana, Avax, Polygon, Binance, Phantom, …. Dozens of…
The number of blockchain networks, ecosystems and communities were increasing, but since they did not have connections with other blockchains and the outside world, a disconnected ecosystem was formed, as if stuck on an island. Up to the present …
Bridges connecting blockchains are now being created. So what are these bridges…? How does it work … ? What benefit does it give us … ?
We will try to find answers to these questions … If you are ready, let's get started …
What is Blockchain Bridge … ?
Blockchain bridges is a connectivity platform that allows assets to be transferred from one blockchain to another. Both blockchains may have different protocols, rules and governance models, but the bridge is a compatible platform to work together securely on both sides.
Bridges are evaluated in two groups among themselves;
Safe and more centralized bridges; Central bridges rely on some kind of central authority or system to work; this means that users have to trust an agent to use a particular app or service.
Decentralized and unreliable bridges; They are bridges where users do not have to rely on a single entity or authority. Instead, trust is placed in the mathematical truth built into the code. In a decentralized blockchain system, this reality is achieved when many computer nodes reach a common agreement according to rules written into the software. By using transparency and encouraging widespread participation, this eliminates many of the problems of centralized systems that are vulnerable to corruption or abuse of power.
Why are blockchain bridges important…?
The lack of interaction between blockchain networks creates a situation where decentralization is counterproductive. It also hinders technological and economic developments. Applications designed for a blockchain network only work within that network, limiting their potential for wider adoption. As blockchain technology has matured, this problem has been resolved by building “bridges” between networks.
Bridges can be created for various purposes. Not only do they have the ability to enable a token in one network to be used on another network, but they can be built for any type of data exchange, including smart contracts, decentralized identifiers, non-blockchain information from oracles like price.
We need to use a wallet to switch your cryptocurrencies to a different blockchain network on bridge platforms such as Multichain and Anyswap.
Bridges and the Blockchains they support
Wallets that prioritize support of mainstream and blockchain bridge platforms; Metamask, WalletConnect and Coinbase Wallet …
The same address must be used when switching between blockchain networks on bridges. For example, you can transfer USDT from the BNB network in your Metamask wallet to the Ethereum network in the same wallet. Because the wallet addresses are the same. This is the easiest and risk-free method….
For example;
The process is quite simple; You connect your wallet, choose the cryptocurrency and networks you want to transfer, it gives you the transaction fee and time. Once you approve, the transaction takes place.
My Last Words; Decentralization has always been a defining factor of blockchain, making it a priority over other operational improvements such as scalability. Naturally, developers are reluctant to major changes so as not to deviate from the decentralized philosophy. Blockchain bridges are a sign that they are moving beyond this concept. We may be moving towards an innovative and normalized crypto economy, but any progress is better than limiting ourselves to what already exists.
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