Crypto Market

Nervos ‘Drive Bridge’ now reside to permit cross-chain connection to Ethereum, Cardano, Polkadot » CryptoNinjas

Written by James Smith

Nervos, a group of protocols and public blockchain ecosystem, at this time introduced that Drive Bridge, its cross-chain asset system, has launched on mainnet. Drive Bridge is now linked to Ethereum and can quickly hook up with Cardano and different EVM and non-EVM chains resembling Bitcoin, TRON, EOS, and Polkadot.

A trustless cross-chain bridge, Drive Bridge permits for seamless transactions between the Nervos ecosystem and different public chains, making it simpler for builders to increase their dApps to Nervos. At present, the bridge helps ETH and whitelisted ERC-20 tokens, together with Dai (DAI), Tether (USDT), and USD Coin (USDC), with extra tokens to return sooner or later.

Notice, no $CKB, the native token of Nervos, is required to switch property to Nervos through the Drive Bridge.

How the Drive Bridge Works

Whereas most cross-chain bridges require a number of steps earlier than an asset might be moved, Drive Bridge requires solely a easy contract deployment to start asset switch to a person or decentralized app (dApp).

When customers ship property from Ethereum utilizing the Drive Bridge person interface (UI), the asset will get locked right into a multi-signature pockets on Ethereum. Corresponding tokens are then minted on Nervos and despatched to the corresponding customers’ pockets addresses.

To make sure the protection and safety of property as they transfer cross-chain, the Nervos neighborhood shaped a Drive Bridge committee to make sure that the good contract pockets is safe on Ethereum.

“The Drive Bridge performs an integral function in our suite of multi-chain options, that are geared toward creating Common Purposes that transcend particular person blockchains. With the latest launch of a few of our different multi-chain options, Polyjuice and Godwoken which had been examined throughout our latest Hackathon, and now the Drive Bridge, we’re making necessary progress in our roadmap and transferring nearer to a really interconnected blockchain ecosystem.” 
– Kevin Wang, Co-Founder at Nervos

Cross-Chain Bridge

Earlier this 12 months, Nervos introduced it could hook up with Cardano, the newest mission in an present analysis collaboration between Nervos and IOHK.

As soon as accomplished, it will likely be the primary cross-chain bridge to Cardano, permitting customers to make use of Nervos and Cardano’s native currencies ($CKB and $ADA, respectively) interchangeably, in addition to create their very own tokens (user-defined tokens) throughout each blockchains.

As Nervos strikes nearer in the direction of its imaginative and prescient for an interoperable blockchain ecosystem. customers from different blockchains will quickly be capable to use their wallets to commerce in the identical liquidity pool on CKB with Yokaiswap, the primary interoperable AMM, DEX, yield farming, & staking platform within the Nervos ecosystem. Moreover, the mission is growing an replace to switch $CKB to Ethereum as wrapped $CKB (wCKB).

Kevin added, “Progress on the blockchain is an iterative course of. As we proceed to make headway on the Drive Bridge and our multi-chain options, we sit up for receiving suggestions from the neighborhood.”

Nervos Launches The Drive Bridge

The Nervos Common Knowledge Base (CKB) is a layer-1, proof of labor, public, permissionless blockchain protocol of the Nervos Community. It permits any crypto asset to be saved with the safety, immutability, and permissionless nature of Bitcoin whereas enabling good contracts and layer-2 scaling.

Drive Bridge is a cross-chain system of various protocols, CKB contracts, and off-chain modules to assist decentralized, redeemable tokens on CKB, supply-pegged to any asset on any blockchain.

Source link

About the author

James Smith

Leave a Comment