Steemit Crypto Academy Contest Season 5 Week 1 - The Blockchain Bridge

Introduction

Season 5 of the Steemit Engagement Challenge is here with us and we believe you are excited and ready to participate with us once again. We solemnly welcome into the new season and we bring to you our contest for the first week

The Blockchain Bridge

Blockchain technology has been accompanied by many benefits which have made it a great alternative in finance and other suitable sectors where it's been utilized to effectively enjoy some of those advantages. From Decentralization, Immutability, Transparency, and so on, the advantages are numerous, what about lending funds to earn interest?

Lending out the funds in an ecosystem designed for that doesn't cost you stress, and you don't have to keep reminding anyone about the return and so on, in essence, you have supplied into a lending pool while the protocol utilizes it for those in need of loan while you earn interests. That said, these numerous products and benefits of the blockchain seem not enough at a point, especially with some limitations.

The Lack of Interoperability feature has been one of the notable early problems associated with the blockchain, that is, a limitation that hinders a user from using his/her assets based on a blockchain freely without any hurdles, on another blockchain. For instance, a user cannot trade TRC-20 token on the Ethereum-based wallet unless it's exchanged for ERC-20 before it can be used, and other examples like that.

The whole process is time/resource consuming but there is a solution, the blockchain bridge. Bridges in blockchain have enabled easy interaction between blockchains using the tokens of one easily on the other without having to exchange them before they can be utilized on the choice blockchain. The contest is about a solution to one of the blockchain limitations and we want to hear about your understanding of the context.

What is Expected in the Contest?

• What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain.

• What are the benefits of the blockchain bridge? How does the bridge work?

• Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works.

• Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges?

Contest Guidelines

• Post your articles in the Steemit Crypto Academy community. The participation time is between Monday, October 10th, 2022, 00:00 UTC to Sunday, October 16th, 2022, 23:59 UTC.

• The article should be at a minimum of 500 words. You can write more. Your article must be free of any form of plagiarism.

• Your article title should be Steemit Crypto Academy Contest / S5W1 - The Blockchain Bridge. Add the tag #cryptoacademy-s5w1 and other relevant tags.

• Participants must be appropriately following #club5050 or #club75 or #club100.

• Participants must be verified and active users on the platform.

• The community moderators would be leaving quality assessments on your articles and probable upvotes.

• In addition, your article must get at least 10 upvotes and 5 valid comments to count as valid in the contest, so ensure you interact with other users' entries. Do not be involved in vote-buying.

Rewards

• SC01 would be checking on the entire 7 participating communities and upvoting outstanding content. Upvote is not guaranteed for all articles. Kindly take note.

• At the end of the week, we would nominate top 3 users that had performed well in the contest and they would be eligible for votes from SC01/SC02.

---

Important Notice: The nomination of the top 3 users in our community is not based on good grades alone, it includes their general engagements (quality and quantity of their interactions with other users' articles) to measure the overall performance. Also note that generally, you can only make one post per day in the Steemit Engagement Challenge.

Conclusion

In conclusion, we are glad to have you back and have brought up an interesting piece that talks about a solution to one of the limitations surrounding blockchain. We are eagerly awaiting your quality entry into the contest. We wish you a wonderful engagement season ahead. Have fun!