Steemit Crypto Academy Contest / S5W1 - The Blockchain Bridge.
edited with flyer maker
Hello, my dear Steemians I am so excited to have you here. I am also glad that Steemit Engagement Challenge Season 5 is back again. In this post, I have discussed "Blockchain Bridge" with respect to the contest that was organized in the SteemitCryptoAcademy Community.
What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain
The connection of two blockchain protocols to enable interactions between the two blockchains is what is known as a "blockchain bridge. However, in order to understand what a blockchain bridge is, it is better to first understand what blockchain is all about.
We all know that blockchain is a data structure that records transactions that are carried out on the network, which can't be changed. Due to this, there are multiple blockchain networks that are in existence today, and the only way that a user can interact between blockchains is through a blockchain bridge.
A Blockchain Bridge is defined as a protocol that enables communication (interaction) between two or more blockchain networks. For example, Ethereum and Bitcoin use different protocols, system rules, and programming languages to operate their respective blockchains. As a result, communication between various blockchains is difficult. The blockchain bridge has connected various blockchains so that they can communicate with one another, so users can understand how the network operates.
The blockchain bridge's main purpose and necessity is to promote interoperability. The capacity of data and digital assets maintained on the blockchain network to communicate with one another is referred to as interoperability. The Internet needs interoperability in order to operate the webspace as a whole. A blockchain is made up of various protocols. Therefore, blockchain bridges are needed to enable efficient data and value transfer between various systems.
What are the benefits of the blockchain bridge? How does the bridge work?
The ability to improve interoperability is the main benefit of the blockchain bridge. However, below are some of the benefits of the blockchain bridge.
- Blockchain bridge improves interoperability* Blockchain bridge improves scalability* Blockchain blockchain allows for the exchange of various tokens and data across different blockchain networksThe Blockchain bridge provides users with a faster means of transactions and lower transaction costs.
How the Blockchain Bridge Work?
Okay friend, Blockchain bridges, as we all know, work in a variety of ways. Token transfer is the most commonly used technique. "Smart contracts" are used to lock the amount of cryptocurrency you intend to transfer to another blockchain. "Wrapped token" is another phrase used in blockchain bridge to denote a tokenized version of another cryptocurrency. It is generally tied to the assets it refers to and can be unwrapped at any time.
And also, friend, the method of bridging is simple and only requires a few steps. You must first decide which chain you want to break and by how much. The specified cryptocurrency must then be deposited to the address the bridge generated. The blockchain bridge will send you information after the opposite end has received the cryptocurrency.
Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works.
Friend, there are two types of blockchain bridges based on their category: Custodial Blockchain Bridge and Non-custodial Blockchain Bridge.
Here I will explain how the non-custodial Blockchain Bridge works.
Non-custodial blockchain bridges are a type of bridge that operates in a decentralized form and depends on smart contracts to take care of the cryptocurrency minting process and locking, which totally removes the need for users to contact a bridge operator. With this, the security of the system is very strong with a very good underlying code.
In a nutshell, non-custodial bridges operate and work as a decentralized system, whereas custodial bridges work as a central system.
Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges?
Yes, there are some limitations to the blockchain bridge which attackers may use to attack certain smart contracts that are not strong enough to handle some loopholes.
Another limitation is that custodial danger can occasionally be presented to users by custodial blockchain bridges.
The link of blockchain bridges to different blockchains, which is a treat to the security of a blockchain network which attackers can take advantage of.
Blockchain Bridge's Future:
We may not be enjoying the use of the Internet if it were not for interoperability. In order to improve the interoperability of blockchain networks and, ultimately, their widespread adoption, blockchain bridges are essential. In terms of users, bridges, and overall transaction volume, these bridges have shown outstanding growth.
Future growth of the blockchain bridge will coincide with the transition of the Internet to Web3. With this, I think the future of the blockchain bridge is very bright. With the mass adoption of blockchain and Web3, a lot of positive things will be happening on the internet.
Conclusion:
Blockchain is a fast growing technology which is now a topic in the world due to the positive impact that the technology is adding to the world. A lot of industries are now adopting the use of blockchain technology.
I invite
@yakspeace
@preye2
@badmus-official
Thank you for stopping by.
I totally agree, the future of the blockchain bridge will be unstoppable, because of the ease of communication it provides to different types of businesses and protocols.
Thank you for agreeing to what I have shared.
Yeah, I totally agree on these functionalities of Blockchain bridges. The would adoption of bridges can for sure boost the growth of cryptocurrency adoption as it solve so problems associated with the current Blockchain architecture.
Thank you for stopping by.
To me, Non custodial bridges are better than custodial bridges, especially because of the security challenges. Excellent post by the way.
Equally the same thing with me sir which is the main reason why I write about it.
i also believe that blockchain bridge future is vital and will be very much useful with new security features.
Non custodial is a category based on trust and for it, it is trustless and that makes it fully decentralized. Arbitrum bridge is an example of that non-custodial bridge which is a side-chain solution for the Ethereum blockchain.
Thank you for stopping by at my post and contributing to what I have shared.
I think that if the central authority of custodial bridge can be honestly accountable and responsible, it will be really a good one to try out and he also need to listen to the opinion of the user before making decisions to make it best.
I sincerely appreciate your comment sir.
Hey dear,
To me I would say this Is the best Blockchain bridge because it is much more reliable, safer and faster than custodial Blockchain bridge, also I perfect this Blockchain bridge because it would definitely be Faster as it's transactions processing is ran with the help of smart Contact.
Thank you very much for sharing, please you can check my own entry here
wishing you success