Bridging the gap using Blockchain Bridges

To resolve this issue of non-interoperability of two blockchains, Blockchain bridges were brought into existence. Let us understand what exactly are Blockchain bridges and how do they work and what are the benefits that Blockchain bridges bring along with them.

1) A blockchain bridge is an interconnected link that enables communication and interaction between two blockchain systems.

2) Blockchain bridges, by linking two blockchain networks, aid dApps leverage the benefits of both the systems, instead of only their host platform. For instance, a dApp hosted on Ethereum and bridged with an EOS blockchain, can leverage Ethereum’s smart contract functionality as well as EOS’ scalability.

3) Thanks to Blockchain bridges, any data, information, tokens etc can be transferred between two blockchain platforms.

4) Blockchain bridges are governed by the mint-and-burn protocol. Token transfer doesn’t take place literally; rather when a token is needed to transfer from one blockchain to another, it is burned on the first and an equivalent token is minted on the other. Learn more about mint-and-burn protocol in this article.

As mentioned above, if a dApp on Ethereum leverages its advanced ERC-20 token standards and smart contract functionality, it also faces challenges in terms of lack of scalability, slow processing speed, traffic congestion etc on Ethereum. Additionally, Ethereum also levies high fees on transactions during heavy network traffic. By using a blockchain bridge, a dApp can be executed on Ethereum for smart contract functionality; and transactions can be executed on another blockchain for processing at a higher speed and a lower cost. Thus, the dApp can have the best of both worlds.

The development of Blockchain bridges is still at a premature stage and may take considerable time to grow into a full fledged bankable application. But given its useful, unique aspect of bridging multiple Blockchain ecosystems, it goes without saying that it will play a major role in the Blockchain universe in the future.

Blockchain Simplified is a Top blockchain development company in Pune — India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).
Our clientele includes Multiple Funded Start — Ups, SMBs and few MNCs few of which are NASDAQ and NSE listed.

Some of our work includes,

Blockchain based-

hubrisone.com — is a Live app with 100,000+ downloads, All-in-One Cryptocurrency current account. The entire development from scratch carried out by Blockchain Simplified.

All in one Platform — Complete responsibility of entire software development of the platform ,for a $1m funded blockchain start up, led by a team of serial entrepreneurs and tech veterans in Silicon Valley.

Well funded Blockchain startup — Blockchain Simplified helped a $6m funded American Blockchain startup to build the first blockchain protocol to leverage on-chain smart contracts to manage distributed storage of application data off-chain.

Multinational Bank — The company helped one of the top 3 ranking Multinational Banks to integrate various cryptocurrencies into their banking application.

and more…

Non-Blockchain-

SHC — Built entire platform and app from scratch for a $1m funded startup led by a team of Americans including PhD degree holders.

VMW — Developed app for a multi-national company providing mass factory-to-factory shipment services. App is being used by 53 of the Fortune 500 companies such as John Deere, Coca-Cola, Nissan.

and more…

Expertise

Blockchain Development : Bitcoin, Ethereum, Hyperledger, Corda, and more.
Mobile App Development : Android Native, iOS Native, React Native, Flutter, Xamarin.
UI/UX Design : Strategy, Planning, UI/UX Design, Wireframing, Visual Designs.
Web App Development : Node.JS, Angular, React.JS, PHP.
Backend Development : MongoDB, MySQL, AWS, Firebase.

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