Proof of Authority (PoA) Network, an open source platform for smart contracts, has launched a TokenBridge that will allow easy exchanging of ETH and ERC 20 tokens. The universal ERC20 to ERC20 TokenBridge will be a first of its kind on the blockchain space. It will allow users to efficiently exchange ERC 20 tokens using a single wallet.
PoA Network being an Ethereum based protocol runs on the Ethereum Virtual Machine (EVM). Therefore, with the TokenBridge, it will easy to swap tokens from EVM to another. Such a feature means that a user can easily connect to a side chain to utilize faster speeds while performing a transaction.
The technical leader of the PoA Network, Igor Barinov, said that’
“One of POA Network’s goals is to build the foundational tools and protocols Ethereum needs to achieve widespread adoption. We believe in Ethereum’s potential to revolutionize commerce, contracts, law, and so much more, and this bridge brings us closer to realizing that future. The creation of TokenBridge is a major milestone that will facilitate true interoperability and further establish Ethereum as an interconnected and distributed blockchain ecosystem.”
At the moment, there are two blockchain projects that are already utilizing the TokenBridge; Swarm City and Sentinel Chain. It’s important to note that each project that will use the TokenBridge will need to account for its own validators. Sky Minert, a Business Development Lead at PoA Network claimed that,
“As we partnered with more projects, we realized teams were sinking a ton of resources and time to develop their own ERC20 bridging solutions. POA Network was the first to develop a functioning cross-chain bridge, and TokenBridge is the natural next step to further ERC20 interoperability.”
Back in May, PoA Network released a cross chain bridge which received support from major users of the Ethereum blockchain such as Consensys, Ethereum Classic and MakerDAO. Now, the TokenBridge will help improve interoperability of the Ethereum chain.
We’re excited to announce our latest development: The ERC20 to ERC20 TokenBridge! Projects can now leverage separate Ethereum-based networks to communicate with one another through the transformation of ERC20 tokens!
Check out the details below! https://t.co/expUir5B1L
— POA Network (@poanetwork) November 20, 2018