Polkadot (DOT) Launches Blockchain ‘Bridges’ to Create Connectivity With Other Networks
Polkadot’s interoperability plans seem to be underway, according to an announcement released by the blockchain network.
The blockchain company has always seen itself as a next-generation blockchain network with a mission to build the first fully scalable, heterogeneous, and multi-chain network in the blockchain ecosystem.
And if anything is to go by this latest release from the blockchain network, the goal is close at hand.
Interoperability With ‘Bridges’
In a blog post shared on its website on March 16, Polkadot acknowledged the challenges most blockchain networks face. With many networks running separate and reclusive protocols, it has been hard for them to connect and communicate. Polkadot (DOT) believes it's found a way through what it calls “bridges.”
Blockchain bridges are connections that enable the transfer of tokens or arbitrary data from one blockchain network to another.
A bridge provides a compatible means for multiple networks to communicate securely even if they use varied protocols, rules, have different communities, and use separate governance models.
Acknowledging the existence of other blockchain protocols, Polkadot said that its network was designed as an underlying infrastructure. Bridges would create a fully scalable, interoperable, and secure protocol to enable a multi-chain future where different layer-1 parachains interact and communicate.
Bridging External Networks To The Polkadot Ecosystem
Speaking on the potential behind an interoperable blockchain network, Polkadot said its Substrate-native generic chain would see it connect to its adventurous testnet chain, Kusama (KSM). This would see the two blockchains exchange information in a trustless fashion without a central authority.
Aside from the Kusama and Polkadot partnership, some other bridging projects have also been deployed in collaboration with its for-profit organization Web3 Foundation grants.
Blockchain company Interlay is working on bringing Bitcoin into the Polkadot ecosystem through an interlay bridge. The bridge would enable a trustless connection between Polkadot and Bitcoin.
The project is still in testnet. When it launches, it will allow developers to mint 1:1 Bitcoin-backed assets into the Polkadot ecosystem as PolkaBTC. At its core, the integration uses an XCLAIM protocol which makes the bridge trustless, permissionless, and censorship-resistant. It would also enable users to use BTC liquidity for Polkadot’s decentralized finance (DeFi) protocol.
Snowfork is concentrating on creating a bridge between Ethereum and Polkadot. This would see ETH and ERC-20 tokens coming into the Polkadot ecosystem. The bridge will also enable the execution of complex smart contract call-ups. Other projects in the works include Bitfrost and its EOS network integration with Polkadot. This way, trustless cross-chain asset transfer would see the two blockchains communicate seamlessly. A future upgrade could see Polkadot offer EOS smart contracts functionality.