Archive for August 2021

Cardano Cross-Chain To Nervos Public Blockchain Platform

Cardano has become increasingly popular that makes this blockchain cross-chain to some other existing blockchains. Nervos, a Chinese public blockchain platform for universal apps. The same as the Cardano blockchain, Nervos is an open-source blockchain ecosystem and uses a collection of protocols. It is so much similar to Cardano that it has a decentralized and sustainable ecosystem for the future economy. While IOHK blockchain engineers are also teaming up to create a cross-chain bridge. Cardano Bridge to Nervos public blockchain for both ecosystems team-up. Cardano’s move to Nervos, their first bridge to interconnect both ecosystems, is worth billions of dollars.   

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Cross-chain blockchain networks

Both blockchains shared the goal of helping the development of “Bluetooth moment”. It further makes the users’ experience seamless to use both blockchains, regardless of which chain they used. Nervos has CKB as its cryptocurrency while Cardano has ADA. The bridge allows users to make transactions with the two currencies (ADA and CKB) and also create their own tokens across both blockchains, by the so-called technique called token wrapping. Additionally, it enables developers of both chains to access features and services for expanding their user bases and decentralized applications (dApps). Using the bridge, developers that use the platform of Nervos can access the IOHK’s token solution for Cardano and DeFi applications built on smart contracts. It also includes some other features deployed through state channels and side chains on Cardano.    

The token wrapping

The technique is an advantage on both blockchains in making transactions of the two currencies possible and easy. Token wrapping will be performed through Nervos’s UDT technology and Cardano’s native token technology. The technique removes the difficulty, inefficiency, and cost of maintaining smart contract logic to establish tokens. Additionally, the elimination required written custom-code also eliminates the possibility of human error. All these may cause huge losses, just like what had happened in 2017. It was a software bug that led to the loss of a huge amount ($300M ETH currency). The bridge doesn’t eliminate the complexity of smart contracts and transactions but also enables users to generate assets. These enjoy all the ADA’s operational benefits that allow projects to enter the market-leading levels of security and speed of blockchain without any prohibitive cost.

The collaboration

The collaboration between IOHK and Nervos is the latest project. These two public blockchain ecosystems are to be enjoyed this coming December. The same with how the internet interconnects to the other extranets. The blockchain achieves mass adoption through cross-chain public blockchain networks. It lets users not be locked to one particular network and can seamlessly access utility and value, regardless of which blockchain they use. 

Bridges turned not just a necessity to ensure the users have a satisfying experience but also a norm. It allows underlying blockchains as a transport layer.    

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