What are the blockchain bridges and what issues are they aimed at?

#explainblockchain

🌁 What are the blockchain bridges and what issues are they aimed at?

🙌🏻Hey, community!

In the next few days we are expecting an update of the main DecimalChain network. This update will result in the two blockchain bridges, so let us figure out what they are like.

⛔️Till the recent time each type of the blockchain was created as a separate independent ecosystem, and the developers cared for competing with each other much more that for such things as compatibility.

📈With the growth of the popularity of decentralized systems in 2020, the issue of the compatibility of cryptos has become especially actual.

💰 The whole concept of DeFi appeared as a universal financial ecosystem which products would be compatible with each other. Therefore, in order to solve the issue of incompatibility, the blocks in bridges were invented.

What is a blockchain bridge?

✅ A blockchain bridge is a link that ensures connection and interaction between two blockchains.

✅ Connecting two networks of blockchains, such bridges help applications to use the benefits of the two systems. Thus, the dApp based on Ethereum and linked to DecimalChain blockchain, can apply the functionality of

Ethereum smart contracts and the scalability of DecimalChain.

✅Due to blockchain bridges any data and tokens can be transferred between two blockchain platforms.

✅Blockchain bridges are regulated by the mint-and-burn protocol. The transfer of tokens does not occur instantly, the token is just burned in the first blockchain, and the same token is printed on the second one.

🌉 The development of blockchain bridges is still at the very early stage, and it may take some time to build a full app on the basis of them, an app that could be used by banks as well.

🤝The DecimalChain development team is one of the few who are working at such technology.

❕Considering its useful and unique function of connecting several blockchain ecosystems, the blockchain bridges will definitely play an important role in the universe of the future.

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Decimal helps communities to issue and manage blockchain assets.

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Decimal helps communities to issue and manage blockchain assets.

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