Categories: Ethereum

Universal cross-chain ERC20 token swaps come to Ethereum

Click here to view original web page at www.finder.com.au

They're coming to a decentralised network near you – you can choose which one.

On 21 November, POA Network announced TokenBridge, a decisive next step in its goal of blockchain interoperability and the first universal open source ERC20 token in-wallet swapper. This system is an extension of the more specific POA Bridge released in May, with the main difference being that this one aims to be useable for all ERC20s.

Essentially, when you want to swap a token from one network to another, it "locks" the tokens you want to swap out, then mints a simulacrum on the destination network. This swap itself is a network transaction similar to any other and is subject to the applicable network consensus mechanisms on either end.

This can be used for a wide range of applications. For example, allowing new Ethereum-based projects to leverage other existing ERC20s rather than endlessly creating their own, or allowing easier utilisation of sidechains for more gas-efficient computations or simply freeing up development resources with new solution to common problems.

"As we partnered with more projects, we realized teams were sinking a ton of resources and time to develop their own ERC20 bridging solutions," explained Sky Minert, POA Network business development lead. "POA Network was the first to develop a functioning cross-chain bridge, and TokenBridge is the natural next step to further ERC20 interoperability."

"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," said Igor Barinov, POA Network tech lead. "The creation of TokenBridge is a major milestone that will facilitate true interoperability and further establish Ethereum as an interconnected and distributed blockchain ecosystem."

Several projects are already making use of TokenBridge, with sidechain transactions to reduce gas costs being one of the more popular applications.

"POA created a solution to bridge Ethereum networks, so we can use them to do transactions on, and then resolve them on the mainnet. This keeps transaction costs down," said Swarm City architect Michael Thuy.

Virtue.Poker is similarly using it to cut transaction fees for players on its decentralised poker app, while Colu Network is using it to more closely link its own payment network sidechain to the Ethereum network and Sentinel Chain is working on using TokenBridge to move tokens between its marketplace networks.

And there are almost certainly many more applications beyond that. Greater interoperability opens a lot of doors at once.

Picture: Shutterstock

On 21 November, POA Network announced TokenBridge , a decisive next step in its goal […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

5 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

5 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

5 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

5 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

5 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More