We here at bRing are proud to announce our latest achievement: bRing Bridge. This blockchain bridge will let our users transfer tokens between blockchains, opening up a whole new world of DeFi opportunities.
In this article, we’ll give you a little background on bridges in general, and get you more acquainted with ours. We’re excited to tell you all about it, so keep reading to learn how bRing Bridge will benefit you.
How Blockchain Bridges Work
To start with, blockchain bridges solve the problem of blockchain interoperability. Normally, blockchains exist as separate entities and can’t interact with one another. Bridges make this possible. Interoperability isn’t limited to token transfers, but also includes things like smart contracts and data. This lets users do things like: use assets from one blockchain on another or use Dapps (decentralized applications) across multiple platforms.
One and Two-Way Bridges
One-way bridges let users transfer assets to the target blockchain and not vice versa. Two-way bridges let users transfer assets back and forth between multiple bridges. bRing Bridge is a two-way with multiple options. Our users can transfer their tokens from the Ethereum network to Harmony or BNB Chain and conversely.
Centralized or Decentralized
On decentralized bridges, assets aren’t really sent from one place to another, but a kind of a copy is made. This process is known as locking and minting. Tokens from the original blockchain are locked, meaning they temporarily can’t be used, while a copy of these assets is minted on the other blockchain. When these copied assets are no longer needed, they are burned and the original assets are unlocked on the original blockchain.
Centralized bridges do things differently. Centralized bridges control the tokens that are used to create the bridged assets. The centralized bridge locks, copies, and mints the tokens themselves. The most popular centralized bridge today is BitGo, which copies or “wraps” Bitcoin for use on Ethereum.
Why Blockchain Bridges are Useful For You
Why might someone send assets from one blockchain to another? Again, interoperability is the main advantage here. Users can get the benefits of one chain without missing out on the original one. In practice, this means:
- Bridges have cross-chain value. With bridges, users can send tokens from a high-value, low Dapp blockchain, like Bitcoin, to one with more DeFi applications, such as Ethereum. So they can transfer value from one chain and make use of increased trading opportunities on the other
- Bridges are scalable. Bridges made to deal with high transaction volumes let developers scale without making them give up the liquidity from the original chain.
- Bridges are efficient. Bridges allow users to take advantage of faster transaction speeds and lower fees on other networks.
You might also use bridges to access assets that exist exclusively on one blockchain. Many projects have bridges built in, letting their users jump back and forth between blockchains all on their platform.
As mentioned above, users can transfer assets from the Ethereum blockchain to Harmony or Binance Chain and stake them using bRing Bridge. We kept our token the same, BRNG, and this bridge will help make it even better. All platform commissions will be spent on the maintenance and development of the BRNG token.
If you’re interested in adding your project’s token to bRing Bridge, fill out this form or contact us directly. Follow our socials for more news and bridge updates.