At the beginning of a slightly difficult week for me as a beginner, Steemit Crypto Academy brought all to the theme of Blockchain bridges. But it will be interesting because I will learn to understand the theme of this contest, hopefully as expected. I invite anyone who sees this post, you will learn to explain the contents of the post.
To cut some time short, here is the content of my contest post in the first week.
What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain. |
---|
That said, one of the problems often faced by Blockchain-based currencies is that they cannot interact between one application/protocol to another, or simply cannot interact from one chain to another. When one developer creates a Decentralized Application, generally the developer's application will be locked so that it becomes a barrier to being able to connect with other application chains.
But along with the development of technology comes an innovation called Blockchain Bridge, this development makes the problem can be solved and opens up space and opportunities to be able to send data and also a token from one chain to another. This step will save existing resources, and facilitate transactions and interactions on the Blockchain. Not only that, the use of Blockchain bridges can perform other functions such as converting data, tokens and performing contracts efficiently.
What are the benefits of the blockchain bridge? How does the bridge work? |
---|
So that benefits such as sending tokens, creating contracts, and converting tokens can be carried out, Blockchain bridges have a way of working that when explained sounds like a simple one. In the process, the blockchain bridge will create a new token that has something in common, simultaneously hold the existing token and create a new token that is desired or will be used later.
For example, if I have a TKO token and I want to transfer to a Steem token, then the Blockchain bridge will automatically stop my TKO token and I will get Steem with an amount equivalent to the TKO token that I previously owned and directly into my wallet.
After this process runs through the Blockchain bridge, users will get other benefits, such as users will get a fast process from the exchange which only costs much cheaper.
Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works. |
---|
In this section I don't have a good understanding to be able to explain it, however to my knowledge there are two types of Blockchain bridges which are centralized or trustless blockchain bridges and decentralized or trustless Blockchain Bridges.
The source image is a personal photo with a composite of images from https://pixabay.com and edited using canva
Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges? |
---|
My knowledge of Blockchain Bridges has no limits, although I'm less sure of this. When standing on the side of the user, the Blockchain Bridge is very helpful to be able to move or exchange assets quickly and spend only a few resources and funds.
But on the one hand, the future of the Blockchain Bridge will make it very easy for hackers or digital criminals to carry out their actions, and this is very dangerous and detrimental to users. The level of security that has not been perfect and is still growing for the better, becomes one side for hackers who are increasingly sophisticated to be able to utilize technology towards criminal acts, this direction will make cyber targets who hack many valuable assets from users.
So my post about this Blockchain bridge may be useful for me and the people who read it, all forms of errors are purely my own mistakes as a writer.
Period | 14 July to 14 September 2022 |
---|---|
Transfer to Vesting | 1.651.324 Steem |
Cash Out | 0 |
Result | club100 |
CSI | 16.4 ( 0.00 % self, 156 upvotes, 94 accounts, last 7d ) |
Determination of club Status refers to a Web-based application steemworld.org
Your article has been supported with a 50% upvote by @afrizalbinalka from Team 2 of the community curator program. We encourage you to keep producing quality content on Steem to enjoy more support from us and a likely spot in our weekly top 7.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The benefits of blockchain bridge is really enumerous that till now we still enjoy the benefits and more projects will do so
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Blockchain bridges help different blockchain bridges to cross-communicate, this is a functionality that was not part of the blockchain in the beginning but the blockchain bridge has changed that story.
I agree with this too, it requires less time for transfer of tokens and at low cost.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hey friend,
😲 Wow you wrote awesomely friend, I love how you technically and professional wrote down the few knowledge you know about Blockchain Bridge, from your write up it's obvious that you really appreciate the project which has improved a lot in the Blockchain technology. You wrote nicely friend buy you still need to make deeper research to produce deeper ideas on Blockchain bridge.
Thank you very much for sharing, please you can check my own entry here
wishing you success
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit