Blockchain bridge Part 1 of my article:
Blockchain bridges work just like the bridges we know in the physical world. Just as a physical bridge connects two physical locations as explained by ethereum.org A blockchain bridge is a tool that lets you port assets from one blockchain to another, solving one of the main pain points within blockchains from another source A blockchain bridge is a connection that allows the transfer of tokens and/or arbitrary data from one chain to another. Note both chains can have different protocols. Steemit creating a cross blockchain is therefore a solution solver as the barriers or limits of interrelation between blockchain is bridged. Blockchain being decentralised made currencies private and better secured and protected from government or centralised maneuvers, as the acceptibility of toens, nfts, crypto currencies increases the need for a bridge is thereby unavoidable as system is advancing and technology growth is feasibly unstoppable.
Block chain in my own views is something that cant fathom being extinct so how can blochains meet the need of its user?
Its simple "Blockchain Bridge" Steem providing this service is a major boost for exmple El Salvado has sampled the use of Bitcoin as an approved payment system haven test done this test run, there were losses and profits, and this losses I see or perceive as partly the ripple effect of the dips with bitcoin, and the possible solution could be either swapping or blockchain bridge, why have I said this?
- Swapping can help you preserve your assets in another crypto folio like the stable coins but this process involves outrageous network fees from some providers.
- Blockchain bridge is the second solution. I have said this due to the fact that stable crypto currencies are also affected by a bit of dip of the currency they are pegged to and profitability is low therefore if a blockchain is bridged or related assets can be ported successfully avoiding many loss from it network fee would be minimal and assets will be of same value as it was in the previous blockchain which could be a one way bridge e.g Wrapped Bitcoin (WBTC) it is therefore important for steem to effect this move.
Thank you for your time. I love you
Opute Oyinkuro Jeffrey