Nervos, a China-based public blockchain, and IOHK, a global blockchain engineering company and developers of the Cardano blockchain, today announced a cross-chain ‘bridge’ to connect the Cardano and Nervos networks.
Cardano’s ‘first’ bridge
This is Cardano’s first cross-chain bridge, interconnecting two ecosystems worth billions of dollars. The bridge furthers Nervos and Cardano’s shared goal of finding the blockchain industry’s ‘Bluetooth moment,’ where users have a seamless experience when using blockchain networks, regardless of which chain they are using.
The bridge will allow users to interchangeably transact with Nervos and Cardano’s native currencies (CKB and ADA, respectively) as well as create their own tokens across both blockchains, which is done through a technique called token wrapping.
It will also enable developers from both chains to access services and features to expand their decentralized applications (dApps) and user bases.
With the bridge, developers using the Nervos platform will have access to IOHK’s industry-leading token solution for Cardano, as well as DeFi apps built on top of the ‘Plutus’ smart contract and other features deployed through sidechains and state channels on Cardano.
The bridge also enables users to create assets that enjoy all the operational benefits of Cardano’s native currency, ADA, allowing projects to access the blockchain’s market-leading levels of speed and security, with no prohibitive costs.
This is the latest project in an existing collaboration between Nervos and IOHK. The two public blockchain ecosystems announced in December that they would co-author research papers on improvements to the UTXO model, future open-source developments, and explore the creation of a universal standard for the accounting method.
“We believe that blockchain technology will only achieve mainstream acceptance when end-users are not locked into one blockchain or standard, but can seamlessly access value and utility, regardless of which blockchain they are using. As a result, bridges like this are an absolute necessity in order to ensure that users have a seamless experience,” said Romain Pellerin, CTO at IOHK.
He added, “By connecting our communities and finding innovative new ways to work together, as we have been doing with Nervos, we can ensure that blockchain lives up to its promises of creating a fairer and more efficient global financial operating system.”
Interoperability with Nervos
To enable interoperability within the Nervos network and greater blockchain ecosystem, Nervos has three core components, which together make up the Universal Passport, Nervos’ next-generation interoperability solution.
The components include PW Core, a market-leading SDK that enables developers to build applications that are accessible on all chains; Polyjuice, and Ethereum compatible layer that lets developers seamlessly move smart contracts from Ethereum to Nervos; and Force Bridge, a trustless bridge that allows for seamless cross-chain transactions between Nervos and other chains.
Force Bridge will be used to connect to Cardano, enabling users to perform cross-chain transactions between the networks using their existing wallets.
Mousebelt, a full-service blockchain accelerator, will build the bridge with financial support in the form of a grant from Nervos. The Cardano team will contribute its expertise and resources to connect Cardano to the bridge. Work has commenced and the bridge is expected to be completed in the next six weeks.
The post IOHK announces first cross-chain bridge to Cardano (ADA) from Nervos (CKB) appeared first on CryptoSlate.
Source: IOHK announces first cross-chain bridge to Cardano (ADA) from Nervos (CKB)