Traditional money exchange is a really simple and obvious concept when looking at the history of money. For example, you visit Europe, you land at the airport and exchange your Dollars for Euros because Europe does not use Dollars in their domestic market. This seems really easy in traditional finance because of the universal acceptance of Paper Money.

The acceptance and ease of exchanging paper money are feasible because of a central authority and world bank. They accept and administer almost all of paper currency/FIAT currency in the world. This results in FIAT being vast and popular amongst the masses.

A blockchain bridge allows the secure exchange of cryptocurrencies having different networks or protocols without the need for a third-party exchange.

What makes a cryptocurrency distinct in it's features and usecases?

A cryptocurrency is a digital currency powered by a database or distributed ledger called a blockchain. Each blockchain is developed on a mechanism, set of rules, or protocols we call a consensus. This consensus defines the features and protocols of a network or blockchain and its interaction with transactions.

These cryptocurrencies have different networks to run their own smart contracts, tokens, or subsets. The most overblown networks today are Bitcoin and Ethereum. These two cryptocurrencies have an entirely different approach towards their networks.

Bitcoin does not have any smart contracts capabilities, there are no other cryptocurrencies/tokens running on the Bitcoin network/blockchain. The coins derived from the bitcoin codebase are not related to bitcoin but somewhat use bitcoin's p2p mechanism or other libp2p implementations.

Whereas Ethereum has a huge list of smart contracts and decentralized applications on its network. This is because of smart contract capabilities and constant development and extension into entirely different ecosystems such as Binance Smart Chain, Matic, Cardano, etc. Ethereum was the first blockchain to introduce smart contracts.

These two networks can not be connected together for the interchange of data hence we need a blockchain bridge to connect two or more networks together while being completely trustless.

Contextual Difference between Blockchain Protocols?

The tokens built on Ethereum's network are called smart contracts. These contracts will have the same address as an Ethereum address starting with 0x. They can have different use cases and are classified into a predefined set of tokens such as ERC-20, ERC-721, etc.

These smart contracts can run on the Ethereum network. These smart contracts or tokens can be treated as a cryptocurrency such as USDC which is the crypto version of the US dollar. USDC is an ethereum token always equivalent to one US dollar. To send/receive USDC the network will charge Ether in fee for using its network.

Another Popular Network with smart contract capabilities is Polygon Network. Polygon network can also have pegged tokens or its own version of another cryptocurrency but to conduct any transaction it will use MATIC in transaction fee, making MATIC the primary cryptocurrency of the network.

The Role of Ethereum Network in the need for Blockchain Bridge?

Ethereum is the most complex network as of today. The introduction of smart contracts and network pegged tokens has increased the network traffic eventually reducing the speed and increasing the transaction fees for transactions. Here are a few reasons why bridges are needed while keeping Ethereum in context.

Native Tokens

The dominance of the Ethereum network has somewhat forced most of the cryptocurrency brokers and exchanges to sell Ethereum versions of a cryptocurrency instead of the native version. These versions of another cryptocurrency are called pegged tokens. Every cryptocurrency has an ERC-20 version of it running on the Ethereum Network.

For example, if you buy Polygon from Coinbase, it does not provide you native polygon token but instead an ERC-20/smart contract version of Polygon having an Ethereum address, running on the Ethereum network.

Transaction fee and Speed

The network traffic has made Ethereum a lot slower and a lot expensive compared to other networks. The biggest competitor of Ethereum is Solano which can perform more than 10x the transactions at less than 100x cheaper rates.

Average Transaction Speed Data by Statist

The transaction speeds of Ethereum are currently lower than 48 other cryptocurrencies or networks. This makes Ethereum a really slow network compare to Solano or Polygon.

The average transaction fee of Ethereum is $44 according to BitInfoCharts (Taking an Average of the last 2 years). The prices rose from less than a dollar to $52 as of January 2022 for the last 2 years. This makes Ethereum the most expensive network as of today despite a surge in the market value of Ethereum.

Progression

The biggest drawback of the Ethereum network is scalability issues. Bitcoin brought peer-to-peer transactions to the table while maintaining security and keeping a public codebase. This made Bitcoin revolutionary as it served the basic purpose of a decentralized currency.

blockchain bridge
The benefit of a Blockchain Bridge

Cryptocurrencies are built to access for all, without any bounds or restrictions. Bridges will allow Ethereum to scale between networks, solve some security issues whilst introducing new security issues, and connect different blockchains together as a whole to tackle traditional finance and centralized money.

How does a Bridge work?

There are 2 different designs of bridges. These classifications can be made on centralized and decentralized characteristics.

Liquidity Pools

The easiest version of a network bridge is a liquidity pool. These liquidity pools are backed by institutions or private investors that lend different cryptocurrencies in order to earn fees. These cryptocurrencies are pooled together and spent/exchanged as ordered by a market maker.

Smart Contracts

A bit more complex but a decentralized method of network bridge is via smart contract. In this method, a pegged token of another cryptocurrency is developed on the network in exchange for the native coin.

This pegged token will have the same price as the native asset but will not have the same characteristics as the native asset. This smart contract method is mostly used for coins that don't have smart contract capabilities.

For example, renBTC is a token that allows you to hold an Ethereum version of Bitcoin with the same price. This version of Bitcoin can be used within the Ethereum network using an Ethereum address.

Summary

A blockchain bridge does not imply a specific method or protocol instead a practice or term for interconnectivity of distinct blockchain networks via different methods.

Blockchain bridges are a need of the moment and many cryptocurrencies are in the works to make functional bridges with secure means to scale their networks and improve onboarding. Verus is also working on a decentralized bridge to connect with the Ethereum network.

Bridges can make cryptocurrencies more popular and widely accepted if not better but near the colossal scale of FIAT acceptance around the globe.

Hey Guys,

v1.0.0 (7) is available now.

New Features:

- UI Optimisation for all small screen devices and bigger font (configured in settings)
- Tap on memo to preview full memo in a toast 
- Now we see # of confirmations in our app under a transaction
- blurred the layout when app enters background 
- Without balance showing send button won’t respond. It’s disabled. We should colour the disabled button properly so they are distinguishable from enabled buttons.
- QR Code logical changes
- tap to view bigger QR code
- request money

Bug Fixes:


- Minor UI glitch, balance incorrectly showing zero right after a send finished.
- address not opening up the send amount screen #61
- UI Glitch - Request Money Screen
- 1-2x app background or killed trigger notification
- Rescan options screen (toast bug)

Additional Notes:

- Upgraded our codebase to the upstream code.
- Auto-shielding (receive funds on T-addrs and send to Z-addrs)
- ZIP-321 Add Payment URI support + Deep Link integration
- ZIP-316 NU5 support + Unified Addresses

Open Bugs:

- SE 2020 Big font size bug
- Already closed, but need to observe further.
- Receive button not responding to tap gesture
- When setting up the wallet, on words #8 and #12, the next button caused it to go back to the previous word. It then worked correctly when pressing it the 2nd time around. And Minor bug while setting up. When you create wallet it takes you back one step.
- Bug related to same session
- change pin flow

@everyone Komodo, a leader in blockchain interoperability and atomic swap technology, has added Polygon, Avalanche, Harmony, and ten other blockchain protocols to AtomicDEX v0.5.4!

Read all about it in a Blogpost

https://komodoplatform.com/en/blog/atomicdex-v0-5-4/?utm_campaign=v-0-5-4-annc&utm_source=komodo-discord

Download AtomicDEX v0.5.4:

https://atomicdex.io/?utm_campaign=v-0-5-4-annc&utm_source=komodo-discord

Friday Development Update

Hello @everyone

I'm mainly been working on the following topics:

1. Libp2p integration, which solves the problem of dependency on IP with openDHT(https://github.com/chips-blockchain/bet/issues/285).
2. Understanding and designing the message flow for blackjack.

Planned things in the coming weeks:

1. Work with GUI dev to fix the GUI-related issues.
2. Adding nSPV support to CHIPS.
3. Expose the APIs needed to for blackjack in the backend.

Repos to track our development

GUI - https://github.com/chips-blockchain/pangea-poker
BET - https://github.com/chips-blockchain/bet (master, multiplayer, pred_bet, libevent branches)
CHIPS - https://github.com/chips-blockchain/chipschain (master, dev branches)
Info: WEBSITE - https://chips.cash/
BLOG - https://blog.chips.cash/

https://discord.com/channels/455737840169386016/456084837758140426/929349593794244680

@everyone Skull-Island version 2.1.0 for Android is available for beta testing. https://discord.com/channels/512188534111862784/926565027060797461/926581781531086888

Please test out this updated version of skull island and let me know if there are any issues.
Update Notes: - Firebase has been removed from the app.
- Removed the graph from the main page.
- Added multi address support.
- Added full viewing key support.
- Streamlined the UI a bit. Also I found a problem with the encryption. The wallet.dat file created by the backend pirate-lightwallet-cli was not encrypted, so that's been fixed.

Lastly Mullroy changed the encoding of the param files which reduced the memory footprint. My tests has show peak memory usage at about 425MB, but stabilizing around 200MB while syncing and fully synced.

This version will not overwrite your existing installation, it will install a new app for testing.

https://discord.com/channels/512188534111862784/512188534111862786/926582869634211913

@everyone

We finally made it to CMC.

https://coinmarketcap.com/currencies/tokel/

https://discord.com/channels/774497890025472010/807859586568421377/923737288289169448

@everyone Last night, SafeTrade opened both USDT and DAI stable coin trading pairs for VRSC, making it even easier to go from USD to Verus and back. In fact, it is now possible to use Verus Mobile to wire from your bank account to your wallet, and with SafeTrade alone, go from there to Verus, no other exchange or even BTC is needed. Since these pairs were just opened last night and announced today with no artificial liquidity, there is a tiny bit of ask volume and no-bid volume to speak of yet. Hopefully, our community can help with that and also spread the word. If you're looking to purchase VRSC, please consider spreading your orders between BTC and stable coins to get better overall results and help provide market liquidity at the same time. Thank you!

https://discord.com/channels/444621794964537354/449633429198340106/921124298012389457

Tokel has been the most brought forth project from the Komodo Ecoystem. This year marked the start, release and major updates for tokel. There were many key events to look forward too. We have made a simple timeline of all the key events from the tokel team for the year 2021.

We have kept it simple and intuitive to make sure you don't miss any major updates from the Tokel platform. The timeline consists of discord posts all filtered into this single post.

Development update

Hi @everyone

Our team has been hard at work to make this release happen, and now it’s here: you can create tokens and NFTs using our dApp!

Download the latest release (1.2.0) here: https://github.com/TokelPlatform/tokel_dapp/releases/tag/v1.2.0

Tokel Dapp 1.2.0

⭐️ Features
---------------
- Token Creation Tool, You can now create fixed-supply tokens and NFTs directly from the dApp
- Token media now loads inside an iFrame, for enhanced security
- Direct IPFS links (ipfs://[hash]) and (dweb://[hash]) are now supported for Token media

Bugs
-------------

- Fixed TKLTEST explorer links
- dApp showed blockchain data with wrong encoding (now you can use special chars in your tokens)
- Parsing tokenV2createtokel transactions correctly for display in the wallet
- BigNumber support for nspv-js and the dApp. This means if you have a large wallet the dApp should work fine for you now
- Fixed a bug that prevented users from switching networks in the dApp

Work in the pipeline (in no specific order)

- Refactor wallet logic so it's more stable
- Improve token media visualizer
- Add support for a password login
- Planning for website updates
- Planning for future features - DEX and Token Marketplace
- Finish up E2E tests covering Token Creation

A special thanks to all the <tokel testers> who helped us refine the token creation tool and catch bugs before release. Y'all are awesome.

@everyone The Pirate Chain team has secured a new code security review by an external third party for Treasure Chest Wallet.

Reviews are part of the development process and occur occasionally to ensure that all parts of the code are scrutinized as much as possible.

Read more here: https://pirate.black/code-security-review-pirate-wallet/

Are More Audits Needed?

The short answer is, yes. To complete the audit cycle Pirate Chain needs to undergo one final external audit of its core code. To do this a total of $145,000 is required for cybersecurity experts Halborn to do the review. So far 32% of the total has been already raised.

To contribute to this audit, donate here:https://pirate.black/donations/peer-review-code-audit/

Experience Crypto
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