What is Cross-Chain wallet?
Cross-chain is a
tool that connects different blockchains, allowing you to move assets between
them. Let's start with what blockchain and cross-chain are. A blockchain is
literally a chain of blocks - a network in which one block of transactions
sequentially follows another and the network is supported by miners / nodes.
While Cross-chain is the interoperability between two relatively independent
blockchains. In other words, it allows blockchains to talk to each other
because they are standardized. The implementation of cross-chain is mainly
reflected in the transfer of assets, which is an important part of the
blockchain world and an important research direction of PPIO. With cross
chains, the boundaries of a chain can be avoided. Today we will explore the
logical framework of the Cosmos cross-chain protocol, one of the most promising
cross-chain platforms.
Cross-chain smart contracts are a unified DApp with logic on different
blockchains. As a side note, there is some difference between multi-chain and
cross-chain. Multi-chain means that the project can be used on multiple chains
such as Ethereum and Polkadot (DOT). In contrast, cross-chain enables the
transfer of assets from the source chain to the destination chain.
The same thing happens with cryptocurrencies, with cross-chain swap
individuals having tokens with crypto holders of different chains (BTC for LTC,
for example, as Charlie Lee did for the first time in 2017). In addition,
crypto swaps occur directly in the wallet, speeding up the process.
Features and Benefits of Cross-Chain Technology: A cross-chain bridge
connects independent blockchains and enables the transfer of assets and
information between them, allowing users to easily access other protocols.
Introduction to Cross-Chain Wallet
Technology
With the launch of v2.0, the leading decentralized cross-chain app to
offer competitive prices and liquidity on cryptocurrency swaps. It is important
to understand how the cross-chain bridge really works. You cannot actually send
BTC to an address on the Ethereum network. Either your transaction fails, or
you lose your funds.
Now we will look at the mechanics of cross-chain bridges. That is, how do
bridges transfer assets between different blockchain networks? And why is this
important? This is very similar to the process of sending or receiving money
through PayPal or any other gateway used today, but you use cryptocurrency
instead. Examples of blockchain wallets include Electrum, Blockchain.info,
Jaxx, Mycelium, Samurai, and Bitcoin Paper Wallet. Depending on your needs and
the security you need.
The multi-chain wallet engine was built for the future: when all wallets
on all single chains are activated, users can easily access these cross-chain
protocols. Coin98 Wallet is developing a multi-chain wallet that supports
multiple blockchains with a single passphrase.
Benefits of Cross-Chain Wallet
Now we will review the benefits of the cross-chain bridge for consumers
and developers. Within the blockchain ecosystem, each platform has different
advantages; better security, cheaper gas fees, faster transaction finals, and
more. A cross-chain bridge provides access to alternative platforms, allowing
users to use features that may reduce the actual blockchain. Some cross-chain
bridges enhance cooperation by facilitating the movement of tokens in independent
blockchains. Developers can integrate such bridges into DApps to increase
available liquidity. A cross-chain bridge connects independent blockchains and
enables the transfer of assets and information between them, allowing users to
easily access other protocols.
From the above explanation, it is clear that cross-chain bridges involve
considerable complexity. However, bridges are becoming more popular every day -
so they definitely have some benefits.
Cross-chain bridges are important for the future of multi-chain and can
open up massive value for blockchain ecosystems. By promoting seamless
interoperability between pre-built blockchain networks, bridges enable users to
access more liquidity and better UI while extracting more value from
proprietary assets.
Types of Cross-Chain Wallets
Single Chain vs. Multi-Chain Wallets: Coin98 Wallet is developing a
multi-chain wallet that supports multiple blockchains with the same passphrase.
Coin98 is also developing a cross-chain product: Coin98 Exchange. (We will save
information about this unique product and its depth for another article.)
Choosing the right blockchain: Many wallets now support different
blockchains from which users need to choose. However, Coin98 believes that
cross-chain is the future. As single blockchains continue to grow, different
cross-chain protocols will help exchange values between chains. These
protocols support multiple chains at the same time, so a wallet needs to
support multiple chains to connect to them.
Cross-chain Bridge currently supports the exchange of stable coins
between 4 blockchains: ERC20, TRC20, BEP20, SPL, and more types of assets will
be supported in the near future. To meet this demand, Coin98 Wallet has
released Cross-chain Bridge V1, which currently supports converting tokens
between 4 blockchains: Ethereum, BSC, Tron, and Solana. Most bridges support
only 2-3 blockchains or EVM chains only, while Coin98 Wallet supports changing
any token on any chain. Cross-chain is the interoperability between two
relatively independent blockchains. In other words, it allows blockchains to
talk to each other because they are standardized.
Cross-chain smart contracts are a unified DApp with logic on different blockchains. There are two types of blockchain wallets based on private keys: hot wallets and cold wallets. Warm wallets are like ordinary wallets that we carry with us for everyday transactions, and these wallets are user friendly. Cold purses are like vaults. They store cryptocurrencies with high security.
Conclusion
Cross-chain
is a tool that connects different blockchains, allowing you to move assets
between them. Each chain consists of several blocks. It is important
to understand how the cross chain bridge really works. You cannot actually send
BTC to an address on the Ethereum network. Either your transaction fails, or
you lose your funds. The whole purpose of using blockchain is to help people,
especially those who don't trust each other - securely share valuable data in a
secure, manipulative way.
This pool is covered
by a smart contract, so that when a USDT amount is sent to this pool, the smart
contract will send a call command to the pool verifiers. Assets are
decentralized, allowing the public full real-time access and transparency, so
the whole process runs internally whenever you use Coin98 Wallet's Cross-chain
Bridge.
If you want to learn more about this Topic, feel free to leave your valuable comments.
We are happy to assist you. All the best for your future.
(All the material in this article are only the views of the author, and
couldn’t be taken as “Financial Advice”)
Key Words: Cross-chain
Wallet
Cross-chain Blockchain
Cross Chain Bridge
Cross Chain Swap
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