, 2022-11-19 11:41:00,
Over the last few years, numerous new smart contract-enabled public blockchains have come online, creating the need for cross-chain interoperability in the crypto space. As it stands, developers in the space are working hard to build out cross-chain architecture that facilitates communication between different blockchains.
In this guide, we will explain what cross-chain bridges are, how they work, and list the most popular ones.
What Are Cross-Chain Bridges?
Cross-chain bridges, also known as blockchain bridges, are infrastructure protocols that connect independent blockchain networks, allowing the seamless transfer of digital assets from one blockchain to another blockchain, thus powering interoperability.
The blockchain ecosystem is increasingly becoming multi-chain, with dApps operating across a score of different blockchain networks, each with a unique approach to trust and security.
However, this development creates a problem for the overall ecosystem. Because native blockchains are not built for direct cross-chain communication, assets and liquidity are being siloed and thus fragmented.
For instance, you cannot use native Bitcoin (BTC) on the Ethereum network, and conversely, you can’t use native Ether (ETH) on the Bitcoin network. Therefore, users of both ecosystems operate in isolation and can’t communicate with one another on-chain.
For the blockchain space to evolve into a multi-blockchain…
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