Catoshi’s weekend roundup; Another high profile insured bridge is being built, this time it’s Hedera (HBAR)
Yet another bridge has been developed as part of the Catoshi/Apex/UnoRe partnership.
It is hot in much of Europe. Temperatures of over 40C (104F for my American readers) in Western Europe are almost unheard of. As I sit here typing in front of my computer I am ridiculously hot, our houses aren’t usually designed for hot weather and air conditioning is rare in most residential buildings in the UK. Just as an indication of how hot it is I use the 1987 movie Robocop. In that film a character named Emil crashes a van into toxic waste and the shot of him staggering out will be etched on the memory of all who have seen it. That’s roughly how it feels in my house right now. But even that is not as hot as the Catoshi news we have had in the last week.
It has been fairly quiet at Catoshi HQ this last week. Some of the team are on vacation and things have been pushing on steadily. And then this was tweeted by Apex Foundation on the 11th of July;
We are pleased to announce that the @CertiK Audit for ApexBridge to the Hedera Hashgraph Network has begun! @hedera @hashgraph @HBAR_foundation
This will be the First Bridge from #Avalanche to #Hedera!
Apex Foundation followed this tweet the next day by confirming what many of our community had already worked out;
ApexBridge from #Avalanche to #Hedera will be powered by #Catoshi’s @OriginalCatoshi revolutionary Bridging Technology!
Apex Foundation and Catoshi will collaborate to ensure the bridge reaches the highest possible standard!
Catoshi put out its’ own tweet the same day stating that;
Our amazing dev team has completed code for the first bridge between #Avax and #Hedera @hbar_foundation
Building bridges for @ApexFoundation_ is our favorite summer pastime
The bridge is now being audited by @certik team
So what does this mean?
Many that regularly follow Catoshi news will know that there is a working relationship with Apex Foundation that means Apex Bridges are built using Catoshi technology, all of which will be insured by UnoRe. Prior to last week 3 bridges had been announced involving Fantom Foundation, Syscoin and XRP Ledger. Further details can be found in previous articles such as this one.
Building the first bridge from Avalanche to Hedera is incredibly positive for Apex and Catoshi. Even more so when the development work is already completed and the bridge code is currently being audited by none other than Certik. Despite being just announced the development work has been ongoing for some time. It is quite possible that it will be the first bridge able to go live once the audit is completed. The development on the other 3 bridges progresses well and will also be audited by Certik prior to going live.
The levels of security and safety that is being aimed at for the Apex bridges is incredibly high. They use Catoshi technology that implements leading safety design that removes the common areas of weakness often seen on bridge exploits. The bridge coding will not only be audited by Certik but also UnoRe. Given that UnoRe are insuring the bridges to protect users from any possible exploitation losses, it is in UnoRe’s interest to make sure they are satisfied that the bridges are safe. There will also be extensive penetration tests by Halborn. No testing is considered too rigorous for the Catoshi built Apex bridges.
Bridge fee staking and website development
Last week I said that the bridge fee staking platform is in it’s final stages of testing. Small bugs were found and are being worked through while some of the team are on vacation. I’m sure final testing will occur very soon and once happy the platform will be launched. Given the bridge volume is currently low due to the market I would much rather the staking platform was launched 100% rock solid and take a little longer if necessary. What is important to note is that there is now a 4th Apex bridge that will contribute to the bridge fees once live. Given we are talking about $FTM, $SYS, $XRPL and $HBAR the volume could be significant.
Website development is continuing well as mentioned last week. The structure is almost completed and then we need to look at whether the content needs editing and adding to. So far the content has been written to what we feel is a good standard but once actually on the website any needed edits and additions can be spotted more easily. I would like to think that the edit stage wont take much longer than a week or so. Hopefully I will include the website being live in the update in 2 weeks time. However, as always quality is the priority. Thankfully the current market is providing the opportunity to build solid code and design prior to any market recovery, which we want to be in a position to take advantage of.
Just as previous weeks the bounty of $1,000 is ongoing. If you can connect a project to the Catoshi team and the project then on-boards, you will be eligible to receive $1000. We have already seen community members receive bounties. There is no limit to the amount of bounties a person can receive, therefore if you successfully connect 10 projects and they are on-boarded you could be eligible for $10,000. Please ask a team member for further details.
Have a great week ahead everyone.
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