Introducing the first Triple Cross-Chain bridge: Essentia expand to Binance Smart Chain
We are happy to announce that Essentia is actively developing a tri-dimensional bridge ETH< > BSC < > ESSX and expanding to Binance Smart Chain.
The ESS Erc20 < > ESSX < > ESS B20 Bridge
The ESS token on Binance Smart Chain will be used for a bridge between the Binance and Ethereum networks. When a user sends ESS tokens to BSC, they will be locked in Binance Bridge, and a corresponding value in ESS tokens on Binance will be consequently unlocked.
Thanks to the move, ESS users will be able to switch between three chains: Ethereum and Binance Smart Chain and the Essentia Chain. Meanwhile, features of Essentia (assets exchange, staking, running a masternode) will become available to BSC users.
Why Binance Smart Chain?
The solution combines the best of the two technologies. Fast block times and low transaction costs are important benefits for users who can now transfer assets more quickly and with lower fees. For developers, the benefits are software compatibility with the EVM and native cross-chain communication.
Binance Smart Chain is unique for several reasons:
- It is an independent blockchain that keeps users and developers safe.
- It is EVM compatible and will support all existing Ethereum instruments, as well as speed up and reduce the cost of transactions.
- Built-in dual-chain interoperability will enable inter-blockchain communication and scale dApp applications requiring a fast and reliable user experience.
- The Proof of Stake Authority, on-chain consensus governance with 21 transaction validators, will ensure decentralization and strengthen community engagement.
Earlier, the 1inch Foundation has also switched to Binance Smart Chain, making their products available to BSC users.
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