Blockchain bridge between Ethereum and BSC

Interoperability is the prime focus while expanding blockchain networks to leverage cross-chain transactions. With the help of a blockchain bridge, two unique blockchains can connect with each other, operating under different consensus mechanisms.

Blockchain bridges make different chains interoperable, helping them share and execute smart contract instructions, share resources back and forth, and transfer tokens. The chains are no longer limited to their origin.

Blockchain bridges provide various benefits to the users:

• A blockchain user can create dApps with the help of two different blockchains and by not being dependent on the host blockchain.
• Users can leverage cross-chain transactions by transacting between platforms with different consensus mechanisms.
• Users can easily shift from volatile cryptocurrency to stablecoin instantly using the blockchain bridges.
• Bridges also allow the hosting of digital assets on a dApp of a different blockchain.

To understand bridges and their mechanism in a better way, we must learn about their various types. There are two different types of blockchain bridges, as mentioned below:

Federated Bridge

A federated bridge is a centralized bridge, allowing people to interact with a pool of a company or a middleman for token transfer. If the token transfer is happening for BNB and Ether, there should be two large pools containing Ether and BNB. The moment the sender makes the transfer with Ether, it is added to the pool, and the pool sends him the same amount of BNB from the second pool. The centralized authority charges a small fee to initiate this process.

Trustless Bridge

Trustless bridges are decentralized bridges that remove the role of intermediaries/third parties. Trustless bridges do not use API to monitor the burning and minting of tokens. Instead, they use smart contracts to freeze the user’s current cryptos and provide him with the same amount of tokens for the new network.

Blockchain Bridge between Ethereum and BSC

You can build a decentralized blockchain bridge between Binance Smart Chain and Ethereum with the help of Solidity programming language. Many blockchain bridges use APIs to initiate token transfers, being vulnerable to hacks and bogus transactions.

Hence, removing API from a fully decentralized bridge will get a safe Blockchain bridge and attack-free. Follow the steps below for creating a decentralized bridge between BSC and Ethereum:

Step 1

First, set up a smart contract for the bridge base.

Step 2

Deploy the Binance bridge after creating and deploying bridge base code.

Step 3

After deploying the Binance bridge, deploy Ethereum token bridge.

Step 4

After you are done with the contracts, initiate the minting and burning of the IToken.

Step 5

Program the migrations after minting and burning the IToken.

Step 6

Once done with programming the migrations, start writing smart contracts for the token base.

Step 7

Deploy tokens on the Binance Smart Chain

Step 8

After deploying on BSC, deploy the tokens on the Ethereum chain.

Step 9

Program the migration function.

Step 10

Now deploy the bridge between BSC and Ethereum.

Step 11

After the bridge deployment, deploy the decentralized bridge.

Step 12

Program the bridge API for transferring the events.

Step 13

After programming the bridge API, deploy the private function key on the Ethereum Bridge.

Step 14

Lastly, program the token balance function for bridging.

With the advent of blockchain bridges, Blockchain technology has constantly been gaining traction. Bridging solutions help the Defi apps, empowering the prospectus of a decentralized financial system. By initiating interoperable connections between various blockchains, blockchain bridges power cross-chain communication in a decentralized environment. Hence it ends the sovereign controlling power of the single author from the business ecosystem.