Aug 13, 2021
Why token bridges are important and when #MetaHash will launch it
One of the main problems of most blockchain networks is their limited scalability and incompatibility with other systems. First of all, this entails limitations for users and developers — using one platform, they cannot take advantage of others.
Blockchain bridges, which are designed to connect different ecosystems, can solve this problem. It can be used to transform token standards, make them “readable” for other blockchain networks, and even transfer specific data with smart contracts.
The benefits for users are obvious, but there are also benefits for the networks themselves because it offloads their own capacities, promotes decentralization, and pushes the whole blockchain environment.
Gradually, enthusiasts realize the importance of such communication and implement the needed functionality. The idea is only spreading, but recently famous projects Wanchain, RSK, and Syscoin launched their own bridges by linking their blockchains to one of the most popular cryptoplatforms Ethereum.
#MetaHash is also joining the interoperability problem. We believe that without integrating existing blockchain infrastructures, it is impossible to realize the technology’s full potential. Therefore, by the end of 2021, according to the roadmap, we plan to build our own bridge for ETH and ERC-20 tokens. The privacy of smart contracts will be ensured by encrypted inputs, outputs, and state channels.
Such a bridge would allow the #MetaHash community to take advantage of Ethereum functionality and projects based on it. Such a bridge would make the network a second layer blockchain for transactions with tokens issued in the Ethereum network, including ETH which could become MetaETH and convert back.
This is just one of many important steps on the road to creating an advanced, sustainable, and interoperable ecosystem.
P.S. Recently, our development team has faced some difficulties with the supply of hardware needed for the bridge. But we took into account the possible delays while preparing the roadmap, therefore the planned dates remain in place.
— — — — — — — — — — — — — — — — — — — — — — — — — —
