Occam.fi Ethereum <> Cardano Bi-Directional Bridge Beta Closes, Public Beta Available Soon!
The Occam.fi Ethereum <> Cardano bi-directional bridge will soon complete beta testing and move into a public beta environment. We have one final day of beta testing before we aim to go live with our Bridge this Wednesday, the 16th of June, 2021.
We received generally very positive feedback from our beta testers about the bridge, and we are now implementing the final few suggestions to make it perfect for release to our community. A huge thanks to everyone who participated in early testing! But first, let’s rediscover the purpose of our bridge architecture, and what it means for Occam.fi and Cardano.
What is the Occam.fi Bridge?
The Ethereum <> Cardano bi-directional bridge is a crucial step in proving our focus on the Cardano blockchain. The Occam.fi Bi-directional Bridge is a seamless way of moving assets across chains. In this case, we can ‘wrap’ Ethereum ERC-20 tokens — and, in principle, ETH itself — into Cardano Native Tokens (CNTs), and also do the opposite should we wish — wrapping CNTs and ADA itself into Ethereum tokens, hence the name ‘bi-directional’.
But what is the purpose of such a bridge? For one, our bridge enhances a token’s native utility by introducing novel cross-chain use cases. For example, you could enable the use of a CNT in solidity based DeFi smart contracts through the issuance of a wrapped version of such asset on Ethereum blockchain. Or, likewise, one can move ERC-20 tokens at a vastly reduced cost if the Cardano blockchain is used instead of the gas-heavy and expensive Ethereum network. The first token to be available to swap using the Bridge will be OCC, between ERC-20 OCC and ADA OCC. Please note that staking and other reward-generating features are currently only available for ERC-20 OCC, but this is being worked on for Cardano-based OCC in a test-net environment.
How is the Occam.fi Ethereum <> Cardano Bridge Built?
The current implementation of our bridge is centralized in nature, and the party that mints and provides trusted custody solutions for the wrapped assets is our ecosystem partner, Bitcoin.com Exchange. This allows us to process transactions faster and cheaper than if we had built the bridge in a decentralized fashion at this point in time — though we will be exploring decentralized iterations in the future. We decided to enlist the help of Bitcoin.com Exchange for a few key reasons, for one they are a highly respected and established exchange, their infrastructure has never been compromised, and lastly, they hold ISO and SOC II certificates for their exchange technology. For the execution and order routing process, and in finding the best rates for swaps (in future supported tokens), we will be enlisting the help of our friends and IDO partners at deFIRE.
To give our community full insight into this process, there are transparency checks that will be introduced together with the full roll-out of the bridge to public beta later this week. To facilitate this, we will provide a list of addresses that are used in the bridge operations. The transparency guarantee that we can give in real time for every community member to verify, is that the balance of on-chain circulating wrapped assets is strictly smaller than the amount of deposited source assets. In other words, you can check at all times that the exchange reserves of the source asset is sufficient to cover 100% of the unwrap or ‘withdrawal’ request.
We are looking forward to releasing the full information and public beta of our bridge to you very soon! Stay tuned for more information.
Stay tuned for more thought-leadership, content, and updates here:
- Telegram Official Community — https://t.me/occamfi_com
- Telegram Announcements — https://t.me/occamfi
- Discord — https://discord.gg/9eQbAkPj7K
- Medium — https://medium.com/occam-finance
- Twitter — https://twitter.com/OccamFi
- Reddit — https://www.reddit.com/user/OccamFi
