Poly Network Struck A Partnership with Zilliqa to Drive Interoperability
Developed in collaboration with Poly Network, the interoperability bridge will allow free flow of assets cross-chain amongst Zilliqa, Ethereum, Neo, Ontology, Binance Smart Chain and so on.
On February 1st, 2021, Zilliqa announces interoperability alliance with Poly Network. Till now, Poly Network has enabled greater interoperability amongst the Zilliqa, Bitcoin, Ethereum, Neo, Ontology, Binance Smart Chain, Switcheo, Elrond and Huobi Eco Chain.
What is Poly Network?
Blockchains such as Zilliqa, Ethereum, Bitcoin, etc., are independent and disconnected networks. Their disconnectedness is mainly due to the fact they are very different systems in the way they validate transactions and store on-chain data. Also, the transaction format of one chain could be completely incompatible with the format of another one. Owing to these differences, blockchains form isolated islands with their own users, dApps and assets. This in turn makes it very difficult to move assets or data from one chain to another.
Poly Network solves this fundamental issue by creating an interoperability layer that connects several chains together in a decentralized manner. It provides a bridge that takes data or requests from one chain and passes it to another in the format the latter expects.
One primary usage of Poly Network is to allow asset transfers from one chain to another. For example, with the help of the Poly Network bridge, users can convert their Bitcoin from the Bitcoin chain to an equivalent ERC20 token on the Ethereum chain. Once the ERC20 version of Bitcoins are on the Ethereum chain, users or dApps can use them as if they were actual Bitcoins.
The bridge can obviously be used for more than asset transfers. For example, one might imagine a smart contract on one chain that performs some action with a given address only when it receives proof that an identity oracle on another chain specifies that the address is whitelisted.
Benefits of Zilliqa bridging with Poly Network
The Zilliqa team is working on connecting with the Poly Network which will allow the Zilliqa chain to transitively connect to all the other chains that Poly Network itself is connected to which includes Bitcoin, Ethereum, NEO, Binance Smart Chain among others. This will be beneficial to both the Zilliqa community and the communities of the connecting chains in the following ways:
- Through the Poly Network bridge, token holders and developers alike will benefit from Zilliqa’s comparatively lower transaction fees.
- With the bridge, developers will also be able to build cross-chain logic in their Scilla smart contracts in order to integrate them with smart contracts on all other supported blockchain.
Creating a collaborative infrastructure is key to this industry’s growth, and the Poly Network Bridge is a testament to the progress being made on that front. Zilliqa — Poly Network bridge is currently under active development. Once the bridge is launched, users and developers for both Zilliqa and Ethereum ecosystems will be able to benefit from Zilswap’s cross-chain features.
About Poly Network
Poly Network a groundbreaking heterogeneous interoperability protocol alliance, consisting of leading blockchain platforms such as Neo and Ontology. Poly Network already integrates Bitcoin, Ethereum, Neo, Ontology, BSC, Switcheo, Elrond, Heco, Ziliqa and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow. For more information, visit poly.network.
Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. Developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services, Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. For more information, visit: zilliqa.com.