The Blueprint of The Heterogeneous Interoperability Protocol Poly Network
Following the mainnet launch on August 18, 2020, the cross-chain interoperability protocol Poly Network has implemented interoperability with 9 heterogeneous chains including Bitcoin, Ethereum, Neo, Ontology, BSC, Heco, Elrond, Zilliqa and Cosmos-SDK. Since the launch, the protocol has enabled cross-chain asset transfer of more than 3.3 billion U.S. dollars involving more than 18,000 addresses on different blockchains.
Poly Network’s Mission: creating a cross-chain solution for heterogeneous chains
Cross-chain interoperability is a new technology that enables interaction between chains through cross-chain interoperability protocols working on top of the existing single blockchain architectures. As early as 2016, Vitalik Buterin proposed to divide cross-chain interoperability protocols into three types: notary schemes, sidechains/relays, and hash locking. At present, other popular solutions on the market are mainly based on the sidechain/relay model, which either undertakes cross-chain transfer of assets between homogeneous chains or uses sharding technology.
In comparison, Poly Network has already implemented cross-chain transfer of any information between heterogeneous chains, and therefore is not limited to sending assets. To implement cross-chain transfer of any information between heterogeneous chains, connect the existing blockchains (public, consortium and private chains), and achieve information consistency, the new cross-chain interoperability protocol Poly Network was born.
In the field of heterogeneous interoperability, Poly Network has accomplished three major breakthroughs:
1. Removed the technical roadblocks such as the large differences in consensus algorithms and underlying architectures between various blockchains, the lack of cross-chain information security guarantees, and the low execution speed of cross-chain transactions.
2. Enabled board members to access other heterogeneous chains quickly, conveniently and at low cost, and also supports application scenarios with transactional consistency requirements.
3. Connected currently isolated blockchain ecosystems to create an innovation model for the Next-Generation Internet (NGI).
Poly Network’s Vision: to facilitate seamless connectivity for the blockchain world
As an eco-friendly chain network open to new members, Poly Network is not building its own ecosystem. Its mission is to connect existing heterogeneous chains, to emphasize the advantages of each chain in the aspects of security, privacy, and efficiency, and maximize the value transfer potential and the application scope of blockchain.
Poly Network now supports the cross-chain transfer of assets from Ethereum to BSC, Heco, Neo, Ontology, Elrond, Zilliqa and Cosmos-SDK with the one-click cross-chain tool Poly Bridge. Poly Network itself does not charge any transfer fees, users only pay the network fees on each chain. The protocol has already empowered the China’s Blockchain Service Network (BSN), Neo-based interoperable full-stack DeFi protocol Flamingo, multi-chain decentralized exchange Switcheo, credit-based cross-chain decentralized financial service platform Wing, cross-chain lending DeFi project FilDA, DeFi & NFT game integration platform Seascape, and many other decentralized applications by providing liquidity bridging services, thus realizing cross-chain circulation of crypto assets, and making the connectivity of the blockchain world possible.
Underscoring its commitment to integration and cooperation, Poly Network welcomes all interested parties to join in building an open-source and egalitarian cross-chain interoperability alliance and the foundation for NGI.
Contact Poly Network:
2. Github： https://github.com/polynetwork
4. Twitter: https://twitter.com/PolyNetwork2
5. Medium: https://medium.com/@polynetwork
6. Poly Bridge website：https://bridge.poly.network