A blockchain bridge is a tool that lets you port assets from one blockchain to another, solving one of the main pain points within blockchains – a lack of interoperability.
Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain.
If you use a bridge to send one Solana coin to an Ethereum wallet, that wallet will receive a token that has been “wrapped” by the bridge – converted to a token based on the target blockchain. In this case, the Ethereum wallet would receive a "bridge" version of Solana that has been converted to an ERC-20 token – the generic token standard for fungible tokens on the Ethereum blockchain.
While bridges open up new markets and work toward a brighter multi-chain future, they come with their own security challenges, as proven by a huge $326 million exploit on the nascent Wormhole bridge in February 2022.
Types of blockchain bridges
Some bridges, known as unidirectional or one-way bridges, allow you to port assets only to the target blockchain and not the other way around. For instance, Wrapped Bitcoin allows you to send bitcoin to the Ethereum blockchain – to convert BTC to an ERC-20 stablecoin – but it doesn’t let you send ether to the Bitcoin blockchain.
Other bridges like Wormhole and Multichain are bidirectional, or two-way, meaning you can freely convert assets to and from blockchains. Just as you can send Solana to Ethereum’s blockchain, you can send ether to Solana.
Continue reading: https://www.coindesk.com/learn/what-are-blockchain-bridges-and-how-do-they-work/
Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain.
If you use a bridge to send one Solana coin to an Ethereum wallet, that wallet will receive a token that has been “wrapped” by the bridge – converted to a token based on the target blockchain. In this case, the Ethereum wallet would receive a "bridge" version of Solana that has been converted to an ERC-20 token – the generic token standard for fungible tokens on the Ethereum blockchain.
While bridges open up new markets and work toward a brighter multi-chain future, they come with their own security challenges, as proven by a huge $326 million exploit on the nascent Wormhole bridge in February 2022.
Types of blockchain bridges
Some bridges, known as unidirectional or one-way bridges, allow you to port assets only to the target blockchain and not the other way around. For instance, Wrapped Bitcoin allows you to send bitcoin to the Ethereum blockchain – to convert BTC to an ERC-20 stablecoin – but it doesn’t let you send ether to the Bitcoin blockchain.
Other bridges like Wormhole and Multichain are bidirectional, or two-way, meaning you can freely convert assets to and from blockchains. Just as you can send Solana to Ethereum’s blockchain, you can send ether to Solana.
Continue reading: https://www.coindesk.com/learn/what-are-blockchain-bridges-and-how-do-they-work/
