California-based Oracles Network has unveiled cross-Blockchain bridges, capable of transferring assets across various Ethereum-compatible networks such as Ethereum Classic, Oracles Network, Ethereum itself and others.
Oracles Network’s cross-chain bridge mechanism successfully overcomes two of the biggest obstacles Blockchain systems currently face: scalability and connectivity. These obstacles prevent widespread Blockchain deployment for many small and midsize businesses. As existing networks struggle to accommodate a growing number of transactions, network performance suffers greatly while costs increase due to expensive transaction fees. Oracles Network’s cross-chain bridge addresses these limitations by providing open-source tools to all industry players.
The cross-chain bridge enables seamless connectivity amongst any Ethereum-compatible networks, allowing for greater flexibility in transferring value. Previously, for a Blockchain to be viable, it had to have a self-sustaining ecosystem. Since Blockchain ecosystems are time-consuming and complex to build, many chains were incapable of long-term development.
“One of the immediate use cases for cross-chain bridges is a cross-chain tokensale, a new way to conduct crowdsales,” said award-winning Blockchain expert and Oracles Network co-founder, Igor Barinov. “In this scenario, we create cross-chain crowdsale contracts, collecting funds on the main Ethereum network while issuing tokens on another, more performant and cost-efficient Ethereum-compatible network. This brings to life new types of interactions between Blockchains.”
To read more about the Oracles Network ecosystem visit the following for more information:
- Project Website: https://oracles.org/
- Whitepaper: https://hackmd.io/s/HkV8Vw7_-
- GitHub: https://github.com/oraclesorg
- Medium: https://medium.com/oracles-network
- Project Forum: https://forum.oracles.org/
- Telegram: https://t.me/oraclesnetwork
- Twitter: https://twitter.com/oraclesorg
Oracles Network is the first Ethereum-based public network with Proof-of-Authority (PoA) consensus, reached by independent, pre-selected validators. Oracles Network makes smart contracts cheaper and faster than Proof-of-Work (PoW) predecessors.