The blockchain and crypto space has evolved considerably over the past decade and many new use-cases have emerged for distributed ledger technology (DLT). There are a relatively large number of blockchain and crypto users across the globe and many different DLT platforms are being developed to address the requirements of consumers.
While multiple blockchains can serve the needs of a diverse range of users, it has become quite complicated for individuals and organizations to exchange data and assets between blockchains. That’s because each blockchain may be running a different protocol and end-users may face technical issues like not being able to transfer assets due to compatibility issues.
Luckily, however, there are a number of projects that are building cross-chain bridges, which allow different DLT networks to interact with each other. These open-source and permissionless protocols have been designed to enable the cross-chain transfer of assets. But many of these solutions are quite limited in their functionality and capabilities. For example, these blockchain interoperability services might not allow users to work with other Layer-1 or Layer-2 chains in an effective manner. Due to these limitations, end-users may not be able to access the same range of features when interacting with decentralized applications (dApps).
Enabling True Cross-Chain Interoperability to Support High-Performance dApps
An innovative project, called deBridge, aims to provide true cross-chain interoperability including the option to transfer arbitrary data between different blockchains while allowing developers to seamlessly expand to other chains (for instance, L1s, L2s, sidechains).
As explained by its creators, deBridge is creating a decentralized standard for cross-chain interoperability and liquidity transfers. With this software solution, it’s now possible to really scale up your protocol, bridge any arbitrary assets, and implement different types of cross-chain interoperability apps right on top of a decentralized infrastructure.
deBridge works with the Binance Smart Chain (BSC), HECO, Polygon (POLY), Arbitrum, and Ethereum (ETH). Support for other chains should be announced in the foreseeable future.
According to the deBridge team, they’re ushering in the “new era of cross-chain interoperability.”
With this protocol, it’s possible to seamlessly pass any arbitrary information or transaction data so that they can run on the intended blockchain. In addition to these capabilities, users can conduct cross-chain calls between smart contracts, while creating a “new generation” of cross-chain protocols and apps that we were unable to build before.
What makes deBridge truly practical and useful is that it offers a unified standard for cross-chain transfers. Because of this type of implementation, there’s no need to look for a specific kind of bridge for every blockchain. Instead, deBridge serves as a unified standard where cross-chain transfers and swaps between any set of DLT networks may be carried out in an intuitive manner, all through the convenience of a simple UI.
Decentralized and Insured “By Design”
As noted by its developers, deBridge is decentralized and insured “by design.” The protocol is made robust by incorporating slashing and delegated staking mechanics, which make all network validators “financially responsible” for “fault-tolerance” validation as well as the reliable relaying of cross-chain transfers. This approach ensures that users don’t have to be exposed to the risk of funds getting stuck, because any delays may put validators’ collateral under the risk of being slashed.
The deBridge developers also mentioned that they make it easy to scale up your protocol or build on top of deBridge. For instance, it’s possible to interconnect components of your protocol by enabling the exchange of arbitrary information for smart contracts between various DLT networks.
With deBridge, it’s also possible to get seamless access to cross-chain liquidity. According to the protocol’s development team, liquidity fragmentation will be “a problem of the past.” With deBridge, the liquidity in all DLT ecosystems is easily accessible. And any smart contracts and end-users may interact with your protocol directly from other blockchains.
Providing a Seamless User Experience
In addition to these features, integrations via deBridge can be performed easily so that
existing applications are able to function seamlessly. As noted by its developers, the integration of deBridge into various apps enables a “new level” of user experience (UX). This, as users are no longer required to manually switch between different networks in their digital wallets. This is possible because transactions may be signed in one blockchain and automatically executed by “keepers” on another chain.
Notably, deBridge also provides cross-chain interoperability for non-fungible tokens (NFTs) and Metaverses. So it’s possible to bridge your NFTs between multiple blockchains. You can purchase/sell your in-game assets at various NFT marketplaces directly via game interfaces. Users can also make their assets interoperable between Metaverses. In addition to these options, you can build new cross-chain apps and features for NFTs as well as crypto-assets.
Developed to Support a Multi-Chain Ecosystem
It’s worth noting that we’re currently in a multi-chain ecosystem with over 100 public blockchain networks accessible to users globally. Some of these DLT networks address specific problems such as scaling or enabling greater privacy. Meanwhile, some of these chains are simply forks of other protocols with their own communities and user-base. However, it’s safe to assume that the number of blockchains will only increase as the adoption of this transformative technology continues to grow.
deBridge is being developed with the future in mind. According to its developers, the main issue is that these chains are evolving independently and aren’t interconnected. They’re also being interconnected via specific channels (developed by other protocols) that tend to be quite centralized and different for every blockchain. This results in fundamental problems of “ecosystem fragmentation,” the deBridge team explains. Due to this design approach, we are seeing fragmentation of technologies, liquidity, and highly competitive environments.
In order to address these issues, deBridge has been designed to abstract away the complexities of composability, so that frontend dApps such as digital wallets and yield-generating protocols are able to leverage deBridge “under the hood.” Instead of users merely interacting with the deBridge UI, there may be several different B2B use-cases, whereby the infrastructure works seamlessly to support greater innovation.