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Wanchain Breaks the Interoperability Barrier with the Launch of Cardano Bridges

 1 year ago
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Wanchain Breaks the Interoperability Barrier with the Launch of Cardano Bridges

CryptoMode Wanchain Cardano Bridges
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Blockchain interoperability is a critical facet of the ($3 billion USD) Web3 industry, as it allows businesses to integrate systems and decentralized solutions with other similar technologies and platforms. In this rapidly evolving space companies are expected to seamlessly leverage the latest technological innovations without lengthy system overhauls just to stay competitive.

Scalability, security, and decentralization are the big 3 by which networks are measured with Ethereum (ETH), Tron (TRX), and Binance Smart Chain (BSC), currently leading the pack. Cardano, although not far behind, has been hampered by issues surrounding its interoperability with other public networks.

Fundamental Hurdles

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The Cardano network has been a thorn in the sides of engineers for some time, due to three fundamental differences it has to most other blockchains. Cardano uses Plutus and Haskell smart contracts in contrast to the more widely used EVM and Solidity. It also favors a BTC-like UTXO model rather than an account-based model like that of Ethereum. Finally, Cardano supports EdDSA and Curve25519 elliptic curves, as opposed to the far more common Shnorr and Secp256k1.

Interoperability Breakthrough

These hurdles have made interoperability a massive challenge, however, last July Wanchain made the choice to try and fix this. The Wanchain team joined forces with IOG to develop Haskell smart contracts to support cross-chain transactions, update its bridge nodes to construct UTXO transactions, and finally, coordinated native support for a Schnorr signature and Secp256k1 curve. The result is Wanchain Cardano Bridges, a viable interoperability solution between the Cardano mainnet, Cardano sidechains, and other heterogeneous blockchain networks.

The first #USDC has been bridged from #Arbitrum to #Cardano mainnet! @circle @jerallaire

Public launch #comingsoon to the industry's most secure decentralised cross-chain bridge: https://t.co/SFaBxQwof3. #WeAreAllConnected $USDC pic.twitter.com/LRAGR7MrXS

— Wanchain (@wanchain_org) August 4, 2023

What does Cardano Bridges Mean for Web3?

The launch of these decentralized, non-custodial, bi-directional cross-chain bridges means that ADA, other native Cardano tokens, and all erc-20 tokens can now be moved across any EVM-based network for the very first time. In addition, users can now move any coin or ERC20 token from any EVM-compatible chain to Cardano and back. Cardano Bridges will now connect to 28 other public networks.

Users can now access the broad array of available apps across different chains without having to leave the decentralized space. Cardano Bridges will also benefit the wider Cardano ecosystem, opening the potential for a sizable increase in new asset use, liquidity, security, and scalability for web3 products, and solutions.

This is also the first time that fiat-backed stablecoins (USDT/USDC) are available on the Cardano mainnet. This enables web3 businesses to take advantage of the more stable liquidity and better security that fiat-backed stablecoins offer. Cardano Bridges represent the most significant breakthrough for the growth of the network in terms of developer adoption and could see it finally achieve its potential as one of the leading platforms for the Web3 industry going forward.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.


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