Other Cross-chain Solutions Are Clogging The Bridge Except Nervous Force Bridge
Because cross-chain technology can no longer be overlooked in the blockchain ecosystem, it is important to examine it for better understanding of how different networks can communicate with each other effectively.
In this article, I am going to share an interesting story with you. I worked with a blockchain start-up that recently migrated from Stellar to Ethereum network, and IDO (Initial Dex Offering) was successfully conducted, enough capital was raised to continue project development.
As part of marketing plans, we launched article and video bounty campaign to gain more awareness in the crypto community, and all top content creators were to be rewarded with our native token.
Bounty campaign was successfully concluded, and it is time for distribution of rewards, some creators would get as much as $700 for their contributions while some other participants would get $127 worth of the token. About 9 months ago, when we started the campaign, we did not see ourselves getting to a crossroad where transaction fee will be so high to cause a barrier.
Well, we are here already, and it is important to find a solution. The bounty manager, after consulting with his team, they concluded that we should send the token to their company Ethereum wallet. We sent it, but I was curious to know how they are going to distribute token to over 200 wallets without incurring heavy lose.
Voila! He moved the token from Ethereum to Matic network and he advised all recipients to switch their network to Matic with specific RPC configuration on Metamask.
No One Realized the Impending Problem
Truly, the bounty manager was able to distribute all rewards with $73 instead of paying an estimated gas fee of $3,100 on Ethereum network. This a sound economy, right? Yeah, I know.
Now, because most exchanges do not support Matic tokens yet, owners of assets must withdraw such token to ERC-20 compatible wallet before it can be traded.
Here Is the Real Problem
They will incur 3 fees; first is to pay withdrawal fee on Matic, then pay another fee on Ethereum network. Lastly, they will pay another fee on Ethereum network during swap on Decentralised exchange. Those who received $700 worth of token would part with approximately $200.
Economically, it is a bad business for recipients of $127 worth of the token.
Is Cross-chain Technology Creating More Problem?
While blockchain is supposed to provide holistic solution to existing challenge in the traditional finance industry, it seems to have defragmentation problem at the moment. And current cross-chain technologies are far from providing succour to the network communication distress.
Introducing Nervous Network Force Bridge Solution
As you have read early, other Ethereum bridges requires users to go through several steps before an asset could be moved. They need to
· Deploy a new asset on the target chain
· Register the address on Ethereum
· And specify the relationship between transferring assets.
This is annoying to most users. With Force Bridge, users only have to deploy the ERC-20 contract to begin the movement of assets to a user or a dApp, as the bridge supports all ERC-20 contracts automatically.
Nervous native bridge allow users to move assets freely across chains without any issue. This is interoperability at its peak, it is a going to help scale decentralized financing projects on Ethereum blockchain without a compromise for security and decentralization.
This is the simplest and easiest bridge in the entire blockchain industry.
When you have a dilemma of choosing between speed, scalability, convenience, security and decentralization in your projects, Nervous Network is your best bet. You now have a passport that can take you to several destinations in the decentralized ecosystem without hassle
Visit official website to know more about this project https://www.nervos.org/