RSK launches Powpeg, a trustless Bitcoin bridge architecture
The pegging process no longer relies on functionaries holding custody of bridged funds. Bitcoin sidechain RSK launched a new bridge protocol called Powpeg, which will facilitate a trustless connection between Bitcoin (BTC) and RSK’s wrapped version of it, called Smart Bitcoin (RBTC). The system marks the first time that a Bitcoin sidechain has featured a trustless peg where the funds allocated to the chain are not controlled by a group of well-defined entities, often called a federation. Powpeg achieves this by combining the security features of a Hardware Security Module, or HSM, with....
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In this episode of The Van Wirdum Sjorsnado, hosts Aaron van Wirdum and Sjors Provoost discuss RSK’s shift from a federated sidechain model to the project’s new Powpeg solution. The post Video: RSK, Federated Sidechains And Powpeg appeared first on Bitcoin Magazine.
In its efforts to bring Turing-complete smart contracts and DeFi to Bitcoin, IOVlabs has introduced Powpeg to improve its Bitcoin sidechain federation. The post RSK Is Evolving; Powpeg Leverages Hash Power To Switch From Bitcoin To Sidechain And Back appeared first on Bitcoin Magazine.
China’s Nervos has launched a trustless bridge designed to simplify cross-chain transactions between its CKB network and Ethereum. Chinese public blockchain project Nervos has announced the launch of a cross-chain bridge between it and Ethereum.The launch of Nervos’ Force Bridge was revealed on Dec. 17, with the bridge boasting native support for ERC-20 tokens and frictionless transfers between Ethereum and Nervos’ CKB chain. The team claims its bridge was inspired by the “Force Staff” tool from the popular game Dota 2, which allows users to force the movements of objects across its....
The two projects seek to become the forerunners of Cosmos and Polkadot interoperability. Plasm Network and Secret Network, two projects based on Polkadot and Cosmos, respectively, have launched the first iteration of a bridge to connect the two ecosystems, each representing a different “layer-0” protocol.The bridge, deployed on Tuesday on Plasm’s testnet, allows users to transfer assets between Plasm Network and Secret, allowing them to enjoy transaction privacy and use SecretSwap, the first automated market maker exchange on Secret Network. The bridge would allow Plasm users to benefit....
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token. Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others.interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according....