[ad_1]
In the letter
- Avalanche, an Ethereum competitor, has announced a new way to transfer coins to and from Ethereum.
- The “Avalanche-Ethereum Bridge” is in the “final phase” of testing.
- Avalanche launched its main network in September.
Avalanche Blockchain Project Today announced which is a step closer to launching a product that could induce developers who built decentralized finance apps on Ethereum to switch alliances.
Avalanche, one of the many blockchain networks that claim to be faster, cheaper and more capable than Ethereum, has announced the “Avalanche-Ethereum Bridge”, a way to transfer Ethereum tokens to the Avalanche blockchain and vice versa.
The software is “in the final stage of testing,” Avalanche said in his blog post today.
Avalanche’s main selling point is that it supports the Ethereum virtual machine, which means that Ethereum developers shouldn’t extensively redesign their software to make it compatible with the Avalanche blockchain.
Bringing ETH tokens to Avalanche, in theory, sweetens the deal.
From a functional point of view, Avalanche-Ethereum Bridge is similar to other protocols and services that bring assets between blockchains; for example, Wrapped Bitcoin, a protocol that brings Bitcoin to Ethereum.
They all work like this: deposit some assets from Blockchain A into a smart contract and the contract will issue an equal amount in the format of a Blockchain B token. The brought tokens (known as “wrapped” coins) have the same value as the original token and they can be redeemed at any time.
The Avalanche Bridge is powered by ChainSafe, a blockchain interoperability protocol manufactured by ChainBridge. ChainBridge built the Avalanche Bridge using funds from the Avalanche-X grant program.
Main network of Avalanche launched in September after raising $ 60 million, of which $ 42.5 million came from a public token sale. Avalanche is produced by Ava Labs, a software company run by Emin Gün Sirer, a Cornell University computer science professor who co-directs the University’s Cryptocurrency and Smart Contracts Initiative.
