Wethio bridge : What is under the hood ?
The major problem in the blockchain ecosystem today is the lack of interoperability, it is the ability to communicate between different systems. Considering that the majority of the traditional financial system payments infrastructure is interoperable, we believe that this lack of interoperability is one of the most important challenges that blockchains have to solve. One of the advantages is the usage of DEFI or decentralized finance which is a financial service delivered through blockchain via smart contracts.
But, can we use this service without interoperability ?
Without interoperability, each blockchain is seen as a separate economic entity, if these entities can’t work together the system will not grow, such situation encourages the growth of third party systems to enable cross communications, otherwise the ecosystem will be centralized again, taking away the essence of what blockchain is all about.
The solution : A cross chain platform.
There are two types of cross chain platforms : Centralized , Decentralized.
Centralized Cross chain platform :
A single entity manages the crypto assets of users, it’s easy to implement, quick transactions, low fees, but it’s centralized and a risk for crypto assets.
Decentralized Cross chain platform :
A multiple and geographically decentralized entity who manages the crypto assets of users, which adds a layer of security, hacking the platform means hacking a set of machines which is theoretically impossible, implementing the decentralization is done through the sacrifice of other criterias like :
The cost : having multiple entities in the platform means the users must pay for each entity to confirm transactions, for example with a system of 100 entities, if the user should pay them every time he wants to wrap a coin to ethereum, It is worth noting in the end as the transaction fees would be too high.
Implementation : implementing a protocol of decentralized systems is very hard and takes a lot of time and resources.
Delay : in such a cross chain system , validating transactions means taking approval from the majority of entities that constitute the system, and if these entities are offline due to some problem like internet or electricity issue , the user must wait for an undefined time.
Wethio Bridge is a middleware solution between the above technologies, we took in consideration multiple criterias like the cost and user experience.
Concretely, the transactions are confirmed by a limited set of entities, that allow decentralization at a lower cost.
These entities are called validators and are compliant with the Wethio voting protocol, namely the validators set changes at every epoch (roughly 30 min), depending on the wethio voting system, it allows users to proceed with fast transactions, even if some validators are offline or slashed.
Wethio Bridge maintains a 1–1 peg between Zynecoin and Wrapped Zynecoin, in the future Wethio Bridge will also support ZRC20 Wrapped tokens, and interoperability with other blockchains.
Website : https://bridge.wethio.io/
For more information please contact : email@example.com