Bridge

Blockchain technology has evolved a lot since its invention and many new projects have emerged in the blockchain space with various designs and intended functionality. This situation has brought different blockchain networks with different consensus mechanisms, supported technologies, pros & cons. Bridges were created to enable users to benefit from more than one blockchain by connecting them.

What is Bridge in Crypto World?

A blockchain bridge is a link that allows tokens and data to be transferred from one chain to another. Note that blockchains may have different protocols, rules, and governance models. However, the bridges are designed to provide a safe working environment on both sides.

Binance Bridge

Binance Bridge is a central bridge service that provides inter-blockchain liquidity access for decentralized applications serving on Binance Smart Chain, Binance Chain, Ethereum, and Tron networks.

Let’s explain with an example.

Person X wants to buy a token with his 200 USDT. However, let’s say the 200 USDT he owns is on the Ethereum network and the Token he wants to buy is on the BSC network. In this case, X person will either send his USDTs to a central exchange containing the token he wants to buy and perform the transaction from there, or X will transfer the USDTs he owns to the BSC network via a bridge and perform the transaction.

Multiple platforms with swapping between DEXs act as bridges. These include AnySwap, cBridge, RenBridge, Wormhole, Synapse. Search as ”Cross-Chain Protocols” on Google if you want to find out more crypto bridges. Learn more about decentralized apps and DeFi if you are interested.

How Can You Do?

To use a bridge and swap between chains to buy / sell / send coins,

• You must first have a digital wallet.
• Next, you need to connect your wallet to the platform. In addition, both networks that you will transact with must be installed in your wallet.
• Then select the asset to send from the “Asset” section.
• Then choose which network to send to which network from the section below.
• The box on the left shows the network you transferred, while the network on the right shows where you will transfer.
• Afterward, you can start the process by typing the amount you want to send in the “Amount” section and complete your transaction.