We at Dock are thrilled to announce that a bidirectional bridge between Dock and Ethereum is soon going to be live. This bridge will bring a massive boost to the interoperability and liquidity of the Dock Blockchain linking the world’s largest blockchain ecosystem and all the tokens functioning on it directly to Dock’s ecosystem.
The Dock-Ethereum bridge will allow users to swiftly migrate Ethereum assets to Dock’s low-cost highly scalable platform and vice versa. Users will be able to bridge any ERC-20 token to Dock opening a path for free flow of assets between Dock and Ethereum. These tokens include, but are not limited to:
- Ether (ETH)
- Stablecoins like USDT, DAI, USDC
- ERC-20 Tokens
- Wrapped tokens like WETH and WBTC
- DeFi tokens like UNI, AAVE, and SUSHI
- CEX tokens like HT, KCS
It doesn’t end here. Talking about the opposite side of migrations, users will be able to transfer Dock tokens to Ethereum Blockchain and use them in any Ethereum-based DeFi platforms, NFT platforms, DEXs, and more.
Now, the most important part!
Dock is building the primitive layer of Web 3, a PoS blockchain that allows organizations and individuals to issue variable credentials (VCs) and decentralized identities (DIDs). With this bridge, the issuers and DApp builders on Dock will be able to create DiDs and anchor verifiable credentials on Dock and verify it on Ethereum. This bridge will also open a new gateway for the enormous number of organizations and DAOs built on Ethereum to issue VCs and DiDs on Dock that will be verifiable on Ethereum.
This bridge was in our team’s plan right from the first day we migrated to our own layer-1 Substrate-based Dock Blockchain. As the largest developer ecosystem ever built on Blockchain exists on Ethereum with the use-cases and sectors including metaverses, gaming, healthcare, supply chain, finance, and IoT, our team saw Decentralized Identities pervading across all these sectors. For any business or a stream of operations to build on blockchain, it will require a digital Id to exist on the same Blockchain. Dock provides an open-source, trustless, and decentralized platform to create and issue these digital IDs.
Our team understands the need for scalability of such an enormous requirement that is gradually going to rise as the adoption of Blockchain tech and Web 3 increases in the future. This is why we decided to build a bridge that directly connects Ethereum’s vibrant developer ecosystem to Dock’s highly cost-effective, scalable, and developer-friendly blockchain.
What are Blockchain Bridges?
Two blockchains are separated by a variety of factors like their consensus mechanisms, underlying infrastructure, programming language, and smart contracts architecture, to name a few. Blockchain bridges enable connectivity and interoperability between two sovereign blockchains. In essence, bridges allow 2 unique blockchains to interact with each other and share smart contract instructions, tokens, data, and other resources.
Advantages of Blockchain Bridges
As an iPhone user, imagine you could only call other iPhone users and not Androids or Blackberrys. Isn’t that a limitation to you as a phone user? The same things apply to removing the separations between 2 differentiated blockchains. Blockchain bridges bring a host of advantages with them.
- 2-in-1 - Users will be able to take the advantage of the boons of both the blockchains by building their dpps only on one.
- Users can transfer their assets from a congested and more expensive blockchain to a cheaper and scalable one, and vice-versa
- Bridges connect two developer and community ecosystems offering growth and collaborations opportunities to high synergy cutting-edge products
- Scalability of high-congested blockchain like Ethereum increases multifold.
Cross-chain bridges have been increasingly becoming an integral tool in the infrastructure that enables developers, DeFi entrepreneurs, yield farmers, lenders and buyers, and investors to pursue growth opportunities across the vast Layer 1 Blockchain ecosystems. This bridge between Dock and Ethereum will unlock new dimensions for community members, programmers, and existing project teams to interlink a host of assets, smart contracts, and native solutions.
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