Decentralized technologies are providing huge opportunities to market players but, at the same time, most users do not understand how to use cross-chain solutions. disBalancer team wants to bring some clarity to our community regarding the cross-chain functionality. Cross-chain solutions are not as complicated as one can imagine. We want to show you that tokens may be transferred between different blockchains in a few clicks and the associated costs are minimal. To this end, we have developed the special instruction with the DDOS token as an example. So, read and enjoy becoming a cross-chain guru!
The recent bearish market gives many crypto companies and investors room for some reflection on how the current market looks like and more importantly, how the future market will be. Although the decentralization of crypto is often spoken about, the market is getting more centralized each day. With all the different block chain and ledger networks that pop-up, transferring your hard worked cryptos from one blockchain to another is still something that doesn’t feel right.
Therefore, it is vital to innovate towards a more user friendly crypto environment. The next big step for crypto networks would be to allow investors to directly trade from one blockchain to another. In other words, people should instantly be able to transfer COIN A to the wallet of COIN B. Instead of first having to trade COIN A to COIN B on an exchange which not only costs fees but also takes time and leaves room for human made errors.
As discussed above most blockchain networks operate on isolated ecosystems and while the number of isolated ecosystems is rising so does the confusion, especially for new investors. The ledger technology has been an absolute milestone regarding nowadays digital security innovations. However, people are still unable to fully enjoy the benefits of this technology. The growing popularity of attractive new blockchains combined with the inability of moving your cryptos between them is simply a big let down.
This is why a broad appliance of the cross chain technology is needed. Having blockchains to be able to communicate with each other will not only boost the satisfaction of the average investor it would also boost the crypto ecosystem in general. With an increase in market cap and market solve all these issues, by enabling interoperability between blockchains thus making it easy for them to communicate with one another and share information.
Interoperability between blockchains regards how different blockchains communicate with one another all with the goal of enabling a smooth sharing of information. This essentially comes with the ability to see and access information across various blockchain systems. For example, should a person send data to another blockchain, the recipient should be able to read it. Therefore, the blockchain must decipher the incoming communication and translate it to something understandable.
The desired blockchain interoperability will mean that we get rid of intermediaries or third parties. This will increase the decentralization of the market and give people the long-strived ability to transfer between other decentralized networks. In combination with multi-token wallet systems there won’t be anymore need for ‘centralized’ wallets needed. A single wallet will suffice for the cryptocurrencies that you would like to own. With the use of a full decentralized cross-chained crypto ecosystem, the next bull run will bring new heights to a lot of projects.
The hardest challenges to achieve complete blockchain interoperability are the presence of many blockchain systems. All these blockchains communicate in different ways. For example, many of the current platforms come with different levels of smart contract use. In addition there are consensus models within these projects that differ significantly from one another. A solution to these issues should first be developed before any interconnection can happen.
In conclusion, cross chain technology shows incredible potential. Although it has been under development for quite some time, it still shows us that there is much yet to be gained. Moreover there is also other technology that enables universal communication between various blockchains. More so, the use of open protocols, as well as Multi Chain Frameworks, are proclaimed as possible solutions to blockchain interoperability issues.
3. Press “Connect Wallet” and select Metamask (or use Walletconnect to connect any other wallets)
4. Enter the amount of DDOS you want to swap
5. Press Approve and then Confirm the request in your Metamask (it may take up to 5 min) Please do not refresh the page until the process of Approve is done.
6. When the transaction is Approved, press “Bridge” (it may take up to 20 min. Please do not refresh the page until the process of the Bridge is done.
7. At the end of the process you will get a message that the transaction has been successfully completed.
8. Lastly, update the page and you will see that the tokens are swapped.