On March 15th, Equal Sign Bridge (ES Bridge) announced the addition of BSC cross-chain network to facilitate more users to participate in the construction and development of ES Bridge. In the future, it will continue to expand more mainstream cross-chain currencies. Improve the interoperability between chains and the liquidity of tokens.
At present, with the continuous progress of blockchain technology, the on-chain ecology has begun to show a diversified development trend. However, with the rapid expansion of projects such as DeFi Summer, NFT, and GameFi, the underlying performance and procedures of major public chains have gradually been exposed. High fees. Therefore, the need to break the communication barriers between different blockchains is on the horizon.
In order to meet the needs of collaborative operation between various public chains, and to adapt to the future pattern of multi-chain coexistence, to break the value island, the integration of data value has become a new trend in the current development of blockchain technology. Relying on the perfect underlying infrastructure of Hoo Smart Chain and the active ecological development on the chain, ES Bridge has handed over a new answer sheet for cross-chain services.
Equal Sign Bridge is a cross-chain bridging service designed to improve equal interoperability between different blockchains. It enables anyone to convert their crypto assets to Hoo Smart Chain assets or from Hoo Smart Chain assets back to crypto assets.
At present, the Equal Sign Bridge has passed the Certik security audit, and the cross-chain network of the HECO chain has been opened. In order to allow more users to participate and experience the functions and performance of the Equal Sign Bridge, the Equal Sign Bridge is completely free and open to all participating users. On March 15th, the BSC cross-chain network was officially opened to facilitate more users to participate in the convenience brought by ES Bridge to the blockchain network.
Binance Smart Chain (BNB Chain) Network
Binance's dual public chain mechanism has been running for some time. As the first trading platform to deploy public chains, Binance has a more competitive underlying system support, especially the launch of Binance Smart Chain (hereinafter referred to as BNB Chain). It has also created favorable conditions for the ecological landing and value exchange of the industry. Judging from the system advantages of BNB Chain, it is expected to be comparable to Ethereum.
In addition, BSC also has certain innovations in the consensus algorithm. The PoSA (Proof of Stake Authority) consensus algorithm it adopts combines the functions of the Delegated Proof of Stake (DPoS) and the Proof of Authority (PoA) mechanism. On the network, second-level block time can establish a high-speed infrastructure for DeFi protocols.
However, BSC is largely centralized. At any given time, only 21 validators are active on the network. Centralized systems are more prone to system failures, attacks, compliance mandates and even hacking. But the biggest trade-off is to achieve lower transaction times and lower transaction costs, which are the biggest advantages of BSC.
Although decentralization is a huge sacrifice, the centralized nature of Binance Smart Chain is not all bad. It has some advantages like Binance has an already established user base, so from here it can exponentially attract more users to BSC. This is much faster than the organic growth of smart blockchain projects backed by big entities like Binance. Since the beginning of the year, the number of unique addresses on BSC has grown 10 times and the total number of transactions has grown 15 times, which should give a rough indication of how fast network activity is growing.
Looking at the current blockchain market structure, the multi-chain structure must be the main theme. The ES Bridge cross-chain bridge aims to solve the problem of insufficient performance of the underlying public chain, while also ensuring the security of asset information interaction. After adding various mainstream networks, it can also be compatible with protocols, applications, transactions, etc. In the future, we will continue to deeply cultivate cross-chain technology, incorporate more applicable networks, and create a more secure, interoperable, convenient and efficient "blockchain Internet".