Since Bitcoin pioneered the concept of cryptocurrency in 2009, many other blockchains have sprung up. The development of smart contract blockchains such as Ethereum, Cardano, Polkadot, and Polygon (formerly known as Matic) has resulted in the fragmentation of the cryptocurrency industry into separate islands with their own unique values. This means that multiple blockchains cannot interact with each other in an efficient manner.
When things are set up this way, it is often more difficult for investors and traders to move their digital assets from one blockchain to another. Thanks to many decentralized financial infrastructure solutions and exchanges, tokens can now be transferred from one blockchain to another much faster and easier.
In the discussion of widely used blockchains, Ethereum is undoubtedly the most prominent blockchain, second only to Bitcoin. The Ethereum network has grown to become the cornerstone of the decentralized finance and non-fiat currency (DeFi and NFT) markets, dominating all metrics related to its use in decentralized applications.
Ethereum’s underlying blockchain, much like Bitcoin’s, also suffers from a number of problems, most notably in the form of high transaction fees and low throughput (ie, the number of transactions the network can process per second). This has led to the creation of other blockchains such as Polygon and Binance Smart Chain (BSC).
Besides Ethereum, Binance Smart Chain and Polygon are the two blockchains considered to be the most popular in the cryptocurrency space. For the purposes of this article, we will discuss the necessary procedures for transferring funds between these three major blockchains.
How to move tokens using cross-chain bridges?
You will need to utilize Cross-chain transfer – Allbridge Core In order to move any tokens. Before getting started, you need to install MetaMask or Binance Smart Chain Wallet. Therefore, you will be able to interact with BSC-centric assets.
After that, go to the Allbridge Core website and follow the instructions there to connect your wallet.
As can be seen, Allbridge Core allows transactions across other blockchains, including Ethereum, BNB Chain, Tron, and Solana.
After verifying the transaction, you will be able to choose the amount of tokens to transfer.
Consider the fact that in order to successfully complete the process, you will need to pay transaction fees to achieve your goal.
How safe is it to walk across a chain on a bridge?
Today’s bridge safety is a topic of concern to many people. By preventing upgrades to its smart contracts, Allbridge Core is able to solve a problem currently plaguing the industry. This feature eliminates the possibility of unwanted intrusion diversions, thus increasing the bridge’s level of security and making it less vulnerable.
Furthermore, the architectural flexibility of Allbridge Core enables it to interface with various decentralized communication protocols, thereby increasing the level of security it provides to a higher level. Auditing is another important component in preventing possible problems with cross-chain swaps. Because of this, Allbridge Core will undergo a security audit before the official release of V1.
