Blockchain Innovation Allows Seamless Transfer of Value Across Multiple Ethereum-Compatible Networks
BERKELEY, Calif. – Nov. 8, 2017 – California-based Oracles Network has unveiled cross-blockchain bridges, capable of transferring assets across various Ethereum-compatible networks such as Ethereum Classic, Oracles Network, Ethereum itself and others.
Oracles Network’s cross-chain bridge mechanism successfully overcomes two of the biggest obstacles blockchain systems currently face: scalability and connectivity. These obstacles prevent widespread blockchain deployment for many small and midsize businesses. As existing networks struggle to accommodate a growing number of transactions, network performance suffers greatly while costs increase due to expensive transaction fees. Oracles Network’s cross-chain bridge addresses these limitations by providing open-source tools to all industry players.
The cross-chain bridge enables seamless connectivity amongst any Ethereum-compatible networks, allowing for greater flexibility in transferring value. Previously, for a blockchain to be viable, it had to have a self-sustaining ecosystem. Since blockchain ecosystems are time-consuming and complex to build, many chains were incapable of long-term development.
“One of the immediate use cases for cross-chain bridges is a cross-chain tokensale, a new way to conduct crowdsales,” said award-winning blockchain expert and Oracles Network co-founder, Igor Barinov. “In this scenario, we create cross-chain crowdsale contracts, collecting funds on the main Ethereum network while issuing tokens on another, more performant and cost-efficient Ethereum-compatible network. This brings to life new types of interactions between blockchains.”
To read more about the Oracles Network ecosystem visit the following for more information:
Project Website: https://oracles.org/
Project Forum: https://forum.oracles.org/
About Oracles Network:
Oracles Network is the first Ethereum-based public network with Proof-of-Authority (PoA) consensus, reached by independent, pre-selected validators. Oracles Network makes smart contracts cheaper and faster than Proof-of-Work (PoW) predecessors.
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.