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Greetings. I am delighted to be participating in this season of the engagement challenge. The topic is a really fascinating one. Let us dive right in.

What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain

A Blockchain bridge is a connection that makes it possible to move assets between two blockchains, thus enabling interaction between blockchains that are separate in terms of economy, operation, and technology.

It provides a solution to the problem of interoperability in blockchain technology, meaning that assets based one Blockchain can now interact with another blockchain,

Blockchain bridge was necessitated by the absence of the ability of several blockchains to cooperate. Different blockchains have their different systems and the way they operate. These differences present a barrier to interoperability in blockchain. Blockchain bridges help to aid smooth connection these chains. This connection can facilitate seamless transfer of data as well as assets between blockchains. In addition, blockchain bridge gives users the privilege of accessing new features on other blockchains. Furthermore, developers on different blockchains can also work together.

What are the benefits of the blockchain bridge? How does the bridge work?

How the blockchain bridge works

Due to the fact that a token from one blockchain is incompatible with other blockchains, a bridge generates a version of that token, that would represent it in another blockchain.

Let's assume you have Solana and you want to transfer it to an Ethereum wallet, a bridge can help with that. When you send one Solana to the Ethereum wallet using a bridge, the bridge would create an equal version of the the Solana called wrapped Solana(wSOL). Wrapped Solana is an ERC-20 token that is usable on the Ethereum network. It also has the same price as the normal Solana token. A wrapped token can be converted back to the original token.

Benefits

• Blockchain bridge improves interoperability in blockchain. This has made it possible for assets to be moved from one Blockchain to another, no matter the type of Blockchain.

• Users on one Blockchain can now access features on another blockchain. For example, with wrapped Solana, the Solana users can make use of dApps and several services on the Ethereum blockchain.

• Blockchain bridges carry out transactions at a faster rate, thereby completing a large amount of transactions in a short time. Therefore, scalability is better with blockchain bridge.

• Blockchain bridge enables users to move from a slow Blockchain or one with high transaction fees to one that is cheaper, affordable and fast.

Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works

Blockchain bridges can be classified into 3 categories:

Classification according to function

In this category, there are wrapped asset bridges and sidechain bridges.

• Wrapped asset bridges involve transferring an asset from one Blockchain to another by creating a wrapped version of the asset. For instance, Solana can be transferred from the Solana Blockchain to the Ethereum Blockchain by converting it to wrapped Solana which can be used on the Ethereum network as it is an ERC-20 token.

• Sidechain bridges involves creating a connection between a parent blockchain and it's side chain. The reason for this is that both parent chain and sidechain could have different modes of operation.

Classification according to trust

This category include custodial(trust) and non custodial (trustless) bridges.

• Custodial bridges are also called centralized or trust bridges. It involves the user having to depend on a central figure to handle operations.

• Non custodial bridges are also called decentralized or trustless bridges. It involves the user having to depend on lines of code called smart contracts, to handle operations. It eliminates the need for a central authority or figure.

Classification according to mechanism

In this category, there are unidirectional and bi-directional bridges

• Unidirectional bridge allows movement of assets in only one direction– to the target Blockchain. Hence, moving the asset back to the prior blockchain is not allowed.

• Bi-directional bridges allows movement of assets in both directions– to the target blockchain and back to the prior blockchain

Binance bridge

The binance bridge enables people to convert their tokens into wrapped token that can be used on the BNB chain. It also allows conversion of the wrapped token back to the original token.
In order to make use of this bridge, take the following steps:

• Choose the blockchain you want to bridge from and put in the amount of tokens.

• The bridge will then create an address where you will deposit the crypto.

• When the deposit has been confirmed within the set time frame, the binance bridge will send wrapped tokens to you on the other chain. The wrapped token will be the same amount as the crypto you deposited.

No fees are charged for this conversion using the binance bridge. Also, it's not necessary for you to have a binance account before using this bridge.

Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges?

Limitations to Blockchain bridges

Yes there are limitations.

• One of the limitations of Blockchain bridge is security challenge. Some new Blockchain bridges are untested, and even the tested ones are still vulnerable to attacks.

• For custodial bridges, the central figure or authority could steal the assets of users. This is why it is advisable to do a good check before choosing a custodial bridge.

• Transferring your assets to another blockchain means you would no longer have the privilege of making use of the dApps and other features of the previous Blockchain.

Future of Blockchain bridges

Interoperability is essential to the future of Blockchain technology and it's widespread adoption. Blockchain bridges have made it possible and easy to move assets between blockchains, hence enhancing interoperability.

Blockchain bridges promise to be crucial in making Blockchain technology better, sufficient and more interoperable, especially as the internet is gradually transitioning to web 3. Hopefully, with improved security, the bridges can help in achieving all that.

Conclusion

Having different blockchains connected by bridges is something exciting. With such a connection, there is so much potential for the Blockchain technology.
It is already convenient enough that we can transfer assets across blockchains, this is just a glimpse of what interoperability, made possible by bridges has to offer.