I'm glad to be part of the engagement challenge for the first time and this is also my very first post in the highly esteemed Steemit Crypto Academy. I hope to have the best of time here. I appreciate all the Professors for there efforts in the community. Now I will go over to answering the questions of this week's engagement challenge.

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

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Blockchain Technology was invented as a future innovation to help in the fast processing of information and data with the sole aim of consisting of three main characteristics which are decentralization, scalability, and security. Decentralization in the sense that they wanted the blockchain to be void of our native centralized systems where someone is in charge and making all the rules without considering the general opinion of the people involved. They wanted a way whereby everybody will have a say in every decision and action to be taken in the blockchain. The reason for scalability is to ensure that there's a speedy delivery and source of information even while millions of transactions are going to be carried out in the chain as well. It was also proposed that security will be of a high level to ensure that people's valuables are kept very safe as well.
As the blockchain network kept developing and getting more adoptions, there became a limitation of interaction and working together between two separate blockchains like the Ethereum and Bitcoin blockchain, and this necessitated bridges in the blockchain as proposed as a solution to the limitation. This helped in improving Decentralisation and Scalability in the Blockchain.

For a proper understanding of blockchain bridge, I will like to define the basic terms that form it.

Blockchain is a digital network of interrelated chains of the block that contains data and information that can be accessible to a decentralized public.

Bridge is an interconnection between two roads that are usually separated by a water body targeted at ensuring the smooth movement of vehicles across the path.

Blockchain Bridge is an interconnection between two different blockchain networks with their unique laws and protocols aimed at providing a harmonious means for the transfer of data and tokens safely between the two chains. Blockchain Bridge allows for interoperability between the networks.

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

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Benefits of the Blockchain Bridge

1. Cross Chain Transfers
An interconnection of blockchain networks will give room for data, information, and token to be swapped between the chains easily. It will also cut costs since no fees are required.

2. Innovation
Blockchain bridge helps builders and full-stack developers from several blockchain organizations to work together to create useful products for users.

3.Blockchain bridge permit new users to make use of the recent protocols on the other chain that they are bridging with thereby giving them a new experience in the blockchain.

4.Blockchain Bridge helps in improving the property of scalability because, with the interconnection between the two blockchains, millions of transactions will be done at a faster speed without any slacking example Ethereum-Polygon bridge.

How Does Bridge Work?

Blockchain Bridge works with the following steps below:-

Firstly, You need to choose the blockchain you want to bridge from and specify the amount of the crypto token example Solana bridge

Secondly, You deposit the amount of cryptocurrency to a unique wallet address generated by the Solana Bridge.

Thirdly, You will wait to receive the crypto that you sent, and once received, the Solana bridge will credit you the same quantity of Wrapped tokens on the other blockchain [A Wrapped token is a representative model of a cryptocurrency bearing the same value]

The process can be reversed if you wish to bridge back to the initial blockchain.

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

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There are two types of blockchain bridges by category which are custodial(centralized) and non-custodial(decentralised)

Custodial/Trusted bridges work in a centralized manner which allows users to put their trust in a primary owner to appropriately and securely govern the system. It is advised that the users do their research concerning the bridge and consider blockchain with a track record of honesty and security.

Non-custodial/Trustless bridges utilize a decentralized means, depending on the algorithms and smart contracts to regulate the locking of the cryptocurrency and the minting systems, eliminating the cause to trust in a central bridge operator. In this scenario, the level of security is proportional to the written code in the blockchain.

Types of Blockchain bridges by mechanisms

One-way bridge(unidirectional) means users can just bridge crypto assets to one desired blockchain but not back to its original blockchain.

Two-way bridges(bidirectional) gives room for users to bridge crypto asset in both directions.

Pick an example of a blockchain bridge in existence and explain how it works.

Binance Bridge
The Binance Bridge is an example of a blockchain bridge that has a broad set of preferences for bridging a rising list of cryptocurrencies. The project is correlated with the (BSC)Binance Smart Chain blockchain program but it's not generally restricted to the blockchain alone.
Binance bridge Supported blockchain networks are Tron, Solana, Ethereum, and BNB Chain.

How it Works:
when a token is transferred using a Binance bridge, the crypto asset is sealed and the BSC wrapped token equal to the amount transferred is minted and this is now moved to the intending blockchain.
You can reverse the transaction through the same means.

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

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Limitations to the blockchain bridges

1. Hacks
Hackers have taken advantage of the smart contracts exposures of some cross-chain bridges. Huge proportions of cryptocurrencies have been stolen by violent fraudsters from cross-chain bridges. Also, the owners behind a custodial(centralised) bridge can simply defraud users’ funds.

2.There can be a risk of bugs in the written smart contract which can lead to loss of funds.

3.There can be a discrepancy of trust between interconnected blockchains and that will lead to security problems.

Future of Blockchain Bridges

Before the innovation of blockchain bridges, there were several shortcomings in the blockchain which gave rise to its invention. It will also take the same way in making blockchain bridges an improved technology in the future with limited problems. I believe that the issues relating to the security aspect and scalability will be the next rise of concern shortly and that way a remarkable solution will be introduced very soon.

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Conclusion

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The Blockchain Bridge is an attempt to solve an issue that was noticed by the early adopters and users of the blockchain. And with the find out of its downsides, more innovative solutions are going to be emerging very soon as new technology. Thanks Steemit Crypto Academy for bringing out this awesome topic for us to study, it's very educative. We anticipate the next topic for next week engagement challenge. Thanks.