The benefits of connecting blockchains
Cross-chain has become essential for the blockchain space to prosper. The industry needs to provide connectivity between networks, and cross-chain bridges have become a huge part of that. Beyond matters of allowing users to send cryptocurrencies and tokens from one chain to another, cross-chain bridges deliver freedom of choice to users and provide fair competition between blockchains. However, the system has not been polished yet. Let’s talk about its problems.
Issues associated with cross-chain bridges
- Blockchain has always been presented as a system that will allow us to eliminate third parties acting as data intermediaries. However, that didn’t turn out to be true when it came to cross-chain solutions. Most cross-chain projects transfer control over liquidity to the bridge technology provider, subsequently forcing users to place trust in a third party.
- Since cross-chain bridges remain a relatively new experience for most users, there are not a lot of precedents for the ideal UX. It is not easy to understand how the whole process works. This can make the experience so complicated and confusing that sometimes users have to go through white papers to get a grip.
- Most cross-chain solutions are often associated with security risks of cyber attacks, for example, the Wormhole token bridge was hit by a security exploit this February. The hack resulted in the loss of 120,000 wrapped Ethereum tokens. Cross-chain bridges remain a crucial link between blockchains, so it’s of the utmost importance that bridges become as secure as possible. However, they are still a major target for hackers and have been plagued by security issues.
- As the crypto market continues to mature, more and more coins and bridges keep appearing as well. However, most cross-chain bridges were built for working with standard tokens, while the landscape of “non-standard” functionality remains unbridged or bridged with a loss of their advanced features.
Get started with MyWish
MyWish team aims to bring the future of compatible blockchains closer by offering completely customized development of white-label cross-chain bridges. We offer clients an ability to make their tokens available in different networks, making their projects more attractive and creating new opportunities for users. MyWish developers have made sure to keep in mind all the issues that users usually face when working with other cross-chain platforms.
There are several advantages when it comes to MyWish bridges:
- MyWish offers different solutions, with many of them implemented in the form of multi-signature bridges. They are built with multi-validators that have to sign the transaction with their unique signatures in the event of a token swap. This ensures security of the bridge.
- MyWish cross-chain solutions are adaptable to a variety of boundless token contract functions, including reflection, auto burn, and automatic liquidity depositing. This has allowed us to solve the problem of accessing tokens with “non-standard” functionality.
- Every cross-chain bridge is developed and modified according to our customers’ requirements. There are always several bridge development options that MyWish offers. You have the freedom to choose servers, networks, and your own design of a cross-chain bridge. MyWish team works with all types of tokens and is always ready to find the most effective way of working with the token commission.
- As soon as the development process is over, MyWish clients gain control over all smart contracts, which allows them to directly manage the liquidity of the bridge, as well as its settings.
- MyWish also offers solutions for all UX design problems in the cross-chain space by creating bridges that meet all needs of our customers, bearing in mind the experience of every previously developed design. This, as well as us placing bridges directly on your project’s subdomain, will further improve the user experience.
- MyWish has been helping crypto projects with creating smart contracts since 2017. This resulted in establishing partnerships with the biggest market players, such as Binance, Polygon, Moonbeam, and in more than 38,000 smart contracts and almost 50,000 pleased users on the platform. With over 25 white-label bridges created for Quarashi, Less, Chipz, BSCGIRL, and others, you can be sure that MyWish will provide a secure and seamless user experience for you too.
In conclusion
Each blockchain used to be limited by the walls of its own servers, often leading to high gas fees. However, cross-chain bridges have allowed users to choose between blockchains. And while this huge change has brought its own problems, such as cyber-attacks and a third party involvement, MyWish has created much-needed solutions, including cross-chain bridges. So, our team aims to continue helping develop the blockchain industry further and resolve scalability issues by providing our clients with secure and easy-to-use bridges.
Go cross-chain with MyWish!
You can apply for a cross-chain bridge development at MyWish website or via the application form. If you have any questions regarding our services, feel free to contact us on Telegram or by email: support@mywish.io.
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