There are many solutions and scalability of blockchain, especially when it comes to ensuring the safekeeping of assets or data. Rainbow Bridge launched to bring an open, decentralized and free world to move assets, data between blockchains or even run products simultaneously on several blockchains.
Read more: What is Near Protocol (NEAR)? Overview of the Near . ecosystem
What is Rainbow Bridge?
In the NEAR protocol, Ethereum developers do not need to choose between NEAR or Ethereum. If they have the same assets on both blockchains and even have seamless communication applications. Rainbow Bridge will be the best bridge to connect blockchains between Ethereum and NEAR.
How it works
Rainbow Bridge allows developers to use Ethereum assets and smart contracts on NEAR. Fast transaction, easy scalability and low cost. Bridge has the power to accelerate community development as it gives ETH users instant access to applications built on top of NEAR.
Tokens popular on ERC-20 will now be interoperable with NEAR.
- Stablecoins like USDT, DAI and TUSD.
- Wrapped assets like WBTC and WETH.
- DEXs have tokens like UNI and 1INCH.
- Lending tokens like AAVE and COMP.
Users can send ERC-20 assets directly from MetaMask or other Web3 wallets to the NEAR wallet and app, or vice versa. The essence of Rainbow Bridge remains completely decentralized. Can adapt to any future protocol changes on both sides.
Like the rest of the development experience on the NEAR platform, Bridge is built to be easily accessible to all users thanks to its intuitive design and ETH Faucet to join directly from MetaMask. The cost and speed of use of Rainbow mainly depends on the cost and speed of using the current Ethereum network.
Once on NEAR, transactions confirm in 1-2 seconds and cost less than $1 in most cases. Because Bridge requires transactions on Ethereum for NEAR – Ethereum. Sending assets from Ethereum to NEAR takes about six minutes (20 blocks) and for ERC-20 the average cost is around $10. Sending assets from NEAR back to Ethereum currently takes up to sixteen hours (due to Ethereum’s completion time) and costs around $60 (due to ETH gas costs and current ETH prices). These costs and speeds will improve in the near future.
Rainbow Bridge is also public. Any cryptographic information confirmed in Near can be used in Ethereum contracts and vice versa. The following are cryptographically confirmable credentials for both blockchains:
- Include a transaction in a block
- Make trades with specific results
- Status of the contract
In addition, blockchain-specific information that can be confirmed, such as the content of a particular block header, in Ethereum will include information about miners, and in NEAR will include information about miners. accuracy.
Let’s say there is an ERC20 token that exists on Ethereum, for example DAI. To move them across the bridge, two additional contracts need to be implemented:
- Tokenlocker Ethereum contract executes in Solidity.
- The MintableFungibleToken NEAR contract implements in Rust.
When a user wants to transfer an amount of DAI from Ethereum to NEAR, it is necessary to first lock this amount of DAI in the TokenLocker contract, then mint the amount of nearDAI in the MintableFungibleToken NEAR contract. When want to move some tokens back from NEAR to Ethereum, need to burn nearDAI in MintableFungibleToken first and then unlock DAI in TokenLocker.
Here is a simple diagram of the light clients operating in the bridge:
Note, in addition to smart contracts that implement light clients, there are two other services, called Relays, that typically send headers to light clients. Eth2NearRelay sends each header to the EthOnNearClient contract, while Near2EthRelay sends a header every 4 hours to the EthOnNearClient contract. For the EthOnNearClient and NearOnEthClient contract pairs, there can be several pairs of Eth2NearRelay and Near2EthRelay services. Each maintainer of the bridge can run their own service pairs. These service pairs can compete with each other.
Bridge is an effective opponent of blockchain in general and Near Protocol in particular. Is the link between Ethereum and Near. Some of the projects implementing Rainbow Bridge on the Near ecosystem are Paras, Ref Finance, Pulse, which will promote the usability and development of the platform.
Above is all the information that GTA has researched about Raibow Bridge. Hope this article will help you get the necessary information and give your personal opinion about the project.
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