Is Polkadot On The Brink Of Becoming The First Ethereum Bridge?
The Polkadot protocol has been turning a lot of heads in the cryptocurrency world. Spartan Black, a major Asian based cryptocurrency fund believes Polkadot and its native token DOT are headed towards the very top of the digital market.
Since being listed on Binance in late August, the value of DOT has soared. Now, according to CoinGecko, the market cap of DOT is over $5 billion and it sits in the top 6 cryptocurrencies when sorted by market valuation.
A lot of the hype is centered around the word interoperability. An early critique of the blockchain sector is the fact of getting blockchains to interact with each other or other outside sources of information. Polkadot plans to tackle this issue by creating a “trustless, general-purpose bridge” to Ethereum.
Snowfork, a group of developers and designers has been working with Polkadot to help achieve this new level of interoperability between blockchains. And they say it will be delivered soon.
The Snowfork group is attempting to bring this technology to the masses by creating an application that can appeal to a wide audience. In a blog, they outlined their ideas.
“We’re excited to become part of the Polkadot ecosystem and build atop its fancy new parachain technology, helping improve interoperability within and across its ecosystem,” the group proclaims.
In terms of how they intend to do it, Snowfork says they plan to create a product that creates a trustless atmosphere where users only have to rely on science.
“They only need to trust the protocols, mathematics, cryptography, code and economics.”
With the goal of creating an all purpose application, Snowfork explains that
“interoperability is about more than just token transfers.”
According to Snowfork, an all-encompassing product would include, “other kinds of assets, like non-fungible tokens, loan contracts, option/future contracts and generalized, type agnostic asset transfers across chains would be valuable functionality.”
Phase one of Snowfork’s 3 step plan is ongoing and expected to be ready in mid-September of this year. The first phase will deliver a proof of concept, “MVP bridge that fulfills these interface designs and has working, demoable general-purpose functionality and abstractions for verification that can clearly and cleanly evolve from a more trusted proof of concept into production-grade trustlessness.”
They expect Phase 3 to be completed with a delivery of an all-encompassing trustless, general-purpose product by March of 2021.