The Evolution of Blockchain: Insights into Blockchain Bridges and Multi-Chain Architectures

The Evolution of Blockchain: Insights into Blockchain Bridges and Multi-Chain Architectures

Since the publication of the Bitcoin whitepaper, the concept of blockchain has not only been introduced into our lives but has swiftly advanced to encompass over a hundred active blockchain networks today, with numbers increasing daily. Let’s explore where this beginning might lead us and where we currently stand.

The idea behind blockchain is fairly straightforward; if there is a starting point, the universe will inevitably move towards disorder and chaos—towards entropy. This suggests that the number of blockchain networks will continue to grow, and we may soon see myriad uses, many of which are currently beyond our knowledge. As the number of blockchains increases, people will seek to create order within this chaos, a network of interaction. Today, we call the structures that facilitate this interaction among blockchains “blockchain bridges,” of which there are currently more than forty actively in use.

Below is a map of the blockchain bridges as they currently exist:

While these connections may seem complex, they are likely to be simplified in the future to accommodate user-friendly, multi-chain architectures.

Currently, blockchain bridges primarily facilitate the transfer of fungible and non-fungible tokens (NFTs) across different chains. The future functionalities of these bridges could be vast and are perhaps unimaginable today. However, if you are inclined to dream about the metaverse, you might uncover deeper ideas that are yet to be explored. Someone might have already started working on this; what do you think?

Let’s discuss the Wormhole, a blockchain bridge that connects networks such as Solana, Ethereum, Terra, and BSC.

Wormhole is a bridge developed within the Solana ecosystem, allowing the transfer of fungible and non-fungible tokens between the Ethereum and Solana networks through relatively simple steps. Imagine you are trading on Uniswap, a decentralized exchange on the Ethereum network, but the high gas fees have become unsustainable. You decide to transfer your assets to the Solana network to continue your transactions. What you would need:

• A Web3.0 Wallet (such as Metamask and Phantom)
• A certain amount of SOL and a considerable amount of ETH for transaction fees 🤑

That’s basically it. Now, let’s walk through Wormhole:

https://wormholebridge.com

First, select the network where your assets are currently held, and then connect your wallet.

Select the token you want to transfer from the connected wallet.

Next, choose the target network for the transfer. For instance, if you choose Solana as the source, let’s say the destination is the Ethereum network.

The final step is to execute the transfer. This involves interacting with both the Solana and Ethereum networks and signing transactions from your wallets. Once signed, the asset on the Solana network is effectively “retired,” and reborn on the Ethereum network. The histories are never erased; records always persist in the previous network but continue to live and create new records on the new network.

Interacting with bridges is that straightforward.

What really intrigues me is this: Imagine you transfer an artist’s NFT, which has a royalty; the artist earns a share from each transaction. If you have a royalty-bearing NFT on the Ethereum network and you transfer it to another network, what does the artist gain?

In my next article, I want to delve deeper into this topic, discussing the metaverse and more about bridges.

See you next time 🖐