Future Finance, Fintech, Blockchain, DeFi | Daily News
              



Solana Announces Wormhole, a Secure and Trustless Bridge to Ethereum


Solana, an open source project implementing a new, high-performance, permissionless blockchain, today announced Wormhole, a secure and trustless bridge connecting Ethereum to Solana.



Wormhole, currently in testnet phase, is the result of a partnership between Solana and Certus One, a premier validator for distributed ledger technology (DLT), and it is the first of many bidirectional cross-chain bridges planned for the Solana network. Wormhole connects ETH and ERC20 tokens to SPL Tokens, the token standard of the Solana blockchain.

Founded by former Qualcomm, Intel, and Dropbox engineers in late 2017, Solana is focused on delivering scalability without sacrificing decentralization or security. In celebration of its new innovation, The Solana Foundation is inviting developers to experiment with Wormhole via a hackathon commencing on October 28th. The virtual hackathon will bring ideas and crypto enthusiasts together to create highly scalable and cost-efficient web3 applications.

Solana will judge the hackathon along with Gauntlet, Curve, FTX, Balancer, Aave, Audius, and other major projects.

“Smart contract chains are universal computers, and all universal computers can talk to each other, fundamentally making blockspace on any layer-1 fungible with blockspace on any other layer-1,” said Anatoly Yakovenko, The Solana Foundation CEO.

Yakovenko and his team built Solana to solve blockchain scalability issues, and they’ve already battle-tested their solution with projects like Serum, Anchor, Terra, Stardust, and most recently, Tether.

Solana emulates the scale, speed, and low-cost of the web, which makes it a preferred platform for decentralized applications (DApps). The majority of DApps need to perform as well as, if not better than Web2 products.

Wormhole allows existing projects, platforms, and communities to move tokenized assets seamlessly and trustlessly across blockchains to benefit from Solana’s high speed and low cost. Interoperability remains a high priority for projects, as it unlocks network effects and allows for the most efficient use of resources. It’s not pragmatic to expect an entire ecosystem of value to immediately shift across networks, and teams can’t afford to wait for such a mass migration.

Excerpt from Certus One:

Wormhole is the first of many such cross-chain bridges to come. It uses decentralized cross-chain oracles — called guardians — operated by a set of node operators that include top Solana validators and other ecosystem stakeholders whose incentives are strongly aligned with Solana and Serum.

Those guardians certify token lockups and burns on one chain in order to mint new tokens or release tokens on the other, and vice versa.

About Solana
Solana is a high-performance Proof of Stake (PoS) blockchain focused on delivering scalability without sacrificing decentralization or security.
Until now, blockchains have been single-threaded computers, guaranteeing no two transactions conflict if executed in parallel. Solana unlocks concurrent GPU-parallelization for the first time, using Proof of History (PoH),a clock before consensus, delivering high speed, low latency, and inexpensive transactions, all at layer 1 without sharding.
Developed by a team of former Qualcomm, Apple, Intel, and Dropbox engineers, Solana is stewarded by The Solana Foundation and is advanced by a loyal community of decentralized developers around the world.
https://solana.com


No Offer, Solicitation, Investment Advice, or Recommendations

This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by FINYEAR.
No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security.
Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.
Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor.
This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.



Lundi 12 Octobre 2020
Notez


Nouveau commentaire :
Twitter

Your email address will not be published. Required fields are marked *
Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *

Finyear: latest news, derniers articles


Newsletter quotidienne gratuite


Le marché des cryptos