According to the Merriam-Webster dictionary, a bridge is defined as a structure carrying a pathway over a depression or obstacle.
“Bridging the Gap” is a song by hip hop group Black Eyed Peas, released in 2004, about unity, connection, and bridging the gap between different generations, cultures, and musical styles.
In Web3, bridges serve as connectors between different blockchain ecosystems, allowing for the transfer of assets, data, and information between them.
Since most blockchains operate as isolated ecosystems with their own consensus algorithms, virtual machines, and token standards, there is no seamless interaction across different blockchains. Blockchain bridges exist to bridge that gap. They make it possible to facilitate communication and asset transfers across different blockchains (or more correct blockchain ecosystems).
In a more scientific format, blockchain bridges are cryptographic systems that employ smart contracts, cryptographic proofs, multi-party computation (MPC), or validator-based mechanisms to facilitate the secure and verifiable transfer of digital assets and data across heterogeneous blockchain networks.
Once again, let's illustrate the concept of Web3 bridges using the metaphor of a fashion show. Imagine fashion designers showcasing their work in different cities, e.g., Paris, New York, Berlin. Each city can be seen as a separate blockchain with its own unique runaways, rules, and styles (algorithms and virtual machines). However, if you want to show your work in different places, your models and designs (assets and data) will have to travel between these cities. A structured process is needed to ensure the safe travel of your models and designs, a work usually done by a fashion coordinator. A blockchain bridge in Web3 is just like this fashion coordinator who is responsible for a seamless transition of the clothing (assets) from one location to the next.
Since you can travel by different means of transportation (aircraft, car, train), there are also different ways to transfer digital assets (Tokens, NFTs) and data across blockchains:
Lock-and Mint, where the bridge locks your assets on blockchain A and mints an equivalent amount of so-called wrapped tokens on blockchain B;
Burn-and-Mint, a process where the bridge burns tokens on blockchain A and mints tokens on blockchain B;
Liquidity-Pools, in this case, the bridge maintains liquidity pools on different chains to facilitate the transmission;
Validator-based is where the bridge relies on a group of validators confirming transactions between blockchains.
As you know, sometimes traffic accidents or congestion happen, and such challenges also exist with blockchain bridges. There have been security vulnerabilities (hacks), occasionally high latency (time to finalize transactions), and centralization risks if the bridge relies on trusted parties.
In sum, bridges are a crucial component of Web3, especially for achieving a multi-chain ecosystem. They allow cross-chain asset transfers, enable applications to work across multiple blockchains, and ensure Layer 2 networks connect with Layer 1 blockchains (e.g., Optimism to Ethereum).
This article was authored by Lutra, a DAO member of The ALANA Project.
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