We are going to briefly look at Multibit: the first innovation of its kind. MultiBit is a crypto bridge built purposely to work with BRC20 tokens. Learn more about BRC20 tokens here.
What is a BRC20 Bridge.
A crypto bridge is like a virtual pathway that connects two different blockchains. It allows cryptocurrencies or other digital assets to move from one blockchain to another. This connection is essential because different blockchains may have their own unique features, rules, or functionalities.
In relation, a BRC20 bridge is specifically for BRC20 tokens, it allows transfer between different blockchains. This is where MultiBit comes to play.
Why choose MultiBit.
MultiBit Bridge emerges as a groundbreaking solution aiming to break down the interoperability barriers that exist between the Bitcoin ecosystem tokens and those of the Ethereum ecosystem.
Support of majority blockchains.
MultiBit Bridge supports interoperability among major blockchains in the crypto ecosystem. These are the polygon network, BNB smart chain, Ethereum and the bitcoin network.
Security.
MultiBit prioritizes security. It employs a process of regularly consolidating funds from distributed addresses into highly secure multisignature cold wallets, enhancing isolation and protection of assets.
Transparency.
MultiBit commits to maintaining the utmost transparency in every transaction. Not only are all transactions verifiable on the blockchain, but MultiBit also takes extra steps to ensure the security of locked funds, which represent users’ original assets. To enhance transparency and trust, MultiBit plans to publicly disclose the cross-chain numbers for each asset and the addresses of their corresponding hot and cold wallets. With the total volume being $474,485,600.91
Conclusion.
MultiBit Bridge is an innovative creation that will ease how we interact with BRC20 tokens. To get more insight in the world of DeFi, join the Crypto University, stay ahead of the curve.