Steemit Crypto Academy Contest / S5W1 - The Blockchain Bridge

Heloow my friends, I am excited to have you all here. Hope you are all doing great? Well, am very glad today to be a participant in Steemit Engagement Challenge Season 5. And in this post I will discuss Blockchain bridge.

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What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain.

We all know that the name Blockchain is used a lot in cryptocurrencies. So blockchain bridge also has a very important role in this cryptocurrency world. It won't be wrong to say that blockchain bridge has now become an integral part of cryptocurrency.

I will try to explain blockchain bridge to you in very simple words. Because the word block chain bridge means block chain bridge. A bridge is always useful when going from one place to another, so in cryptocurrency, a blockchain bridge is also useful when accessing a transaction from one blockchain to another.

I will try to break it down with examples. For instance someone wants to make use of his or her bitcoins from Bitcoin blockchain to any other coins blockchain.

So it will be possible only when the blockchain bridge device is available and whenever we make a similar transaction from one block chain to another blockchain, that kind of transaction will be very easy with block chain bridge.

We can also say in simple words that between two or three blockchains which are completely different, we can call the transaction of bitcoin or any coin as blockchain bridge.

Suppose I have steem and I convert my steem to bitcoin blockchain. If you want to use it on bitcoin blockchain then it will be possible with a bridge and the bridge between two blockchains is called blockchain bridge.

I understand that there is an urgent need for bridges in blockchain. Because if am with bitcoins in Bitcoin blockchain, and I want to sell my bitcoins and buy Ethereum, before doing that I will need to bridge my bitcoins.

I convert to Eth blockchain and ETH blockchain will give me ETH equal to Bitcoin value and I can do the trade I need. I believe that creating a bridge between blockchains is a necessity and a convenience for investors to transact directly from one blockchain to another without an intermediary.

What are the benefits of the blockchain bridge? How does the bridge work?

There are so many benefits of blockchain bridges, some of them are listed below:

1) Cross-Chain communication
The primary benefit of blockchain bridges is their ability to facilitate interoperability and data communication across chains. This is very important because different blockchains can now work together to create effective products for on-chain subscribers, allowing blockchains to play to their core strength.

2) Cross-chain Token Transfer
Ideally Blockchain allows its native token to be used within the Blockchain, this can hinder growth as exchange between blockchains is more expensive, this can be remedied with Blockchain bridges as it allows tokens to be transferred across chains without the need for an initial token exchange.

3) Side Chain Solution
Blockchain bridge also serves as a side chain solution to improve the speed of transactions in the blockchain network, which contributes to scalability in the network.

4) Overall efficiency
Blockchain bridge allows flexibility to communicate with other chains and can be used to achieve lower fees, scalability and much more. All of this together helps to achieve overall efficiency on the blockchain network.

Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works

There are two types of blockchain bridges:

• Custodial Blockchain Bridge
• Non-custodial Blockchain Bridge.

Here I will explain how non-custodial Blockchain Bridge works.

Non-custodial blockchain bridges are a type of bridge that operates in a decentralized manner and depends on smart contracts to handle the process of mining and locking cryptocurrencies, completely eliminating the need for users to contact the bridge operator.

This makes the security of the system very strong with a very good underlying code.

In short, non-coupling bridges operate and function as a decentralized system, while coupling bridges operate as a central system.

Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges?

First of all, I couldn't understand the point of limiting the blockchain bridge. But if we talk about the restrictions on the use of the blockchain bridge, I don't think there will be any restrictions, because there are different types of bridges and their uses, and it can be analyzed from the point of view of security.

But I understand that millions of dollars of coins have been hacked in the past because of blockchain bridge. If there are no limits for the bridge, hackers from anywhere can become a discussion of losses for investors through a weak contract protocol, because many projects have been hacked because of the same blockchain bridge in the past.

About the future of blockchain bridges?

Blockchain bridge cryptocurrency is the need of the day and its future is very bright in every aspect.

Because a few years ago nobody knew about cryptocurrency and today crypto investments are happening everywhere. Some investors like a centralized market and some like a decentralized one, but blockchain-to-blockchain transactions are what everyone wants to do now. As the blockchain bridge will be used more in the future, more future will be needed in it.

But its popularity and acceptance in the future depends on its security, and in light of recent events, it can be said that many people are afraid of using blockchain.

But if the blockchain improves in terms of security, the blockchain bridge will become more useful for every cryptocurrency user.

I invite @negro-bby @tayyba1234 @hamzayousafzai