Gather Collaborates with Connext for the Binance Smart Chain Bridge to Ethereum Mainnet
Recently the Gather community has spoken through a governance vote for bridging Gather to Binance Smart Chain to have GTH on BSC. Now Gather’s bridge construction to BSC is in full swing. To make this happen, Gather chose to integrate Connext’s innovative solution, an Ethereum based interoperable platform that connects Ethereum Virtual Machine (EVM) compatible chains and layer 2 solutions, forming an infrastructure alliance.
How Does Connext Work?
Connext is a network that enables sending value and calling contracts across Ethereum-compatible chains and L2s. It is the only interoperability system that does this without introducing any new trust assumptions. The network is made up of a set of nodes (routers) that provide liquidity and relay data between chains, earning fees in return.
Connext works through the Noncustodial Xchain Transfer Protocol (NXTP) for truly secure cross-chain transfers that inherit the security of the bridged chains. The NXTP system consists of an atomic locking procedure, off-chain routers, and SDK. The atomic locking procedure works by using the SDK to transfer locked funds, then a decentralized network of routers with multi-chain liquidity bridge funds and call data between chains, which eventually get unlocked without any untrusted parties.
The Beginning of a Multi-Chain Gather Ecosystem
To maintain & further develop a functional and sustainable cross-chain interoperability, Gather is also in the works of building a bridge from Gather’s own Layer 1 (from Gather native) to Ethereum & Binance Smart Chain, signaling the beginning of a multi-chain Gather ecosystem.
One Bridge & 3 Networks
GTH ERC20 <> GTH BEP20 is in development and will be online next week. This will later allow GTH ERC20 <> GTH Native, as well as GTH BEP20 <> GTH Native.
Fast forward to the future, new networks will be added for interoperability on the same platform managed by Gather as the Gather ecosystem grows with decentralized applications, utility tokens & child chains.
See How It Works On Our Testnet
The bridge is already tested and live on the Gather test net, here we will also present a small walkthrough video on how it works.
Connext is the interoperability protocol of L2 Ethereum.
Connext enables sending value and calling contracts across Ethereum-compatible chains and L2s. It is the only interoperability system that does this cheaply and quickly without introducing any new trust assumptions. Connext is aimed at developers who are looking to build bridges and other natively cross-chain applications. To date, over $680m in transactions have crossed the network.
About Gather Network
Gather has developed a powerful new technology that allows web and mobile developers to earn money by contributing processing power, unlike any other digital monetization tool available today. Imagine an Internet where web and application developers can generate revenue without having to rely on intrusive Ads. A new revenue stream without ads, and one that is reliable and rewarding. The processing power gathered will then be redistributed, providing a cheaper alternative to current Cloud markets products. Gather is unlocking a new type of business model for the internet by allowing publishers to monetize without ads and by providing businesses & developers access to affordable and reliable processing power.
For more information, visit https://gather.network.