“Cross-chain in 10 questions”
What is crosschain?
A cross-chain bridge connects independent blockchains and enables the transfer of assets and information between them, allowing users to access other protocols easily.
Why is crosschain important?
Bridges are necessary because blockchains are like silos unable to communicate with each other. For example, you cannot use BTC on Ethereum or ETH on BTC. This contrasts with the legacy systems like banking, where your credit card can work for several providers.
What will Posschain Cross-chain cover?
Cross-Chain posschain will offer interoperable Smart Contracts for cross-chain calls. The goal is that third-party developers will be able to interact with the posschaining Smart Contracts in any of their dApps, network-independent, for any use case. Imagine if you could connect your Ethereum Wallet to a Solana dApp, use your Binance Smart Chain tokens on a Polygon DEX, or pay with your Binance Smart Chain tokens in e-commerce or an onsite shop that only accepts payments on the Ethereum Blockchain. Or play Polygon-based play-to-earn games with your NFTs being in your wallet.
How is this technically possible?
If blockchains work independently, how are tokens transferred between them? Well… technically, there are no transfers between networks, just blockchains that change the state of being. Sound complicated? Let’s break it down in detail using the example of transferring BNB from the BSC network to the Posschain network.
Let’s say you decide to transfer BNB from the BSC network to the Posschain network: you use the chain bridge, select the networks, determine the amount of BNB, and enter the recipient’s wallet address.
What about after the transfer?
After the transfer, the smart contract of the cross-chain bridge locks your BNB to the BSC network. The information about the number of locked BNB and the recipient’s wallet address is transmitted to the Posschain network via the oracle of the bridge. After that, the bridge’s smart contract on the Posschain network unlocks the same amount of BNB and sends them to the specified wallet on the Posschain network. All this happens automatically.
What networks will it work on?
We want to make the crypto space as interoperable and connected as possible, giving our users the option to hold a token on whichever blockchain they like — this could be Ethereum, Binance Smart Chain, Polygon, and from now on, Avalanche — and coming.
Why is the cross-chain feature of Posschain so emphasized?
This is the vision from where crypto mass adoption will eventually come from. Blockchains need to be connected, and the user should not need to worry about where the tokens are or go to — he/she should join the preferred wallet of choice and pay/play/trade/etc. in any dApp/network seamlessly. The magic behind this is the posschain layer — this key component has been building for years now and is at the forefront of development.
How will the cross-chain feature add value to the Posschain project?
The current blockchain trend is compatibility. You have to integrate with other popular chains to become more popular. With the DeFi boom, you can no longer build closed ecosystems. CEXs are still a popular option for trading, but DEXs like PancakeSwap, Uniswap, and others are already more significant than many centralized exchanges. A wide variety of DeFi protocols yield more profits than most conventional banking and CEX solutions.
Popular DeFi protocols are multi-chain. They offer great products on various chains to enable their users to benefit from these ecosystems. Cross-chain and multi-chain are significant trends in the blockchain industry as it creates an internet of blockchains where most of the networks can be compatible with each other in a truly decentralized way without intermediaries.
When can you use cross-chain?
The protocol will be completed in Q1 of 2023 and submitted to the testing process. Its active use will start with the transition to Mainnet in 2023 Q2.
How can we find resources that explain Posschain’s cross-chain vision in detail?
All in these links ->