Cryptocoins are the upcoming changes happening in this technological era. Most people prefer cryptocoins for their various needs and it is starting to be accepted worldwide. The cryptocoin blockchain works on a centralized and decentralized platform. On one side of a centralized platform, we are losing our privacy and on the other side of a decentralized platform, we are building our utmost privacy guards. Many technological fields started to adopt decentralized blockchain techniques for privacy purposes. They started to develop various privacy and secured Dapps. To use Dapps, users need cryptocoins. Here comes the issue, using one cryptocoin on another crypto blockchain platform is difficult. Because only the native coin can be used on their blockchain. To overcome this issue cross-chain bridge projects are being developed by many cryptocoin platforms to increase their scalability.
Why can’t other cryptocoin be used on different platforms? It is due to the blockchain; it won’t allow other cryptocoins on their blockchain. To use our crypto on another blockchain, the Beldex bridge is developed. It acts as blockchain interoperability. A cross-chain bridge will help to link both the bridge and swap the coins.
Why do we need it?
All crypto platforms have different usages. They have developed many kinds of Dapps for privacy purposes. To use those dapps on their platform users need to change their cryptocoins into that platform coin. John is holding 50 BDX in his wallet. He wants to use Ethereum Compound Dapps. For using this dapp, John needs to convert BDX into ETH coin and then only he can access Compound dapp. It takes more time to convert the cryptocoin and the transaction fee is also high. To overcome this beldex bridge is used. Here John does need not exchange his BDX instead, he can swap as wrapped BDX. It makes the process simple and easy.
Benefits of using Beldex bridge:
- Transaction fees will be low.
- The process will take place in an instant.
- A cross-chain collateral process is carried out.
- The scalability of native cryptocoin is increased.
- Can use all kinds of dapps without losing native coins.
- Changing back of wrapped coins to native coins is easy.
How does the Beldex bridge work?
Now the beldex bridge is working on the binance smart chain. Here the user can swap their BDX coins into WBDX. By swapping the coin, users can use it on any platform. Are you afraid of losing value? No worries. The value is maintained as a 1:1 ratio. So swapping doesn’t change the value remains the same. The BDX will change into WBDX as token coins. These token coins are used on other platforms. The swapping of coins takes place in blockchain interoperability. It increases efficiency by reducing transaction fees.
The whole process will take place on a decentralized blockchain so privacy is maintained throughout the process. No one can find your transaction history. Once the need is over on another platform the wrapped BDX can be converted to BDX at ease. We are currently making our moves on Ethereum bridge and Polkadot bridge. Users can feel comfortable on all platforms without losing their security.
To make the swapping of BDX easy without losing value the binance smart chain bridge helps a lot. Without any difficulties, people can use other platforms DApps.
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