ChainSafe is ecstatic to announce the launch of ChainBridge. ChainBridge is a modular multi-directional blockchain bridge that enables data transfer between blockchain. ChainSafe believes that blockchain technology will enable interaction with one another amidst major networks. The development of ChainBridge aims to achieve precise performance in a decentralized and cynical manner.
— ChainSafe Systems (@ChainSafeth) May 13, 2020
As of now, ChainBridge is initiating support for Ethereum, Ethereum Classic, and Cosmos-SDK based chains. Decentralized Finance has lately been the most adopted use case for Ethereum and Ethereum Classic users. ChainBridge will enable its users to secure their ETC and transfer its value to Ethereum, where the bridge will mint Synthetic ETC. ChainBridge functions in two-way that enable its users to make the transfer of assets that they have received after making an investment in DeFi.
The CEO of ChainSafe Systems Aidan Hyman quoted,
Ethereum Classic is excited to extend support to ChainSafe for developing ChainBridge. The bridge will allow transferring whimsical data from one blockchain platform to another. Both organizations believe that there are many opportunities where Ethereum Classic and Ethereum can make mutual development. And in the near future, organizations can be optimistic about adopting blockchain.
Excited to support the development of ChainBridge! “@ChainSafeth has been a great partner in helping #ETC continue to grow while working in tandem with other blockchain technologies to provide seamless integration and value to the devs, ” – @realjameswo. https://t.co/3dpzvMDRft
— Ethereum Classic Labs (@etclabs) May 13, 2020
Talking about the collaboration, James Wo, the Founder of ETC Labs, said that Chainsafe had been a valuable partner for their organization that helps ETC to continue the growth while working with other blockchain technologies. This further provides smooth integration and increases developers’ value. Chainbridge has the ability that it can eventually be extended to any blockchain network.
Chainsafe Systems is the firm that assists blockchain research and works on necessary development on the platform with an aim to construct an infrastructure for Web3. Chainsafe has been an active contributor to Cosmos, Polkadot, and Filecoin ecosystems.
ETC Labs aims to build an easily approachable and best-quality technology. They aim to use technology to maintain the strategic plans as it is in the regulated ecosystem. The major aim is to accomplish the goal of improving people’s lives using the globally acclaimed public blockchain, Ethereum Classic.