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Understanding Cryptocurrency Bridges

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@defigeek
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Cross blockchain trading currently depends on bridges

  • Cross blockchain trading makes def possible.

  • But cryptocurrency tokens cannot actually move from one blockchain to another.

  • Bridges don't transfer tokens, they transfer the value of the tokens.

  • This transfer involves a trusted middleman, the bridge.

  • Bridges are therefore trusted, not trustless.

  • Bridges are therefore a point of weakness or vulnerability, which can be exploited.

  • Bridges are therefore not part of the decentralization dogma of trustless code, as they involve trusted humans.

  • There is one thing about the blockchain, and that is we always come back to basics.

  • Just like in that Book entitled All I need to know abot life I learned in Kindergarten. All you need to learn about the blockchain is contained in Blockchain 101.

  • If you view cryptocurrency through this lens you will be ahead of most, and be able to understand things better.

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