Oracles Network Announces Cross-Chain Bridge Technology

14-Nov-2017 Intellasia | BusinessWire | 4:37 AM Print This Post

Blockchain Innovation Allows Seamless Transfer of Value Across
Multiple Ethereum-Compatible Networks

BERKELEY, Calif.–(BUSINESS WIRE)–California-based Oracles Network has unveiled
cross-blockchain bridges
, capable of transferring assets across
various Ethereum-compatible networks such as Ethereum Classic, Oracles
Network, Ethereum itself and others.

Oracles Network’s cross-chain bridge mechanism successfully overcomes
two of the biggest obstacles blockchain systems currently face:
scalability and connectivity. These obstacles prevent widespread
blockchain deployment for many small and midsize businesses. As existing
networks struggle to accommodate a growing number of transactions,
network performance suffers greatly while costs increase due to
expensive transaction fees. Oracles Network’s cross-chain bridge
addresses these limitations by providing open-source tools to all
industry players.

The cross-chain bridge enables seamless connectivity amongst any
Ethereum-compatible networks, allowing for greater flexibility in
transferring value. Previously, for a blockchain to be viable, it had to
have a self-sustaining ecosystem. Since blockchain ecosystems are
time-consuming and complex to build, many chains were incapable of
long-term development.

“One of the immediate use cases for cross-chain bridges is a cross-chain
tokensale, a new way to conduct crowdsales,” said award-winning
blockchain expert and Oracles Network co-founder, Igor Barinov. “In this
scenario, we create cross-chain crowdsale contracts, collecting funds on
the main Ethereum network while issuing tokens on another, more
performant and cost-efficient Ethereum-compatible network. This brings
to life new types of interactions between blockchains.”

To read more about the Oracles
Network ecosystem
visit the following for more information:

Project Website: https://oracles.org/
Whitepaper:
https://hackmd.io/s/HkV8Vw7_-
GitHub:
https://github.com/oraclesorg
Medium:
https://medium.com/oracles-network
Project
Forum: https://forum.oracles.org/
Telegram:
https://t.me/oraclesnetwork
Twitter:
https://twitter.com/oraclesorg

About Oracles Network:

Oracles
Network
is the first Ethereum-based public network with
Proof-of-Authority (PoA) consensus, reached by independent, pre-selected
validators. Oracles Network makes smart contracts cheaper and faster
than Proof-of-Work (PoW) predecessors.

Contacts

PMBC Group
Gabe Uribe
310-777-7546
[email protected]

 


Category: BusinessWire, PRAsia

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