Washington D.C. – The first production cross-chain bridge between two blockchain networks is launching today. POA Network announces the POA Bridge which makes it possible to transfer tokens quickly and cost-effectively from the POA Network to the Ethereum network and back. To demonstrate the security and speed of the solution, on May 10 POA will transfer $1 million in POA native tokens to the Ethereum network as ERC20-compatible tokens and back again. The entire process takes under five minutes with just a few clicks. The live demo is streaming Thursday, May 10 at 11:00 am ET on DAPP University YouTube channel (https://www.youtube.com/channel/UCY0xL8V6NzzFcwzHCgB8orQ).
With the POA Bridge, this is the first time two Ethereum protocol based blockchains have been directly connected in production. POA Network’s cross-chain bridge is an open source project which proves cross chain bridges can work safely and securely between two blockchains.
“For the first time, we have made it fast and inexpensive to transfer tokens directly between two blockchains which will allow businesses to do transactions much more cost-efficiently on the blockchain. The POA Bridge addresses the ongoing problem of scalability and connectivity,” said the developer evangelist for the R&D team Ziggy Zeidan. “Blockchains today can be very slow and congested so users must utilize different solutions to avoid this problem. It is essential to find a method to directly bridge these blockchains and that is what we are demonstrating.”
POA Network’s vision is to create an ecosystem of multiple networks designed for connectivity using bridges. Projects might choose to move the most computation intensive transactions on the POA Network thus enabling faster transaction processing with lower costs and a higher efficiency.
“Our POA algorithm is applicable to a broad range of uses by institutions, government agencies and industries like insurance, supply chain, medicine, and more,” said Zeidan. “The POA consensus algorithm makes for a faster and more efficient blockchain that will attract new users and use-cases. With the POA Bridge, we are creating a use-case for showing how blockchains can gain access to more liquidity. By creating POA20, we are allowing sidechain tokens to access new markets.”
About POA Network
POA Network is an Ethereum-based platform that offers an open-source framework for smart contracts. Toward the end of 2017, POA Network launched its own blockchain utilizing a new and unique consensus mechanism known as Proof of Authority (POA). POA leverages an independent group of validators which increases security while enabling a method of governance on the blockchain. POA Network provides a solution that is scalable, secure and cost efficient, aiming to provide a platform for small and medium businesses
For more information please visit https://poa.net.
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