Blockchain Bridges: Trusted Bridge vs. Trustless Bridge
Hippo Wallet is a decentralized, non-custodial crypto wallet, built with top-notch security layers to keep users’ data private and cryptocurrencies safe and secure. With its distinct features, Hippo Wallet is set apart from its competitors in the market.
In this article we aim to introduce one of the unique features of Hippo Wallet; HPO Bridge. You will be also provided with useful information about the usage of HPO Bridge and its benefits.
Before diving into this new feature of Hippo Wallet, Bridging, let us first describe what a ‘Blockchain Bridge is’.
What is Blockchain Bridge?
A blockchain bridge is a technology that allows the transfer of digital assets or tokens between different blockchain networks. It enables interoperability between different blockchain ecosystems, allowing users to access a wider range of decentralized applications and services.
Blockchain bridges, also known as a “cross-chain bridge” are essential for the growth and adoption of cryptocurrencies as they facilitate cross-chain transactions and enhance the usability and value of digital assets.
In other words, because of the rampant growth of Web 3.0, blockchain or cross-chain bridges emerged—to enable interoperability and seamless movement of digital assets across different networks, all at a fair price.
Actually, transferring digital assets from one network to another has already been possible even without the use of cross-chain bridges; however, it is expensive and time-consuming.
Blockchain bridges were created for the purpose of having cheaper and faster transactions across different blockchain networks. In fact, the approach of cross-chain transfers can also be used in liquidity pools, where digital currencies can be exchanged for another from a different network.
Blockchain Bridges: Trusted Bridge vs. Trustless Bridge
To define, a blockchain bridge or a ‘cross-chain bridge’, connects two blockchain networks or decentralized applications to facilitate an uninterrupted transfer of assets, transactions, and information.
As each blockchain network has distinct traits and consensus models, these differences also give unique fragments of codes for developers in deploying applications. For this reason, blockchain project expansion required blockchain bridges to advance interoperability scalability, security, and decentralization to users and developers alike.
Blockchain bridges are classified into two: Trusted Bridges and Trustless Bridges.
A Trusted Bridge is governed in a centralized approach, under an operator or an entity. On the other hand, a Trustless Bridge runs in a decentralized manner; hence, does not need a central intermediary or custodian.
Available Blockchain Bridges in the Crypto Space
- A platform that uses the Celer State Guardian Network for liquidity across various blockchain networks
- A platform developed by Tixl Organization (now known as Autobahn Network) that supports cross-chain transactions of tokens and NFTs.
- The platform was formerly known as Fantom Anyswap. It is a cross-chain router protocol for data, assets, and multiple tokens.
- The platform was formerly known as Wormhole. It is a protocol that enables transfers of tokens and NFTs in a cross-chain manner.
One of the most impressive feature that makes Hippo Wallet apart from its competitors is “HPO Bridge”.
Users may use the HPO token Bridge to transfer their HPO Tokens across the Moonbeam, Ethereum, and Binance Mainnet networks. It is cost-free; we do not charge our users any cross-chain fees on the HPO Bridge Panel.
HPO Bridge has made Hippo platform more versatile and user-friendly enabling users to access to a wide range of digital assets and dApps.
Ethereum is one of the most popular blockchains in the crypto space. Hippo Wallet's HPO Bridge allows users to easily manage their Ethereum-based assets. This includes popular tokens like ETH, USDT, and DAI, as well as access to decentralized exchanges like Uniswap and SushiSwap.
Additionally, Hippo wallet may also support Binance Smart Chain, which is a blockchain platform developed by Binance exchange. Binance Smart Chain is designed to support smart contracts and decentralized applications (dApps), similar to Ethereum.
It is also known for its low transaction fees and fast processing times. As more and more cryptocurrencies are being built on Binance Smart Chain, it is becoming a popular blockchain platform for multi-currency wallets to support.
The third blockchain which has been recently added to Hippo platform is Moonbeam, an Ethereum-compatible smart contract parachain on Polkadot network. This blockchain enables developers to build applications that operate across multiple blockchains. Developers can use popular Ethereum tools to build or redeploy projects created using the Solidity programming language and Substrate.
How to Use HPO Bridge
Step 1: Go to https://panel.hpotoken.io/bridge
Step 2: Connect your MetaMask to the HPO Bridge Panel.
Note: Soon, Hippo Wallet will be integrated into the HPO Bridge Panel.
Step 3: Put the amount of HPO Tokens you need to move.
Step 4: Choose which Blockchain Network will the token be moved from (and vice versa.)
Step 5: Click Bridge.
The benefits of HPO Multi Chain Bridge
In the following you will find how the HPO Bridge can benefit you as an HPO Token enthusiast, trader, and investor.
The HPO Bridge supports three of the major blockchain networks in the market; hence, enabling users to execute their transactions seamlessly without experiencing the limitations compared to a single blockchain network.
- Easy to Use
The HPO Bridge is developed in a user-friendly manner to let users navigate through the panel with ease and comfort.
Since the HPO Bridge supports three blockchain networks, this allows users to harness the capabilities encompassed on each said network (Ethereum, Binance Smart Chain, and Moonbeam). Meaning, this gives users more opportunities for trading and investing.
- Lower Fees
Compared to other bridges available in the crypto space, the HPO Bridge offers cheaper transaction fees. Not to mention, Binance Smart Chain and Moonbeam already provide low transaction fees, which the users can benefit from as well.
Among the numerous updates to the HPO Token and Hippo Wallet application is the HPO Bridge. Our team makes sure that users have everything they need to expand their portfolios, protect their assets, and receive the best services they would require.
At Hippo Wallet, we put in a lot of effort to provide our consumers with the greatest features. We do our best to provide the most secure approach to entering the crypto space while creating a secure environment for all crypto enthusiasts.
Download the app now to use Hippo Wallet for safe transactions and hassle-free wallet management.