Solbridge Key Features
Solbridge was recently announced as the APYSwap Foundation’s first project. We would like to use this opportunity to spotlight some key features, which define Solbridge.
Solbridge was conceived to address the current market needs. Recognizing the strengths cross-chain interoperability has to offer, Solbridge sets out to connect the DeFi services providers from every network within a grand hub, by implementing bridges to the EVM and non-EVM networks alike.
Its end goal is to unite the communities from all corners of blockchain space to operate in a decentralized cross-interoperable ecosystem, allowing them to access the services on the chain of their choice.
What makes Solbridge so unique is the fact that it uses an on-chain consensus. Typically, a bridge consists of a smart contract, a network of oracles and a smart contract on the destination blockchain, used to accept the input from active oracles and mint new tokens to the recipients.
However, it is our belief that oracle (or validator) consensus should be reached on-chain. This is exactly why the proof of concept launches first on Solana, as on-chain consensus would require a fast blockchain with tolerable transaction fees.
In addition to stability, on-chain consensus provides an overall system transparency. Every validator transaction for every transfer can be verified with the help of a regular block explorer, and, if something goes wrong, it can be identified immediately. A separate block explorer will be implemented to monitor bridge transfers.
Usually, multi-chain bridges fall into a trap of requiring every validator to monitor all the supported blockchains. This leads to great inflexibility, since adding a new blockchain requires the support of all validators. Instead, a different approach was chosen, where validators are offered the right to decide which blockchains they support. This way they can rely on their unique technical expertise and focus on blockchains they find most important.
Solbridge also uses activity monitoring to generate periodical reports to the system’s contract, tracking the support of a selected blockchain by validators. This way the number of active validators for every blockchain can be aggregated to identify the majority needed to support it.
We hope you found this article exciting, as we have a lot more to share with you. Next time we are going to explain the unique system of validators. Therefore, stay on the lookout for the upcoming announcements.