Plasm Network Partners with Secret Network to Launch the First Polkadot-Cosmos Cross-Chain Bridge
Polkadot-based Plasm Network companions with Secret Network to launch a cross-chain bridge between the 2 initiatives. This bridge will permit customers to instantly ship and obtain belongings throughout the 2 platforms in a brand new form of “layer zero” protocol.
Announced on Tuesday, the ‘bridge’ outcomes from an ongoing partnership between Plasm Network (PLM) and Secret Network (SCRT), a Cosmos blockchain-based transaction privateness resolution, which permits customers to transact belongings on any of the 2 networks. Built on Plasm testnet, the bridge will permit personal transactions on Secret Network and entry to decentralized finance, DeFi, supplied on SecretSwap, the platform’s automated market maker (AMM).
“We’ve completed building our bridge with Secret Network,” the weblog submit reads. “This build will start on our testnet before deploying to mainnet down the road.”
Plasm Network customers shall be restricted to having fun with “secret” transactions and DeFi merchandise constructed on the Secret DApp hub at launch. By turning their belongings to “Secret Tokens,” artificial tokens on Secret constructed utilizing ERC-20 requirements and privateness options of cash similar to Monero and Dash, customers can take pleasure in encrypted transactions, “viewable only to address owners or holders of their viewing key.”
Notwithstanding, the bridge additionally brings DeFi to Plasm customers by Secret DeFi, which permits the constructing of privacy-preserving DeFi apps.
The mainnet launch will observe the testnet launch as soon as Kusama Network (KSM) is prepared for launch and Plasm turns into a parachain on Polkadot. Kusama is a Polkadot parachain testnet unveiled by Polkadot’s co-founder Gavin Wood in 2019.
Speaking on the latest partnership, Plasm co-founder Sota Watanabe stated,
“We have considered the light client implementation. And we are highly likely to take this approach after becoming a Kusama Parachain. The implementation we have today is an MVP [minimum viable product].”
Secret Network and Plasm partnership is the primary time the Polkadot (DOT) and Cosmos (ATOM) blockchain has a direct connection. This is made potential by the Inter-Blockchain Communication protocol (IBC) on Cosmos, which permits direct communication between totally different blockchains.
“This is the first commercial trial that brings Cosmos assets to the Polkadot ecosystem and vice versa.”
“We would like to make the idea of ‘Cosmos vs. Polkadot’ obsolete.”