DeFiChain has announced the official launch of a BNB bridge dubbed the DeFiChain Bridge which establishes a connection to the BNB chain and vice versa. The DeFiChain is a decentralised Proof-of-Stake (PoS) blockchain established as a hard fork of the Bitcoin network which will enable the development of powerful DeFi applications. The Multi-chain is certainly the future of blockchain technology.
Decentralized Bridge from DeFiChain
With this development, DeFiChain is forwarding its goal to enable decentralised finance (DeFi) applications to Bitcoin which is the oldest blockchain network. It can now focus on developing more DeFi applications for the Bitcoin ecosystem. Dr Daniel Cagara who is DeFiChain Bridge’s Lead Project Owner stated the following in the announcement:
“Development of a system which can connect the BNB Chain with the DeFiChain ecosystem has never been very easy. [With this development,] BNB Chain investors can now gain access to DeFiChain’s high payouts and decentralised stocks. It will allow users to take advantage of the best of both worlds without the need for centralised exchanges or the time-consuming processes of setting up the appropriate accounts and credentials.”
The DeFiChain Bridge requires the highest level of security to prevent the customer’s funds from missing due to incidents of hacks like the Ronin attack. In the Ronin attack, hackers gained access to a multi-contract bridge and stole $600 million in cryptos. The hacked cryptos have not been retrieved till date, and the attacker has transferred it to another address.
According to press release of the announcement, the company said the followings about the security of funds from hacking and attacks:
“Unlike many other bridges, which aim to be “Jack of All Trades,” the DeFiChain Bridge has only one goal: to keep user money safe. The attack surface for potential exploits is considerably reduced because of its simplistic architecture. The bridge’s cryptography is based on BNB Chain’s Threshold Signature Scheme (TSS), which uses distributed calculations to replace all private key-related commands. As a result, the libraries used have been validated and audited many times by BNB.”
