California-based Oracles Network has unveiled cross-blockchain bridges, capable of transferring assets across various Ethereum-compatible networks such as Ethereum Classic, Oracles Network, Ethereum itself and others.
Oracles Network’s cross-chain bridge mechanism successfully overcomes two of the biggest obstacles blockchain systems currently face: scalability and connectivity.
These obstacles prevent widespread blockchain deployment for many small and midsize businesses. As existing networks struggle to accommodate a growing number of transactions, network performance suffers greatly while costs increase due to expensive transaction fees. Oracles Network’s cross-chain bridge addresses these limitations by providing open-source tools to all industry players.
The cross-chain bridge enables seamless connectivity amongst any Ethereum-compatible networks, allowing for greater flexibility in transferring value. Previously, for a blockchain to be viable, it had to have a self-sustaining ecosystem. Since blockchain ecosystems are time-consuming and complex to build, many chains were incapable of long-term development.
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