Dubai, UAE, 10th November 2023, Cross-chain technology is used to connect two blockchains, achieving interoperability between them. It compensates for the isolated nature of blockchains by creating a cohesive network where crypto assets can be transferred across more easily. This way, users can switch between blockchains effortlessly while enjoying an efficient and seamless operation.
When talking about cross-chain, people usually refer to cross-chain bridges. They enable users to transfer coins and tokens across different networks without the need for a centralized exchange or conversion. For instance, if you possess Bitcoin and want to utilize some of it on the Ethereum blockchain, you can do so through a blockchain bridge. Bitcoin and Ethereum are the two largest cryptocurrency networks with distinct rules and protocols, making them non-compatible. Therefore, a blockchain bridge allows Bitcoin users to transfer their coins to Ethereum and use them in ways that were impossible on the Bitcoin blockchain, such as purchasing various Ethereum tokens, making low-fee payments, or accessing DeFi services.
Without cross-chain technology, you would have to convert BTC to ETH on a trading platform, withdraw it to a wallet, and then deposit it to another exchange, incurring several fees and wasting a lot of time.
Kinetex Widget is a platform that unites 15 networks, with more than 50 additional networks expected to be added soon. It creates a global ecosystem that enables users to transfer coins and tokens directly to other networks without creating new wrapped tokens.
To ensure the unification and smooth operation of the ecosystem, Kinetex has currently aggregated more than 20 bridges, including Multichain, cBridge, Polygon Bridge, Avalanche, etc. We will continue to add new bridges in the future based on the community’s requests.
By offering access to multiple blockchains through the same interface, Kinetex Widget improves the convenience and efficiency of crypto management, making DeFi more accessible to users of all levels and providing a framework for developing application and business solutions.
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