SafeBridge - A New Standard In Secure InteroperabilityThere is a clear, immediate, definitive need for a reliable security focused interoperability platform in cryptocurrency. We introduce SafeBridge Testnet, a fully functioning decentralized cryptocurrency bridge, and the newest member of the Safecoin Ecosystem. Using the security-centric SafeBridge, one now has the following Testnet capabilities:
- Fully functional migration of SAFE and ETH tokens across both chains
- Migration of native (wrapped) SAFE and ETH across both chains
- Upcoming: Direct Solana integration with all chains
- Many more chains to be added shortly (talk to us about adding yours today)
SafeBridge is a key DeFi component in the Safecoin ecosystem and will be integrated into upcoming DEXs including SafeSwap. SafeBridge offers limitless possibilities of secure blockchain interoperability for new and existing applications including SafeTrade.
A simplified flow chart of how SafeBridge, forked from Wormhole, is being integrated within the Safecoin ecosystem (including SafeTrade) is shown below in figure 1:
Figure 1 — Illustration of SafeBridge integration within the SafeCoin ecosystem
SafeCoin now joins an exclusive list of projects with full cross-chain interoperability and will continue to be integrated with more blockchains such as BNB, AVAX, etc. in the very near future through SafeBridge.
The Roadmap of new blockchains to be bridged is extensive and industry leading, as well as eventually incorporating Safecoin Validators. SafeTrade will subsequently utilize these integrations for enhanced features and improved liquidity.
To demo SafeBridge on Testnet, click “SafeBridge” below:
https://testnet.safebridge.org/#/Understanding the differences between SafeBridge and Wormhole:
Recently, Wormhole was subject to an exploit caused by a bug in Solana’s verification system which led to the minting of 80,000 wETH without depositing any coins. Wormhole does not itself verify the balance and circulation when bridging. Instead it relies on the blockchain to do this which is how this transaction was able to be processed without any flags.
SafeBridge, currently the only Wormhole Testnet in the world, is being developed to introduce additional checkpoints to mitigate the most dangerous security threat to have ever existed: human error. A basic flow diagram is illustrated below in figure 2 which highlights the key additions in SafeBridge with the green action circles.
Figure 2 — Simplified SafeBridge flow diagram
- SafeBridge will essentially add a two factor authenticator to double check the circulating supply at the start of the process and again just before the tokens are minted
- This ensures that no tokens are minted without locking and verifying the initial deposit
SafeCoin will be hosting an AMA on Feb. 6, 2022 at 6PM UTC dedicated to answering any and all questions for SafeBridge and our upcoming DEXs.
Join Here :
https://www.youtube.com/watch?v=ODDtluN7STA
