https://ift.tt/12i3VkK Collaborates With Wanchain To Introduce Bridges for Its $XDC Token

XinFin, a hybrid (public & private) blockchain, announced a partnership with DIMO and Wanchain to deploy bridges for its $XDC token and enhance the hybrid ecosystem for its users. According to the statement, the proposed bridges will initially link $XDC to Binance Chain, Polygon, Avalanche and Wanchain, with more blockchains to be added in the future. 

Notwithstanding, Wanchain will also provide the XinFin ecosystem with additional support in bridging and introducing additional crypto assets to XinFin’s ecosystem. At launch, the bridges will introduce Bitcoin (BTC), Ethereum (ETH), Wanchain (WAN) and other assets to the hybrid blockchain’s growing ecosystem. DIMO, on the other hand, will push to list $XDC on other chains while also developing use cases for Wanchain wrapped assets on XinFin. 

Simply explained, a blockchain bridge is a connection that allows the transfer of tokens and/or data from one blockchain to another. Both chains can have different protocols, rules and governance models, but the bridge provides a compatible way to interoperate securely on both sides.

XinFin is an enterprise-grade, EVM compatible hybrid blockchain, equipped with public and private states and interoperable smart contracts. The ecosystem digitizes the global trade and finance sector via its decentralized infrastructure making the movement of goods and services more efficient and accessible. Given its hybrid state, the blockchain can be used by governments, corporations, private companies and individuals who do not need all their information to be public.

“XinFin was born with the intention of reaching what others were not able to. In a world where technology, time and efficiency become more and more essential, XinFin aims to build a network where enterprises and governments can seamlessly use blockchain resources”, says Atul Khekade, co-founder at XinFin. 

Wanchain boasts as one of the earliest cross-chain solutions in the blockchain space. Launched in 2017, Wanchain provides users with premium interoperability solutions for blockchains, allowing the transfer of value and data across them. Currently, Wanchain connects more than 15 Layer 1 and Layer 2 networks including but not limited to Arbitrum, Avalanche, Bitcoin, Ethereum, Litecoin, XRP Ledger, Polkadot, XRP Ledger and now XinFin.

Partnering with Wanchain opens the doors for greater expansion of the XinFin ecosystem, Atul added. Wanchain will connect XinFin’s $XDC token to Avalanche, BNB chain, Polygon and Wanchain’s own Layer 1 blockchain. This will allow XinFin to fully communicate with the blockchains listed above, share data and transfer value across these chains. 

“That is why the collaboration with Wanchain, to bridge XinFin to other platforms, is of crucial importance to achieve the objective of a decentralised and effective global system,” Atul concluded. 

Finally, the partnership with DIMO will also help XinFin find its footing across global trade. Adding $XDC to DIMO bridges helps bolster the business development of XinFin’s ecosystem. DIMO, similar to XinFin, was launched with an aim to incentivise digitization and collection of data on the blockchain. This boosts the overall adoption of blockchain technology, and adjacent cryptocurrencies, especially for retail clients.