Interoperability at Internet Scale. Bitcoin & ERC20 DeFi Assets On Elrond Via Poly Network Integration.

Beniamin Mincu
·
Nov 24, 2020
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3 min read
https://poly.network

The internet is a vast array of interconnected computers that spans different types of networks, equipment, and software, to deliver unaltered data to any corner of the world. It can rightly be called the Internet of Data.

The decentralized global economy will be built on top of the Internet of Data, to deliver the Internet of Value - a vast array of interconnected blockchains that spans different types of protocols, standards, and implementations, to transfer unaltered value to any corner of the world.

“We are building Elrond to be the internet-scale blockchain. That means throughput on par with the performance needs of the internet, as well as interoperability with the most widely adopted networks.  Beyond performance, interoperability becomes the most important component for Elrond.” said Beniamin Mincu, Elrond CEO.

By leveraging our high throughput, low costs, smart contract innovations, and devkit, in tandem with Bitcoin’s unbreakable security or Ethereum’s $100+ billion in DeFi assets, Elrond is uniquely positioned to lead the cross-chain decentralized finance growth wave towards mainstream adoption.

We have started working with Poly Network to integrate the Elrond mainnet into a network of protocols. Poly Network is building an interoperability layer between blockchains such as Bitcoin, Ethereum, Neo, Ontology, and Cosmos, with Elrond joining next.

This will enable Bitcoin to circulate on Elrond at internet scale & cost, and the myriads of ERC20 DeFi tokens to benefit from 30% royalties on smart contracts and inexpensive high-speed token transfers.

“The Elrond architecture and protocol are clearly built from the ground up with interoperability in mind. The integration with Poly Network will thus be very straightforward and will make Elrond the most scalable addition to our ecosystem” said John Wang, Director of Poly Network.

Poly Network is an interoperability protocol that is designed to enable digital assets to flow between multiple blockchains. It already connects Bitcoin, Ethereum, Neo, Ontology, and Cosmos. To date, it has processed $2.8 billion dollars in transactions executed in Bitcoin, USDT, Ethereum, and other stable coins & tokens.

Our collaboration will focus on fully integrating the Elrond mainnet with Poly Network, and enabling use cases such as moving Bitcoin to Elrond as wrapped tokens, bringing ERC20 DeFi liquidity from Ethereum, or enabling Elrond-based assets to participate in DeFi opportunities on other blockchain platforms.

The integration is of significant importance, positioning Elrond as a key player in the rapidly expanding decentralized global economy, with immediate benefits such as BTC & ERC20 liquidity available for Elrond native DeFi use cases.

About Elrond

Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

About Poly Network

Poly Network a groundbreaking heterogeneous interoperability protocol alliance, consisting of leading blockchain platforms such as Neo and Ontology. Poly Network already integrates Bitcoin, Ethereum, Neo, Ontology, and Cosmos, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.

https://www.poly.network/

Github: https://github.com/polynetwork

Twitter: https://twitter.com/PolyNetwork2


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Written by
Beniamin Mincu
CEO, Elrond Network