XP Network To Build The First Elrond <> Polkadot Bridge For Multi-Chain NFT dApps Deployment
XP Network is developing a platform that enables anyone to build NFT dApps on multiple chains. Their design will allow for applications to be built using a no-code graphical interface and then easily deployed or migrated to multiple chains, such as Ethereum, Polkadot, BSC, Facebook’s Diem, and Elrond.
Because XP Network is Polkadot-native, the first step of our collaboration will be to develop a bridge between Polkadot and Elrond. This will allow the bidirectional flow of assets between XP Network’s Polkadot parachain and our mainnet, and finally the deployment of NFT dApps.
“The first bridge between Elrond and a Substrate-based blockchain is an important step towards a financial system where value can freely flow through a heterogeneous technological landscape. XP.network have been pushing hard and building at an outstanding pace. We look forward to seeing their first NFT dApps deployed on our mainnet.” said Beniamin Mincu, Elrond Network CEO.
The bridge will operate according to the following principles:
1) The terms of XP Network smart contracts are delivered to Elrond, and a parallel wallet is created. Then assets are prepared, and their exchange rates are retrieved from an oracle.
2) The initiating blockchain attempts a pre-commit (something like a test). If it succeeds, a similar pre-commit is run on the Elrond side.
3) If both tests succeed, the actual transaction is initiated: assets are released and sent over to the new owner. But if the pre-commit on Elrond’s side fails, the transaction is aborted and both parties retain their original assets.
A test version of the bridge will be available in the following weeks.
“The Elrond design stands out because it integrates tokens directly into the protocol, which makes minting and transferring NFTs a lot more efficient. This looks like it can be very attractive to our users, so we’re doubling down on the integration efforts with Elrond, as part of our strategy of positioning the XP Network as the epicenter of a multi-chain NFT ecosystem.” said Nir Blumberger, XP Network CEO and Co-Founder.
The creation of the first bridge between our mainnet and a Substrate-based blockchain is important because it paves the way for increased interoperability between the Elrond and Polkadot ecosystems. Furthermore, the integration of our mainnet into the XP Network platform will increase the number of NFT-centric dApps on our blockchain, furthering its adoption.
Elrond is the internet-scale blockchain, 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.
XP.network is a no-code NFT dApps creation platform. It allows creating an NFT marketplace, a lending app that uses NFTs as collateral, and much more. Launch NFT dApps on several blockchains or migrate it from one to another: all without writing a single line of code. XP.network is a Polkadot parachain, which means full interoperability plus cheap and fast transactions. XP.network will support 10+ blockchains, including Ethereum, Diem by Facebook, BSC, Binance, Solana, and Elrond.
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