It is almost amusing to see all the major blockchains and the crypto realm in general talk about open communication while the greatest gaps still exist at blockchain level. Even though each ecosystem offers an immense amount of functionality, there is still a division when it comes to cross blockchain movement. Then there is the matter of personal choice, which means people use multiple blockchains. Chainflip aims to remove those barriers and act as a bridge between all major blockchains.
How Does Chainflip Work?
As per the details shared by the company, the main purpose of Chainflip is to provide cryptocurrency swapping that can be done across any two blockchains. The company wants to connect all the major ecosystems to create a seamless swapping experience with so many other possibilities. Achieving that means introducing novel ideas that almost no has worked on so far. Of course, other platforms are working on the same idea, but Chainflip seems to have grown the most. The platform offers several key features that users would appreciate and some of them include the following.
- The biggest feature that Chainflip offers its users is the native swapping experience between major blockchains. This means that users will no longer need to use synthetic counterparty assets or wrapped tokens to swap assets. This also means that instead of worrying about multiple transactions, you can do everything now with just one.
- One might imagine that to get such a system working would require specialized tools and software that needs to be installed. Thankfully, Chainflip does not require any of those things and you can get it running simply by providing a compatible address and your tokens, of course. Backing up key files is also a thing of the past with this platform.
- The system is built on Substrate which also makes it highly reliable. The protocol itself is encapsulated in a Proof-of-Stake blockchain that the platform is calling State Chain. This chain will be natively handling any asset present within the Polkadot ecosystem.
The people running Chainflip are the most capable and experienced blockchain and finance specialists. They also have major investors backing and guiding their platform.
How to Participate?
While there is no public announcement so far from Chainflip regarding a public ICO, you can stay informed of future developments through their website and socials.
* ICO Daily does not provide investment advice. Please read our disclaimer