Cross-chain functionality is a new technology receiving attention lately. Amid the influx of innovative blockchains, creating bridges facilitating interoperability among these chains has become necessary. With an interoperable feature, it becomes possible for tokens to get transferred from one blockchain to another through a process called ‘wrapping’. Such tokens can still be moved out of the latter blockchain to the former by unwrapping them to their original forms.
This is what Wormhole aims to achieve with the launch of its mainnet. According to Wormhole, it aims to fill the interoperability gap among blockchains as a ‘cross-chain messaging protocol, secured by a network of Guardian nodes.’ Upon launch, Wormhole will only be available on a few blockchains, which include Solana, Ethereum, Terra, and Binance Smart Chain (BSC). There are long-term plans to go live on other networks.
How Wormhole Works
Guardian nodes have a significant role to play on the Wormhole network. They will be responsible for attesting to transactions on connected chains. These guardians can ‘observe and attest’ to activities and data that transpire on both chains. In a way, Guardians on the Wormhole network perform similar operations to those of validators or miners on the PoW and PoS algorithms, respectively.
Two-third and above of the overall number of Guardians on Wormhole can carry out attestations needed to approve requests made via connected chains.
What Makes Wormhole Better
Wormhole’s mainnet launch heralds lots of interesting features.
One of the most relevant features is speed, which means cross-chain transactions will be completed within split seconds. Wormhole’s asynchronous nature opens an opportunity window for low-latency on state, thereby getting information confirmed with less delay. The network is touted to rival Solan blockchain capacity-wise.
Wormhole’s core feature is flexibility to ensure that it can expand to accommodate other chains proposed for the network. Future upgrades on the network will be decided via a transparent governance process and determined by a supermajority.
Wormhole is a generic network, giving room for developers to build on it. Applications to be built cut across NFTs, asset transfers, oracle data, governance decisions, and many more.
Several reputable guardians have been onboarded as operators on the network. They include Everstake, ChainLayer, ChorusOne, CertusOne, Inotel, Figment, etc.
More About Wormhole: