Easily Transfer Tokens Between Blockchains With AllBridge [Solana Series]

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Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the Lifestyle Dezign Studio. Here’s your host Crypto Travels Michael.

Did you know that the SOL token from Solana a year ago today was about $1.70 per token $1.70 While the crypto market is exploding and has this year and will continue to in this upcoming year. Today’s episode is another one in the Solana series. And it’s all about easily transferring tokens between blockchains with Allbridge. So let’s jump in today’s episode. What is Allbridge? Allbridge is a modular and expanding token bridge with on chain consensus. It’s a simple, modern and reliable way to transfer assets between blockchain networks. A blockchain bridge is a connection that allows tokens and data to be transferred from one chain to another. Both chains may have different protocols, rules and governance models. But the bridge creates a reliable mechanism for both chains to inter operate. There is a lot of diverse Bridge designs, but they may generally be classified into two categories, more centralized bridges that rely on trust or federation and more decentralized trustless bridges.

Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between different networks. In the future, it will evolve into a Dao style multi chain hub, establishing connections between the EVM and non EVM networks. Everybody can add a token to the Allbridge via a special interface. Users and holders can stake that ABR token and add other tokens. Also holders have ability to move tokens to a different blockchain. So let’s break down some of the benefits and features. The on chain consensus: what makes Allbridge so unique is the fact that it uses an on chain consensus. Typically, a bridge consists of a smart contract, a network of Oracles and a smart contract on the destination blockchain used to accept the input from active Oracles and mint new tokens to the recipients. By the way, if you haven’t listened to my episode all about what are Oracles in crypto? Definitely listen to that one after this one and it will really help you. However, there is a belief that an Oracle consensus should be reached on chain. And this is exactly why the proof of concept launches first on Solana as on chain consensus would require a fast blockchain with tolerable transaction fees.

Let’s break down the system transparency in addition to stability on chain consensus provides an overall system transparency. Every validator transaction for every transfer can be verified with the help of a regular block Explorer. And if something goes wrong, it can be identified immediately. A separate block Explorer will be implemented to monitor bridge transfers. By the way, Allbridge also has modular architecture. Not all blockchains are created equal, some are not so widespread, and others are quite expensive to operate. And all are welcome on Allbridge. Validators can pick and choose which blockchain they want to support in blockchains can incentivize validators for better coverage. They also have the single signature method. While the majority of validators have to confirm bridge transactions, only one signature from one validator is enough to make a transfer. This is achieved by validators checking not only incoming but also outgoing transactions in the networks they support.

Let’s break down the activity monitoring Allbridge also uses activity monitoring to generate periodical reports to the systems contract, tracking the support of a selected blockchain by validators this way the number of active validators for every blockchain can be aggregated to identify the major or majority needed for support, and there’s also low bridge fees. A bridge fee is a fee that a user pays for each bridge transfer. A bridge transfer requires two transactions. Send the transaction on the source chain and receive a transaction on the destination chain. The bridge fee is a fee paid with the send transaction. And the bridge fee does not include a gas fee. This fee is paid in the same token that the user transfers. And by the way, bridge fee is 0.3% from the transfer amount. So let’s break down the freedom. At the center of the Allbridge philosophy lies the freedom for users to go invest and engage in blockchain projects whenever they please.

As blockchain grows and grows, there’s an equal need for interoperability and the freedom of movement while searching for greater functionality. So I should cover the token, the Allbridge token, its… ticker symbol is A-B-R and it’s the native token of the platform. And the token is used to it’s used as a transaction fee on the platform. Also for staking. It’s used as a fee for projects to register bridges on the platform. And you can own the ABR token by buying those tokens on exchanges like Uniswap, Raydium, or Orca. So I hope today’s episode has definitely painted you somewhat of an overview about what is Allbridge, maybe you’ve never heard about this project before. Maybe you’re just curious to know, I know it was a little bit more technical. But as you grow in in your understanding and depth of the crypto world, this will help paint an overall picture and that’s what I’m really striving and working on is to provide an overall picture of all the different facets in crypto for you. So if you like today’s episode, definitely like and subscribe to the podcast, share this episode on social media, and chime in here tomorrow for another special episode. If you’d like to reach out to me, you can email me at show@newtocrypto.io. I’m always interested to hear about requested episodes that people would like or feedback about the show, etc. I’ll see you here tomorrow. Make it a great day.

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By: cryptotravelsmichael
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Table of Contents

Easily Transfer Tokens Between Blockchains With AllBridge [Solana Series]

Welcome back to another podcast episode! Today’s discussion will be about AllBridge and how you can easily transfer tokens between Blockchains using its platform. Read on to find out more! 

What Is AllBridge? 

AllBridge allows you to move your assets from one chain to the other in a straightforward and efficient manner.

Allbridge supports Ethereum, Binance Smart Chain, Polygon, Solana, Avalanche, Huboi Eco Chain, and Celo cross-chain transactions. It also allows an increasing number of tokens and coins that are regularly used in decentralized finance across different chains (DeFi). 

Allbridge bills itself as an easy, modern, and dependable means to move assets between networks. It’s a bridge between EVM and non-EVM compatible blockchains, with the goal of eventually covering L2 solutions and NFT transfers.

The objective of Allbridge is to make the blockchain world borderless by providing a mechanism for freely moving assets between networks. It will develop into a DAO-style multi-chain hub in the coming years, allowing EVM and non-EVM networks to connect.

How To Transfer Tokens 

The following step-by-step guide will show you how to easily transfer your digital assets using the preferred bridge.

You’ll start by going to the bridge page. You’ll next choose your path, specifying which blockchain you’d like to move your tokens from and which blockchain you’d like them to arrive on. 

Before eventually finalizing your transaction by choosing the ‘Connect Wallet’ option, select the precise asset you want to transfer.

Your wallet will then ask you to confirm your decision. After that, you’ll need to fill in the ‘Recipient Address’ section with the address of the recipient blockchain. Lastly, in the Amount to send section, enter the amount of assets you want to send.

If you’re using MetaMask, for instance, you’ll be asked to approve spending again before sending money. Prior to actually confirming the send transaction in the wallet, click the ‘Send’ button to initiate it. After approving the transaction, you’ll be taken to a waiting screen with a link to the block explorer.

You’ll be able to connect the wallet of the target blockchain and collect your designated assets after the transaction is confirmed as successful.

Select ‘Connect Wallet’ to select your appropriate wallet, and then ‘Receive’ to complete the transaction you started.

After accepting the transaction, you will be presented with a waiting page with a link to the block explorer, allowing you to keep track of your assets at all times. After that, you’ll be presented with the last success screen.

Not all blockchains are created equal, some are not so widespread, and others are quite expensive to operate, and all are welcome on Allbridge. Allbridge's mission is to make the blockchain world borderless and provide a tool to freely move assets between different networks.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

  • What is Allbridge
  • On-Chain Consensus
  • Allbridge Security
  • Fees
  • The ABR token

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

The underlying technology enables transfers to be as quick as a standard transaction on a blockchain. Every transfer consists of two transactions: one on the source blockchain and the other on the destination blockchain.

In the context of Allbridge, the transaction takes just as long as the blockchain requires to confirm it. The transfer can be completed in a matter of seconds if the confirmation speed is rapid enough.

Allbridge stakeholders can lower their asset transfer costs by using the dynamic fees scheme. Staking on the source blockchain reduces the cost of bridging because the bridge charge is paid before the transaction is delivered.

In fact, 80% of the fees are allocated to the ABR staking pool on a certain chain as an incentive to the stakers.

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