New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options
25 Octubre 2021 - 06:00PM
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Bondly has announced a new functionality on the Cardano blockchain
that is aimed at creators. Energy consumption has been a major
problem on the Ethereum network, especially given the increased
usage of the blockchain over the past couple of months. Developers
behind the project have been working towards moving the network to
proof of stake but that is still another year away. In the
meantime, Ethereum blockchain still uses a proof of work mechanism
which requires a large amount of energy for transactions to be
confirmed on the network. Thus, Bondly has introduced a new
solution for NFT creators who may be looking for more sustainable
and eco-friendly options for their creations. But at the same time,
do not want to lose the NFTs they have already minted on the
Ethereum blockchain. Related Reading | Bridging Two Worlds In its
announcement, Bondly says its official Ethereum to Cardano bridge
will enable creators to choose a more eco-friendly blockchain for
their NFTs. Creators are able to move their NFT creations from the
Ethereum blockchain to the Cardano blockchain using this bridge. In
terms of energy-efficiently, the Cardano blockchain is four million
times more efficient than Bitcoin. Ethereum is said to use the
energy equivalent of Columbia, while Cardano’s energy usage comes
out to be equivalent to that of a family home. Thereby providing a
greener and eco-friendly network for creators who are worried about
the environmental impact of blockchain use. Related Reading
| Cardano Loses 3rd Spot On Crypto Top 10, Why It May Drop
Even More Bondly announced that through this partnership with IOG,
it will be able to provide NFT creators a way to simply transfer
NFTs minted on the Ethereum blockchain over to Cardano without the
risk of losing a transaction or paying high fees for transfers.
Cheaper On Cardano In addition to having their work on an
eco-friendly blockchain, creators do not have to worry about the
high fees that the Ethereum network has come to be known for. With
the majority of NFT minting happening on Ethereum, the network fees
have shot through the roof, leaving smaller creators who cannot
afford these high fees out to dry. This is, however, not the case
with Cardano. ADA price struggles at $2.13 | Source: ADAUSD on
TradingView.com The network boasts of low fees for any transaction
carried out on the blockchain. Additionally, the network also
offers NFT creators price predictability and stable transaction
costs, which will eliminate increasingly high fees and the fear of
lost transactions due to not having enough gas fees to cover a
transaction. The bridge is set to launch in 2022 and in celebration
of its launch, Bondly will release a special series of eco-friendly
NFT on the network. Harry Liu, CEO of Bondly, said; “The creation
of a cross-chain NFT bridge between Ethereum and Cardano marks a
pivotal moment in the transition from legacy blockchain technology
to one of the most hotly anticipated ‘third generation’ networks.
As one of the pioneers of the NFT movement, we continue to play a
key role in building the infrastructure that will herald the next
phase of NFT evolution.” Related Reading | Cardano Set To
Enter The Babbage Era After Alonzo HFC Milestone Liu is not the
only one excited about the bridge. Founder of Cardano, Charles
Hoskinson, expressed support for the project. “We built Cardano
with energy efficiency in mind, which is why this partnership with
Bondly is so crucial,” said Hoskinson. “We believe that blockchain
will only achieve mass adoption when end users have a seamless
experience, regardless of which blockchain they are using, which is
what bridges like this will achieve.” The founder has always
believed that interoperability will be the future of the blockchain
industry and this stance is reiterated with the new partnership
with Bondly. Featured image from Bitcoinist, chart from
TradingView.com
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