Plasm Network, the multi chain dApps hub on Polkadot has announced the testnet launch of its Secret Network (SCRT) bridge MVP. The bridge is a major step in improving interoperability between Polkadot and Cosmos chains.
According to an official blog post, the Plasm Network Secret Network (SCRT) bridge signifies the expansion of the Secret ecosystem. Plasm Network first disclosed plans to design and create a Secret Network bridge during one of its community Crowdcast. The bridge will help connect two of the world’s important blockchains – Polkadot and Cosmos. The MVP testnet launch of the much-talked-about bridge is finally live.
Details of Plasm Network and Secret Network collaboration
Lead developer Hyungsuk Kang, was at the helm of affairs in the designing and subsequent testnet launch of the bridge. The building of the Plasm Network’s Secret Network bridge commenced on the Plasm Network testnet. Down the line, the bridge will be deployed on mainnet. According to the official blog, the bridge will also be deployed on Shiden Network, a sister network of Plasm Network. Basically, Shiden Network is a dApps hub on Kusma Network. However, this will happen only when Kusma Network is ready.
Once Plasm becomes a Parachain on Polkadot, the mainnet launch of the bridge will take place. The blog states that the bridge will be first deployed on Shiden Network, and then on Plasm Network. The testnet launch, on the other hand, will involve bringing Plasm to Secret Network and employing it for use in SecretSwap (Secret Network’s first AMM). Developers on Plasm will also be able to transfer their digital assets to the Secret Network ecosystem.
Plasm Network was formerly a Polkadot parachain aspirant assigned to function as a dApp hub on Polkadot. The Network is now interested in facilitating infrastructural developments and building bridges.
The network proposed upgrade; Plasm Network 2.0 will function as a multi-chain smart contract hub based on Polkadot. Basically, it will help connect Polkadot to other Chains like Cosmos, Ethereum, etc
Advantages of Plasm Network’s Secret Network bridge
The recently launched testnet bridge brings to live a number of benefits namely:
- Developers will be able to easily and seamlessly convert their Polkadot-based digital assets to Secret tokens. That is bringing together the privacy feature of tokens like Monero and Zcash and the programmability of ERC-20 tokens.
- Users will also enjoy top-notch privacy on all their transactions as interaction with Secret contracts are encrypted and so can only be viewed by address owners.
- The bridge will also provide users with unrestricted access to Secret Network (SCRT) Secret DeFi including its SecretSwap.
Connecting Cosmos and Polkadot
Secret Network is a layer 1 blockchain built using the Cosmos Tendermint framework. The launch of this bridge will connect Secret Network Cosmos to Polkadot. Interestingly, this bridge can find its use for other layer-1 blockchains on the Cosmos/Tendermint ecosystem.
Cosmos is popularly known as the “Internet of blockchains”. Its Inter-Blockchain Communication (IBC) feature makes it possible for different blockchain to connect and interact. Hence the name “Internet of blockchains”. The bridge created by Plasm will make it possible for the entire Cosmos community to interact with Polkadot.
SCRT and DOT price
At the time of writing, SCRT was trading at $4.13, with a market cap of $280,954,083 and a 24-hour trading volume of $5,191,984.
DOT, on the other hand, was trading at $41.78, with a market cap of $42,243,573,213 and a 24-hour trading volume of $2,628,634,849.
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