Review on Octus Bridge by gregori cordova



There are 2 obvious problems in the cryptocurrency market today and I have no doubt that it has happened to many of us in the last few months. I speak of course about scalability limitations and the high cost of transactions, especially on the ethereum network. In view of the problems already mentioned, there is a large group of projects that today seek to minimize these problems, building more efficient mechanisms, and one of those that is achieving this is Free Ton with the implementation of TON Bridge. This bridge was created by Broxus, one of the most faithful validators of Free TON and is in charge of connecting the protocols of the ethereum blockchain with those of the Free ton network, its greatest attribute being that of allowing the transfer of assets from a Slow and highly expensive first layer network to one that can perform thousands of transactions per second at a small fraction of the price of Ethereum



Why Ton Bridge?



suffice it to say that the exorbitant price of a transaction on the ethereum network is one of the main problem s that exist today, there are cases where sending $ 20 from one wallet to another can have a transaction cost up to $ 70, something unusual and that nobody is willing to pay. It is there where free Ton comes to offer this valuable solution that will not only allow the ethereum network to reach a better potential, but will also provide the Free Ton network with access to greater liquidity available in most decentralized exchanges , in addition to promoting the project to a better known community such as ethereum



How does it work?



To carry out the process from one network to another, the developers have created a TIP-3 token called wrapped TON (WTON), which can be transferred to and from ethereum by transforming the crystal TON tokens into WTON and vice versa (ethereum tokens into WETH), and they have a value of 1: 1 in proportion to the original tokens. The process is extremely easy, as it is associated with a smart contract that allows us to exchange directly for other tokens of other different standards in any DEX, at much cheaper rates. With the use of Ton Bridge, we can move liquidity bidirectionally, and use our Ether, to exchange it for other tokens of the ERC-20 standard and ensure that our activities as a trader are much simpler since a wrapped token can be used to exchange it for another token within most DEXs including Ton Swap and facilitates interoperability with dapps.



Bridge tokens and their purpose:



The use of bridge tokens are directed especially to manage the DAO, which means that any user who owns a certain amount of bridge tokens has voting power in any decision that affects Ton bridge, that is, the bridge has a kind of POS consensus mechanism in which by staking Bridge tokens, it grants certain benefits to its holders, and the greater the amount of tokens they own, the greater the voting power within the DAO. In addition, Bridge holders may be eligible for certain rewards in proportion to their participation in the network.



My honest conclusion



I think that building a truly decentralized blockchain requires joining efforts in many directions that allow interoperability throughout the ecosystem, and thus help promote greater user adoption. Creating bridges like Free Ton's that allow us to facilitate the use of our digital assets and exchange them for others that work under different standards, help us move towards this long-awaited decentralization, create an economic environment more accessible to all and develop innovative technologies in an ecosystem that is continually expanding.