What is multichain bridging?

Asked 2 years ago

I've been reading the latest news about all the hacking that has been going on in the multichain universe. However, I'm still struggling to understand exactly what it is. Can anyone share?

Philip Burns

Wednesday, February 02, 2022

A multichain bridge is a website that allows you to move your crypto across several blockchains and convert to different assets in a few clicks. Doing this is not possible otherwise since you risk sending funds to an unrecognized address thus losing those funds forever. With a multichain bridge, you can move Ethereum from the mainnet to a different asset on the Avalanche network or some other blockchain. If were to do this normally, you will have to move the funds between different wallet and platforms which takes time and is inconveniencing. Hacking these bridges or platforms could lead to compromise of user data, and possibly, stealing of funds.





Write an answer...

Cancel

Please follow our  Community Guidelines

Can't find what you're looking for?