What is deBridge (DBR) Coin? Cross-Chain Interoperability Solution!
2024-10-18
Bittime - In recent years, the blockchain ecosystem has developed rapidly with the emergence of various new blockchains, including Layer 1 (L1), Layer 2 (L2), and sidechains.
One of them is deBridge (DBR) which comes with cross-chain interoperability. What is deBridge coin (DBR)? Read this article to find out more!
What is deBridge (DBR) Coin?
deBridge (DBR) coin exists as a solution that provides infrastructure that enables interoperability and completely decentralized liquidity transfers.
Through deBridge, users and developers can take advantage of secure and reliable cross-chain features that have not been available before.
Since mainnet launch, deBridge has supported various major blockchains such as Ethereum, Polygon, Binance Smart Chain, HECO, and Arbitrum.
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How does deBridge (DBR) Coin Works
Technically, deBridge coin (DBR) uses a “locking and minting” approach, where the original token is locked in the deBridge smart contract on the origin chain, while the “wrapped” asset (deAsset) is minted on the secondary chain.
These assets are fully backed by collateral locked on the origin chain at a 1:1 ratio. This allows the transfer of not only assets, but also information or transaction data between blockchains, which are executed by validators for a small fee.
DeBridge's security is guaranteed by a validator consensus mechanism working within a decentralized oracle network (DON).
Each validator operates a Chainlink node which is tasked with relaying data between deBridge smart contracts on various blockchains.
Transactions are considered valid only if they have received confirmation from a minimum number of validators, making this protocol very safe and transparent.
Key Features of deBridge (DBR) Coin
1. Blockchain Agnostic
One of the advantages of deBridge coin (DBR) is that the protocol is completely blockchain and technology agnostic.
This means that deBridge can support interoperability and liquidity transfer between all existing blockchains.
The process of adding support for new blockchains is also carried out without disrupting existing protocol operations.
2. Universal Hooking Service
Koin deBridge (DBR) also offers a hooking service that allows other protocols to quickly expand their reach to other chains.
Developers can integrate arbitrary data, such as asset swaps, NFT transfers, oracle data, and cross-chain governance voting.
This service is designed to make it easier for developers to build cross-chain based applications.
3. Fast and Decentralized By Design
Consensus among deBridge (DBR) coin validators is achieved at the smart contract level, guaranteeing fast and asynchronous execution of cross-chain transactions.
Slashing and delegated staking mechanisms add an extra layer of security, where validators are held financially responsible if something goes wrong in the transaction process.
Users do not need to worry about losing their funds because the validator has a guarantee that it will be confiscated in case of delays or errors.
4. Unified Standard for Cross-Chain Transfers
Koin deBridge (DBR) provides a unified standard for cross-chain transfers, where users only need to specify the source and destination chains in one UI. This eliminates the need to look for a dedicated bridge for each blockchain.
deBridge and DBR Token
deBridge has just launched a governance token, the DBR token. These tokens will be used to manage the deBridge ecosystem in a decentralized manner, allowing the community to gradually take control of the project.
To date, deBridge coin (DBR) has successfully processed over $2.35 billion in transaction volume from 385,000 unique users without any security incidents or downtime since launch.
Earning around $100,000 per day from transaction fees, the deBridge ecosystem is one of the most active and growing in the DeFi world.
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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
