RATE Group | RSK Introduces Interoperability Bridge for Bitcoin and Ethereum
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RSK Introduces Interoperability Bridge for Bitcoin and Ethereum

07 Feb RSK Introduces Interoperability Bridge for Bitcoin and Ethereum

Posted at 12:31h in Cryptocurrency News by

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Interoperability between the two biggest blockchains is now possible thanks to a new bridge launched on the RSK platform, a side chain of Bitcoin. 

Bridging the Gap

The bridge enables tokens to pass between the Bitcoin and Ethereum networks without any change in token supply. Money on Chain will be among the first to use the bridge, giving Ethereum users access to its Bitcoin-backed stablecoin developed on RSK’s smart contract platform.

As a side chain of Bitcoin, RSK already operated a two-way bridge with the Bitcoin blockchain, which enabled users to spend their BTC in smart contracts on the RSK platform. 

The new bridge protocol is an extension of the existing functionality, which is now capable of transferring any Ethereum ERC-20 tokens.

When a token leaves its native blockchain, the bridge “locks” it, issuing the same number of tokens on the opposite chain to maintain a constant supply. Tokens traveling from RSK to Ethereum are minted based on the ERC-777 standard, while…

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