What is the Difference Between the ChainX Bridge and the Polkadot Bridge?
The ChainX Bitcoin transfer bridge uses a one-way light node relay mode. The user’s funds are jointly hosted by multiple trust nodes. There are two hot and cold multi-signature addresses, both of which are public addresses. All operations are transparent and checkable.
What Polkadot provides is the communication capability between parachains, but if the chain under it needs to communicate with the chain outside its ecosysterm, it is necessary to use the transfer bridge. One or more transfers can be realized on the parallel chain Bridge, you can use a variety of technologies. But because Polka provides communication between parachains, a bridge implemented on a parachain can serve not only itself but also other para chains. This creates a network effect.
The para chain of Polkadot is also a complete main chain. Like the Polkadot, the para chain can also provide secondary slots, so that the parachain on the parachain, that is, the secondary relay. Becasue the slots of Polkadot is Limited, parallel chains can be expensive, and secondary para chains can solve this problem. It is foreseeable that with the increase in the number of bridges connected to the Polkadot ecosystem, there will definitely be a situation where first layer of para chains is not enough. At this time, someone will choose to develop bridges on the secondary relay chain.
After ChainX goes online, it will add a new transfer bridge to Polkadot to provide trading services for Polkadot and other paralchain assets on the relay chain. Therefore, the advantage of ChainX is that it has the assets of the entire network, which can take advantage of all currencies. For example, after the hash of the BTC block header is submitted, we have a random number with the highest security in the entire network, which can be developed through our smart contract, such as various asset mini-games, and bets with BTC. We will also make stable currency contracts secured with BTC, a privacy trading system based on ZEC, and the community can also provide users with more anti-risk tools, including futures, options, indices, funds, loans, insurance and other high-end Financial Services. ChainX v3 will be launched after Polkadot releases v2 the following year. ChainX will also be divided into multi-chain frameworks to improve throughput, and as a whole Polkadot’s second-level relay network.
About ChainX
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain
