Elrond, a blockchain network prioritizing scalability through adaptive state sharding, has announced the start of its integration with Poly Network. Once complete, the implementation will allow applications and tokens on the Elrond MainNet to connect with and transfer across to other participating blockchains.
Poly Network is an interoperability protocol founded by Neo, Switcheo, and Ontology. It stands out from other solutions by supporting heterogenous blockchains while itself remaining tokenless. Currently Poly Network enables interoperability between Neo, Ethereum, Ontology, Cosmos, and Bitcoin.
Elrond seeks to leverage the protocol to encourage the transfer of valuable or liquid assets such as BTC or ERC-20 tokens to its blockchain. It also hopes to enable assets on Elrond to participate in DeFi opportunities on other networks.
Beniamin Mincu, Elrond CEO, commented on the importance of the integration the platform:
“We are building Elrond to be the internet-scale blockchain. That means throughput on par with the performance needs of the internet, as well as interoperability with the most widely adopted networks. Beyond performance, interoperability becomes the most important component for Elrond.”
The original announcement can be read at the link below:
https://elrond.com/blog/bitcoin-on-elrond-interoperability-poly-network/
About The Author: Brett Rhodes
Brett is a blockchain enthusiast and freelance writer who originally began producing content for the gaming & eSports industries. Now he spends most of his time contributing in the Neo ecosystem.
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