Oracles Network Announces Cross-Chain Bridge Technology

The bridges tackle two major hurdles to widespread blockchain adoption: scalability and connectivity. As more transactions flow through existing networks, processing slows and fees climb, pushing small and midsize businesses away from blockchain solutions.

Oracles Network built the bridges with open-source code available to developers. The bridges connect different Ethereum-compatible networks, eliminating the need for blockchains to build self-sustaining ecosystems before gaining traction. Creating an ecosystem takes months or years of work. That barrier kept most chains from reaching maturity.

Cross-chain token sales offer an immediate use case for the bridges. Igor Barinov, Oracles Network co-founder and blockchain expert, described how they work: "We create cross-chain crowdsale contracts, collecting funds on the main Ethereum network while issuing tokens on another, more performant and cost-efficient Ethereum-compatible network. This brings to life new types of interactions between blockchains."

Oracles Network operates as the first Ethereum-based public network using Proof-of-Authority consensus. Independent, pre-selected validators secure the network. Smart contracts cost less and run faster than those on Proof-of-Work systems.