Understanding P2P Bridge
Hi friends! how are you doing? Sure! It is wonderful to be back here on my blog, I am glad to see you here. I hope you derived some value from my last post. Here I come with another content for you, which I thought you may like as always.
Today, we would be looking at P2P Bridge in the crypto world… But it’s actually another topic of interest I feel y’all should be enlightened on. In my view, I think that most of us ain’t familiar with it. However, for today’s post, anyway we are going to dig deeper into it.
Introduction
The first time I practically learnt about P2P was when I had to trade my token on an exchange directly with the buyer because I was the seller and you know it was just so seamless. Everything was done individually, through the help of the smart contract, which was already implemented. Guess what?
In the past, I was using a middle man but once I discover that I can do it by my self, it was one of the best discovery for me, Just recently I got to found out that P2P is not only a indirect investment between two parties of an exchange but it goes beyond that. Yes, between two Blockchain platforms, P2P can include the “Inter” too, carrying out the transaction without the need for a third party.
This is what has led us into what we wish to discuss on today’s topic. So, let us move forward to understand what exactly P2P Bridge is and how it operates in the network. I hope you are ready for this moment of sheer and utter truthfulness. Let's get in guys.
What is P2P Bridge
P2P is simply a technology within the sphere of Blockchain through which an asset, or cryptocurrency for that matter, can be exchanged from one chain to another without the intervention of any third party. The technologies we are discussing here are usually backed up by smart contracts alongside with cryptographic proof which are aimed to provide safe and fast transactions.
Regarding the term P2P Bridge, it is important to know that, in fact, it is an abbreviation of peer-to-peer. This simply implies, a direct transaction which does not need the help of a third party and this is a transaction between blockchains thus making what we know as interoperability, a feature that allows the Blockchain to interact with each other, thus making the blockchain space efficient in its entire functionality.
And the most fascinating aspect of this innovative technology referenced as the P2P Bridge is that it is going to reduce the cost of the transaction and this is in light of the fact that there is no middleman who is going to take his/her percentage of the transaction.
Further, it’s also ascertain faster transaction especially when it comes to the transfer between two or different chains. These smart contract assist in processing the order from a peer through matching or connecting a buyer to a seller and other way around, with no middleman involved.
Another added advantage is the fact that user trades directly from the non-custodial wallet which they hold key to their money or transaction. Before proceeding further, let me take some time of one of the bridge that falls under the P2P bridge category which is the Polygon.
Where is a P2P bridge implemented
Some of them is implemented in the Block chain network. We mainly locate them on Decentralized applications and platform for the intent of transferring tokens across chains. This feature should always be present on the DApp interface if you are interested in a smooth transition or exchange of some asset across chains.
The reason individuals transfer their asset across chains range from; the other chains has other incredible features that one has not seen in the initial chain where the asset was located.
Who Uses P2P Bridge
P2P Bridge is used by various categories of people, And there is the crypto lovers, developers who want to enjoy what is known as interoperability, we have traders who are interested in pushing their asset from one chain to the other in a way to save cost of transaction and eliminate intermediaries from the transaction.
I think by now we should be clear on what the P2P bridge is and how it works. How well can one be motivated to have an eco-friendly environment when this is what is provided. It is also important to look into this niche for profiting as you might be interested in it.
I would like to say again that you should Do your own research and make sure of whatever financial steps you would want to take since I shall not be held responsible for any form of loss that you come across with. If you have any ideas that you would like to share with me please feel free to do it in the comment section.
Posted Using InLeo Alpha
Posted Using InLeo Alpha
Posted Using InLeo Alpha