AllianceBridge is a fast, secure, decentralized, and open-source interoperability solution that helps DeFi overcome the limits of a fragmented blockchain space. It is completely chain-agnostic and is built for blockchain interoperability. It can be used natively on the target blockchains and can drive mass adoption and seamless, inter-blockchain compatibility features that DeFi seeks — but has so far been unable to achieve.
AllianceBridge enables applications built on different blockchains to communicate with and interact with each other, something which was never before possible, therefore unlocks a groundbreaking development for the blockchain space as a whole. On launch, Ethereum, BSC, Avalanche, and Polygon — four of the leading blockchains and protocols — are supported, with capabilities to add new blockchains built-in to the AllianceBridge protocol.
Unlike most bridges that have a centralized relayer and/or have direct control over tokens (eg. using pools on each network so that they don’t need to wrap the tokens to bridge); AllianceBridge does everything completely decentralized, using the Hedera Consensus Services.
How is this different?
AllianceBridge is governed by a set of validators. It has a novel synchronisation mechanism based on Hedera Hashgraph Consensus Service. This allows the validators to synchronise in a decentralized way instead of a heavy and slow “gossiping” protocol.
What impact will it have?
This bridge will likely be cheaper and more effective compared to any other bridge due to the lowered technological overhead. It will enable more efficient interblockchain token (and in the future data) transfers. In addition, this will enable further synergy inside and outside AllianceBlock’s ecosystem, enabling more and more cross-chain integration and unique products.
Why is it open source?
Open source drives the blockchain space forward. We are firm believers that an open code is beneficial for the project and for the community.
What are Validators?
Starting with three validators, there is not one entity that has direct control of the tokens. Without centralized relayers, AllianceBridge is much more secure, faster and fully transparent. A validator, sometimes called a bridge operator, is a node observing the bridge’s transactions in the source network and signing it off so that the recipient network can safely receive these and create the wrapped tokens.
Currently, we have three entities being bridge validators with the intention to add more entities:
- Faculty Group
Click here for the full audit report from Omniscia.