@shimmernet is the distributed ledger solution crypto has been waiting for!
I did some more digging on this #100x potential project for you guys and decided to share my findings.
Lets dive in 🧵↓ $SMR #Shimmer
I did some more digging on this #100x potential project for you guys and decided to share my findings.
Lets dive in 🧵↓ $SMR #Shimmer
If you missed my full in-depth thread on $SMR you can check it out here.
https://twitter.com/552936387/status/1589197785257152512
Let's get into it.
1️⃣ $SMR is not the first distributed ledger that can deploy multiple smart contract chains on top of the base layer, but on other platforms, these chains suffer from fractionalisation, which means they exist as data silos which can’t interact with each other.
1️⃣ $SMR is not the first distributed ledger that can deploy multiple smart contract chains on top of the base layer, but on other platforms, these chains suffer from fractionalisation, which means they exist as data silos which can’t interact with each other.
On other distributed ledgers, one network is not compatible with another, so to counter this, dedicated cross-chain bridges are created to let them interact with each other.
These bridges have certain flaws and drawbacks.
These bridges have certain flaws and drawbacks.
This is why #SHIMMER was created and shows it's utility
Every individual bridge between chains needs to be coded, implemented, secured and maintained. If you want to interact with ten chains, you’ll need to build and maintain ten bridges.
Every individual bridge between chains needs to be coded, implemented, secured and maintained. If you want to interact with ten chains, you’ll need to build and maintain ten bridges.
This is very expensive and requires a lot of effort and commitment.
For assets to be transferred between chains, bridges must maintain large amounts of liquidity, making them high-value targets for cybercriminals and hackers.
For assets to be transferred between chains, bridges must maintain large amounts of liquidity, making them high-value targets for cybercriminals and hackers.
Many bridges have suffered devastating attacks and lost billions in user funds.
@shimmernet fixes all these 😎
@shimmernet fixes all these 😎
2️⃣ #Shimmer’s solution
Bridges are run as for profit services, resulting in fees, which can be prohibitively high and quickly add up as transactions may take place across multiple chains and bridges.
Bridges are run as for profit services, resulting in fees, which can be prohibitively high and quickly add up as transactions may take place across multiple chains and bridges.
#Shimmer Network mitigates these issues by allowing L2 assets to be wrapped in L1 native assets anchored in the base chain.
They inherit the feeless properties of the base Shimmer Network Tangle and are able to seamlessly interact using Layer 1 as a trustless, feeless, and secure cross-chain bridge.
I believe projects that solve real problems will be around for a long time.
I hope this brought value to you! If you enjoyed this thread:
Like, RT & follow @DamiDefi for more of these
I hope this brought value to you! If you enjoyed this thread:
Like, RT & follow @DamiDefi for more of these
https://twitter.com/552936387/status/1639206762237820929
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