Ethereum

Core

1inch Network

Bitcoin

As recent hacks reveal vulnerabilities in cross-chain bridges, the cryptocurrency community is actively seeking alternative methods for achieving interoperability.
One promising solution comes from the Hemi Network, which has introduced an innovative feature known as “tunneling.” This approach aims to seamlessly link the two largest networks in the crypto space: Bitcoin and Ethereum.
Founded by Jeff Garzik, an early core developer of Bitcoin, the Hemi Network envisions a supernetwork where Bitcoin and Ethereum can coexist securely. The tunneling concept fundamentally differs from traditional cross-chain bridges by creating a unique environment that mitigates the attack vectors typically associated with these bridges.
Max Sanchez, co-founder and Chief Technology Officer at Hemi Labs, emphasized the key distinctions between their tunneling protocol and existing bridging solutions. According to Sanchez, tunneling allows the network to “inherit Bitcoin’s full security,” enabling secure interactions across the two blockchains. The Hemi Virtual Machine (HVM) plays a critical role in this process by facilitating the development of secure Bitcoin interoperability technology.
Sanchez explained, “We are using deep Bitcoin introspection in HVM to build a highly secure, trust-minimized Bitcoin tunneling system based on an adapted version of BitVM2 that’s more capital-efficient and robust.” BitVM2, originally designed to support optimistic computations secured by Bitcoin, focuses on enhancing transaction processing efficiency while maintaining the security standards of the Bitcoin network.
The Hemi protocol allows users to transfer assets between Bitcoin and Ethereum, making them usable within applications built on the Hemi platform. As Sanchez noted, “People will be able to tunnel Bitcoin assets through Hemi to Ethereum, bringing highly secure Bitcoin-based asset tokenization to the entire Ethereum ecosystem.”
In a significant development, the Hemi Network recently announced the completion of a $15 million funding round led by Binance Labs, Breyer Capital, and Big Brain Holdings, highlighting investor confidence in this innovative approach to interoperability.
<h3 class="wp-block-heading" id="h-ethereum-s-path-to-cross-chain-solutions">Ethereum’s Path to Cross-Chain Solutions</h3>
Amid these advancements, Ethereum co-founder Vitalik Buterin has assured the community that solutions to cross-layer-2 interoperability issues are on the horizon.
Buterin outlined a roadmap for addressing these challenges, expressing optimism that the community will soon see significant progress in resolving interoperability problems within the Ethereum ecosystem.
It is worth noting that on September 18, the decentralized exchange aggregator 1inch Network also launched a new cross-chain swap solution called “Fusion+,” combining off-chain and on-chain liquidity to facilitate swaps.
The post <a href="https://www.unlock-bc.com/129236/early-core-developer-unveils-cross-chain-tunnels-unite-bitcoin-ethereum/" rel="noopener noreferrer nofollow">Early Core Developer Unveils Cross-Chain Tunnels to Unite Bitcoin and Ethereum</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Early Core Developer Unveils Cross-Chain Tunnels to Unite Bitcoin and Ethereum

Table of Contents

UNLOCK_ENG

Other articles published on Sep 24, 2024

Caroline Ellison sentenced to 2 years in prison

Robinhood Expands Crypto Offerings for New York Users

Experts Analyze Bitcoin and Other Cryptocurrency Trends

Safer, smoother payments can be AI’s ‘killer app’ | Opinion

Rocky Rabbit’s RBTC Airdrop Wraps Up with New Games

Chris Larsen’s 18M XRP Transfers to Binance and Bittrex Fuel Market Speculation

Join our free newsletter for daily crypto updates!