A Quick Overview of the Cross-Chain Interoperability Protocol Poly Network Ecosystem Blueprint

After the mainnet launch on August 18, 2020, the cross-chain interoperability protocol Poly Network has achieved interoperability among 9 heterogeneous chains, including Bitcoin, Ethereum, Neo, Ontology, BSC, Heco, Elrond, Zilliqa, and Cosmos-SDK, with over $3.3 billion in cross-chain asset transfers and over 18,000 addresses using cross-chain functionality.

The Birth of Poly Network: Filling the Gap in Cross-Chain Interoperability for Heterogeneous Chains

Cross-chain technology is a new technical means that connects interactions between chains through cross-chain interoperability protocols based on the existing single blockchain architecture design. Vitalik Buterin categorized cross-chain interoperability protocols into three models as early as 2016: Notary schemes, Sidechains/relays, and Hash locking.

Currently, other mainstream cross-chain interoperability protocols in the market are mainly based on the sidechain/relay model, achieving asset cross-chain among homogeneous chains, or through sharding protocols. In contrast, Poly Network has implemented "heterogeneous cross-chain" technology, allowing for the free cross-chain transfer of any information between heterogeneous chains, not limited to asset cross-chain.

To solve the issue of cross-chain transfer of any information between heterogeneous chains and connect the existing blockchain systems (public chains, consortium chains, private chains), Poly Network was born to ultimately achieve transactional consistency of cross-chain information.

This breakthrough by Poly Network in the field of heterogeneous chain cross-chain has three major significances:

1. It addresses technical challenges such as significant differences in algorithms and underlying architectures between blockchains, lack of security for cross-chain information, and low execution speed for cross-chain transactions;

2. It helps member chains quickly, conveniently, and cost-effectively connect to different underlying platforms, supporting application scenarios that require transactional consistency;

3. It connects currently isolated blockchain ecosystems, building the next generation of internet innovation models.

The Vision of Poly Network: Truly Achieving Free Connectivity in the Blockchain World

As a member chain ecosystem-friendly network, Poly Network does not build its own ecosystem; its mission is to connect the existing heterogeneous chains, integrating the advantages of various heterogeneous chains in terms of security, privacy, efficiency, etc., to maximize the value transfer capability and application scope of blockchain.

Poly Network now supports cross-chain circulation of different network assets. Users can efficiently and conveniently bridge various cross-chain assets from Ethereum to BSC, Heco, Neo, Ontology, Elrond, Zilliqa, and Cosmos-SDK networks using the one-click cross-chain tool Poly Bridge. Poly Network itself does not charge transfer fees; users only need to pay network fees on each chain.

Currently, it has provided bridging services for many decentralized applications, including the blockchain service network BSN, the Neo-based interoperability full-stack DeFi protocol Flamingo, the multi-chain decentralized exchange Switcheo, the credit-based cross-chain decentralized financial service platform Wing, the cross-chain lending DeFi project FilDA, and the DeFi & NFT gaming integration platform Seascape, completing the cross-chain flow of crypto assets and truly achieving free connectivity in the blockchain world.

Poly Network looks forward to more partners joining this platform to jointly build an open and equitable cross-chain interoperability network alliance for the next generation of the internet.

Contact Poly Network

Official website: https://www.poly.network/

Github: https://github.com/polynetwork

Email: contact@poly.network

Twitter: https://twitter.com/PolyNetwork2

Medium: https://medium.com/@polynetwork

PolyBridge official website: https://bridge.poly.network