Plasm Network is partnering with Secret Network to launch the first cross-chain Polkadot-Cosmos bridge

Polkadot (DOT)

Plasm Network is partnering with Secret Network to launch the first cross-chain Polkadot-Cosmos bridge

The Polkadot-based Plasm Network is working with Secret Network to create a cross-chain bridge between the two projects. Using this bridge, users can send and receive assets directly via the two platforms in a new type of “layer-zero” protocol.

The “bridge” announced on Tuesday results from an ongoing partnership between Plasm Network (PLM) and Secret Network (SCRT), a blockchain-based transaction data protection solution from Cosmos that allows users to trade assets on either network. The bridge, based on Plasm testnet, enables private transactions in the Secret Network and access to the decentralized financing DeFi, which is provided on SecretSwap, the platform’s automated market maker (AMM).

“We have completed the construction of our bridge with Secret Network,” said the blog post. “This build will be started in our test network before it is later made available on the mainnet.”

At startup, users of the Plasm network can only enjoy “secret” transactions and DeFi products based on the Secret DApp hub. By converting their assets into “Secret Tokens”, synthetic tokens on Secret created using ERC-20 standards and privacy features from coins like Monero and Dash, users can enjoy encrypted transactions that are only available to owners or holders of their display key are visible. ”

Regardless, the bridge also brings DeFi to Plasm users via Secret DeFi, which enables the creation of DeFi apps to protect privacy.

The mainnet launch follows the testnet launch as soon as Kusama Network (KSM) is ready and Plasm becomes a parachute on Polkadot. Kusama is a polkadot parachute test net unveiled in 2019 by Polkadot’s co-founder Gavin Wood.

Sota Watanabe, Co-Founder of Plasm, said of the latest partnership:

“We considered implementing the Light Client. And it is very likely that we will take this approach after becoming a Kusama Parachain. The implementation we have today is an MVP [minimum viable product]. ”

The partnership between Secret Network and Plasm is the first time the Polkadot (DOT) and Cosmos (ATOM) blockchain has a direct connection. This is made possible by the Inter-Blockchain Communication Protocol (IBC) on Cosmos, which enables direct communication between different blockchains.

“This is the first commercial attempt to bring Cosmos assets into the Polkadot ecosystem and vice versa.”

“We want to make the idea of ​​’Cosmos vs. Polkadot’ obsolete.”

Lujan Odera

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Lujan is a blockchain technology and cryptocurrency writer and editor. He has been in the field of cryptocurrencies and blockchain technology since 2015 and has helped him gain enough experience to be the writer he is today. He is known for his simple writing style, which allows beginners to understand the field in the easiest possible way.