XP.network is creating a framework that will allow anyone to develop NFT dApps on different chains. Apps may build using a no-code graphical interface and then launched or migrated to Ethereum, Polkadot, BSC, Facebook’s Diem, and Elrond.
Because XP.network is Polkadot-native, the first stage in our partnership will be to build a bridge between Polkadot and Elrond. NFT dApps and bidirectional asset transfers between XP.network’s Polkadot parachain and our mainnet will enable.
Mr. Beniamin Mincu, CEO of Elrond Network, remarked that building the first bridge between Elrond and a Substrate-based blockchain is an important step toward a financial system where value can travel fast across a variety of technology XP.network has been working hard and building at an incredible rate. They are excited to see XP’s first NFT dApps deployed on their mainnet.
The bridge will work on the following principles:
1) The terms of XP Elrond receive smart network contracts and a parallel wallet generates. The assets prepare, and their exchange rates obtain via an oracle.
2) A pre-commit attempt by the blockchain commencing the transaction (something like a test). If Elrond’s pre-commit succeeds, so does the same on the other side.
3) If both tests pass, the actual transaction starts: assets released and transferred to the new owner. However, if Elrond’s pre-commitment fails, the deal cancels, and both parties keep their original assets.
A test version of the bridge will be accessible in the coming weeks.
Its integration of tokens directly into the protocol makes minting and transporting NFTs significantly more efficient, according to Nir Blumberger, CEO and Co-Founder of XP.network. This appeals to their users. So they’re doubling down on Elrond integration to make the XP.network the hub of a multi-chain NFT ecosystem.
Opening the first bridge between our mainnet and a Substrate-based blockchain is crucial because it opens the door for greater cooperation between our two ecosystems.
This will also increase the number of NFT-centric dApps on our blockchain, increasing its popularity.
About Elrond
Elrond is an internet-scale blockchain built from the ground up to provide a 1000-fold improvement in throughput and execution speed.
To accomplish this, Elrond proposes two essential innovations: a revolutionary Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, which enable linear scaling with a quick, efficient, and secure consensus process.
Thus, Elrond can handle up to 15,000 transactions per second (TPS) with 6-second latency and zero cost, seeking to become the backbone of a permissionless, borderless, globally accessible internet economy.
About XP.network
XP.network is a platform for developing no-code NFT dApps. It enables the creation of an NFT marketplace, a lending app that uses NFTs as collateral, and much more.
Launch NFT dApps on many blockchains or migrate them from one to another without writing a single line of code.
XP.network is a Polkadot parachain, which means full interoperability and inexpensive and rapid transactions. XP.network will support over ten blockchains, including Ethereum, Diem by Facebook, BSC, Binance, Solana, and Elrond.
