thecoinrepublic.com
Chainlink, a platform connecting public and private blockchains has launched a new bridge app ‘Transporter’ for making data and value transactions safer.
The issues related to security & scalability have persisted in the blockchain technology since its launch and require an effective solution. Chainlink (LINK), a decentralized blockchain oracle network streaming on Ethereum, introduced a new bridge app ‘Transporter’ for safer data transfer. The Bridge app is available on a few of the blockchains including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, etc.
Chainlink’s New Bridge App Details
On Thursday, April 11, to mitigate the challenge of security, Chainlink introduced a new bridge app ‘Transporter’ for safer data and value transfer.
The new application will permit users to transfer the tokens and data across different blockchains without any security concerns and is available for individuals and institutions. The aim is to offer the best and most cost-effective way to make high-value token transfers effortless and secure.
The new bridge was developed on Chainlink’s Cross-Chain Interoperability Protocol (CCIP) technology, which is mainly used by SWIFT for shifting large token volumes and messages to other networks in a safe way. Additionally, the technology is used by banks for international money transfers.
Apart from top-notch security, the platform also supports real-time visual tracking to check the status of transfers between blockchains. The platform charges the regular fee for using the technology and includes the cost of executing the transaction on different blockchains and fees paid to CCIP service providers.
The Transporter application is currently available for blockchains including Arbitrum, Base, BNB Chain, Avalanche, Ethereum, Polygon, Optimism, and WEMIX.
Sergey Nazarov, the co-founder of Chainlink addressed the new bridge app ‘Transporter’.
“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years,”, Nazarov added.
Bridges play a crucial role in interconnecting the individual blockchain rails, permitting the transaction of value and data in between.
According to DefiLlama data, the existing bridges have transferred around across different chains last month. However, all these bridges are the targets of exploits and hacks, holding chances of user data loss.
Chainlink’s Upcoming Events
Chainlink is a platform connecting the world of blockchains and is actively engaged in innovations and inventions. After the launch of ‘Transporter,’ the platform is ready to work on its upcoming projects like Chainlink SmartCon and Introducing the Chainlink Block Magic Hackathon.
Chainlink SmartCon is an event going to be organized in Hong Kong between October 30 and 31, 2024. The event involves digital asset leaders, DeFi pioneers, and on-chain builders who will come together to discuss technological topics and invent the future of global markets.
Another upcoming event on Chainlink is Block Magic, which is going to be organized from April to June and involves different events like Chainlink Bootcamp, workshops, Hackathon kick-off, and Project submission deadline.
According to CoinMarketCap data, Chainlink is currently trading at $17.44 after an upsurge of 0.64% in the past 1 day and has a market cap of $10,236,002,394. The coin has a 24-volume of $277,908,962, a maximum supply of 1 Million, and a circulating supply of 587,099,970.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.