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EOS Bitcoin bridge allows low-cost high speed transfers, says Tether CTO

EOS Bitcoin bridge allows low cost high speed transactions says Tether CTO

The newly announced EOS Bitcoin bridge will bring about many positive changes. Tether chief technical officer Paolo Ardoino says that the newly unveiled EOS Bitcoin bridge will make transactions faster, efficient, and low cost. Blockchains with less traffic can now be accessed by the users.

Paolo Ardoino has built token wrapper pTokens with his team to further create an EOS Bitcoin bridge facilitating inter-operability across various blockchain networks. Besides Tether, Paolo is serving as the chief technical officer for Bitfinex.

EOS Bitcoin bridge promises more speed at low cost

The purpose-built interoperability bridge will be officially launched in the next few days. Firstly, its EOS mainnet will provide support for pBTC. Technically, users can make fund deposits on one network, then the associated pTokens are issued to the user on the other network that is an equivalent amount in the associated wrapped tokens. Initially, EOS-Litecoin and EOS-Ethereum bridges will start operations.

As per the official pToken website, the company is planning to build an EOS wrapper associated with the Tether ERC20 token. However, the firm doesn’t plan to create a similar Tether-related wrapper for Omni.

A highlight of the upcoming EOS Bitcoin bridge is the way it allows users to take advantage of the beneficial features of other blockchains. The ERC20 version of 2017 was also created to leverage the less traffic congestion situation in other blockchains besides Bitcoin.

Tether interoperability on the rise

Competitors like Omni were expensive as they charged an average of around $500. Similarly, Ethereum was less saturated promising low-cost and high-speed transfers. Unfortunately, by late 2017, increasing network traffic caused high waiting times. Thus, the EOS Bitcoin bridge provided higher speeds, throughout, and low chain activity. Most importantly, users can enjoy faster transaction speeds with much fewer fees.

Some cryptocurrency exchanges offers users with various Tether types that show that swapping facility is already on offer by platforms. The EOS Bitcoin bridge allows users to move swiftly across various platforms. Ardoino sees more Bitcoin Tether chain swaps happening in the next few years. Higher interoperability options will help users, especially retail investors, move freely across various blockchains.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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