Lamden Ethereum Bridge
A brief look at the upcoming Ethereum Bridge on the Lamden blockchain.
Stuart has been slaving away on developing the backend for a bridge from Lamden to Ethereum and recently showed a video of a fully functioning backend for the Lamden Ethereum bridge - here. (11 min video)
A fairly dry topic but I will try and distil this down into some key takeaways. Lets just start with — ITS EXCITING!
What is an Ethereum bridge, or more precisely what is a Lamden-Ethereum Bridge? As the name implies it allows movement (tokens) between two chains. So Ethereum can flow across to be used within the Lamden Ecosystem as a wrapped token.
Why is this important? Ethereum, while chastised by most for insanely high gas fees and slow transactions, does contain a sizeable portion of market capitalisation and that means users and money. To capitalise on even a small portion of this market would be a significant win for Lamden and it’s users. The bridge reduces the barrier of entry because, for lack of a better analogy, Stu built a bridge over it.
Wrapped tokens… what? Wrapped tokens are not exactly what the description implies however, they allow the value of the original token to be used on the other blockchain. Lets just say we are wrapping the value of Ethereum(ETH) so it can be used on the Lamden side — lets call it LETH. And this would apply to any ERC20 token. Then, other chains?
When Lamden+shitcoin bridge? Great question and I will offer my personal opinion — cost vs benefit! It would pay to work from the top down as far as either utilisation/market capitalisation etc. The bridge setup can/would work for almost any blockchain with some configuration (there could be some fringe exceptions). So if you are talking about a high MCap blockchain with smart contracts and high use, it is likely it might be next, but can’t we just sit and enjoy the Lamden-Ethereum bridge for a while?
A quick look at the video from Stu — I could try and get technical, but no doubt I would fail as I have a tenuous grasp of this topic. Basically, it is showing a very manual process of transfering an ERC20 token (MOCK) from Ethereum (Metamask) to Lamden as a wrapped token, including all the checks, balances then back again. Brilliant!
Thats it, looks easy huh! But if it was, everyone would be doing it. Give Stu a pat on the back next time you see him — 1 for making the backend, 2 for giving us a sneak peak, even if most of us don’t understand half of it.
So how do we go from an 11 minute video to a single transaction that takes 5 seconds? Thats all front end — to make it simple to use, quick and seamless! The pieces are all here ready to go and it has now been proven to work, it just needs to be simplified for the rest of us apes.