POA Network (POA) has announced it will showcase the fast, seamless $1 million transfer in POA native tokens from POA Network to Ethereum network and back in under 5 minutes. This will happen on Thursday, May 10 at 1100 ET (1600 GMT, 1700 CET). The live demo streams on the DAPP University YouTube channel.
“For the first time we have made it fast and inexpensive to transfer tokens directly between two blockchains which will allow businesses to do transactions much more cost-efficiently on the blockchain. The POA Bridge addresses the ongoing problem of scalability and connectivity,” said the developer evangelist for the R&D team Ziggy Zeidan. “Blockchains today can be very slow and congested so users must utilize different solutions to avoid this problem. It is essential to find a method to directly bridge these blockchains and that is what we are demonstrating.”
Cross a blockchain bridge
According to POA this will be the first production cross-chain bridge between two blockchain networks. The POA Bridge is what will make possible the transfer of tokens quickly and cost-effectively:
- from the POA Network
- to the Ethereum network
- and back.
To demonstrate the security and speed of the solution, on May 10, POA will transfer $1 million in POA native tokens to the Ethereum network as ERC20-compatible tokens and back again. POA expects the entire process to take under five minutes and be achieved with just a few clicks.
The POA Bridge
Using the the POA Bridge two Ethereum protocol based blockchains will connect in production. POA Network’s cross-chain bridge is an open source project. This demonstration will prove cross chain bridges can work safely and securely between two blockchains.
POA Network’s vision is to create an ecosystem of multiple networks designed for connectivity using bridges. Projects might choose to move the most computation intensive transactions on the POA Network thus enabling faster transaction processing with lower costs and a higher efficiency.
“Our POA algorithm is applicable to a broad range of uses by institutions, government agencies and industries like insurance, supply chain, medicine, and more,” said Zeidan. “The POA consensus algorithm makes for a faster and more efficient blockchain that will attract new users and use-cases. With the POA Bridge we are creating a use-case for showing how blockchains can gain access to more liquidity. By creating POA20, we are allowing sidechain tokens to access new markets.”
About POA Network
POA Network is an Ethereum-based platform. It offers an open-source framework for smart contracts. Toward the end of 2017, POA Network launched its own blockchain. This utilises a unique consensus mechanism known as Proof of Authority (POA).
POA leverages an independent group of validators. This increases security while enabling a method of governance on the blockchain. With this, POA Network offers a solution that it claims is:
- cost efficient
- relevant as a platform for small and medium businesses.
Enterprise Times: what does this mean
Blockchain concepts are complex enough. Connecting blockchains, perhaps using something like the POA blockchain bridge, do not make the head spin less. Nevertheless, they are almost certain to be necessary in the future. It seems improbable there will be ‘one blockchain to rule them all’.
Watching $1M of POA native tokens transfer to the Ethereum network as ERC20-compatible tokens and back again sounds akin to watching paint dry. Yet, if successful, it will be a proof of sorts.