Welcome Home: Grail Bridge Allows Cardano to Access Bitcoin Benefits and Vice Versa
EMURGO, a blockchain company and a founding entity of major blockchain giant Cardano, announced its partnership with working with BitcoinOS (BOS), the smart contract operating system for another major blockchain giant Bitcoin, producing Grail Bridge.
What’s the significance: Grail Bridge will offer opportunities to both Cardano and Bitcoin users in decentralized finance and future innovative functionalities, including the ability to exchange value while preserving anonymity or to support decentralized projects on a cross-chain basis.
Table of Contents
How it works
Cardano’s open-source blockchain ecosystem will integrate Grail Bridge, allowing trustless bridging of $BTC and other Bitcoin-based assets from Bitcoin to Cardano and vice versa using BOS’s ZK-based BitSNARK verification protocol.
Key Quote:
“By integrating Cardano, BOS demonstrates that its role is not just to upgrade Bitcoin, but to upgrade all of crypto. We wish to allow the innovations of crypto builders to benefit investors in the first and most beloved cryptocurrency of all: Bitcoin. By collaborating with BOS, Cardano is positioning itself ahead of its fellow crypto rivals as the entire ecosystem enters its next act.”
BitcoinOS
Key Details
Cardano is the first major layer one network to leverage BOS infrastructure aside from Bitcoin itself.
- According to BOS, their aim to promote “the biggest names in crypto come home to Bitcoin.”
Benefits to Bitcoin
Cardano’s integration of Grail Bridge is expected to bring scalability and programmability to Bitcoin.
- Aside from this upgrade, it is now possible for Bitcoin to access Cardano’s resources to enhance its features.
- Meanwhile, for Bitcoin users, Grail Bridge will now allow them to access decentralized exchange functionalities, staking options, and even DeFi applications that were previously unavailable.
Benefits to Cardano
Grail Bridge offers opportunities for Cardano DeFi users to experience the benefits of Bitcoin’s $1.3 trillion in capital without intermediaries.
- There is also speculation of a $BTC-$ADA staking.
- Cardano-built dApps also plans to integrate trustless $BTC for their users to benefit from the original cryptocurrency securely through ZK-verified trustless bridging.
- Crypto writer Evan Selemani also predicts the Grail Bridge will make Cardao a key player in interoperability.
Industry Statements
Ken Kodama, the founder and CEO of EMURGO, emphasized the importance of the creation of Grail Bridge, as it will open new opportunities to users of both Cardano and Bitcoin:
“This collaboration with BitcoinOS has the potential to unlock new cross-chain capabilities and further strengthen Cardano by granting Cardano users, projects, and developers secure, trustless access to the Bitcoin ecosystem. Supporting a more open and interconnected Web3 environment across different blockchains helps drive innovation and the adoption of DeFi and other decentralized solutions.”
Edan Yago, the CEO and co-founder of BitcoinOS, echoed Kodama’s statement, highlighting that this initiative, which they see as a milestone, is a success:
“BOS has consistently accelerated Bitcoin scaling through a full-fledged solution for dApps and L2s using the guarantees of zero-knowledge cryptography. We have changed what is fundamentally possible with Bitcoin and now we are also driving exponential growth to other ecosystems. Working with EMURGO to unlock the full potential of the Cardano ecosystem is a major testament to what BOS can do for the industry, beyond just Bitcoin.”
This article is published on BitPinas: Welcome Home: Grail Bridge Allows Cardano Users to Access Bitcoin Benefits and Vice Versa
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