Celer Network commits to offering users blockchain interoperability. The industry-leading inter-blockchain and bridging platform boasts numerous multi-blockchain products for developers, including the Inter-chain Message (IM) Framework, used to build inter-chain Decentralized Applications (dApp).
The protocol launched the product in April, adding to its unique cBridge, Layer2.Finance and State Guardian Network (SGN) offerings. BSC News reported the IM mainnet launch on April 27, as Celer collaborated with nine partners to formulate cross-chain dApps across Decentralized Finance (DeFi), governance, GameFi, Non-Fungible Tokens (NFT), and more.
One of the launch partners, ChainHop, utilized the Celer IM product to create a unique dApp that facilitates the conversion of tokens from one chain to another. Hence, through Celer IM, multi-blockchain dApps can be built and utilized by users. Additionally, developers can leverage the service to build inter-chain dApps easily without the need to deploy isolated copies of smart contracts on different blockchains.
Celer IM-enabled dApps users, like ChainHop, will benefit from a multi-blockchain ecosystem in one place. In addition, the service provides simplicity via a single transaction without complicated manual interactions on numerous blockchains. Overall, Celer IM demonstrates new bridging capabilities on BNB Chain and beyond.
Open Canonical Token Bridge Standard
Celer Network’s blockchain interoperable ecosystem is facilitated through the Open Canonical Token Bridge standard. An Open Canonical Token Bridge standard is a simple fix to the Vendor Lock-in bridges, which are limiting for dApps.
Most third-party bridges operate with the Vendor lock-in feature. This means that the moment you use the bridge solution, the project or dApp is bound to the bridge forever. Celer Network’s Business Development Officer, Wanli, provided BSC News with comments about the feature. Wanli stated that Celer introduced the Open Canonical Token Standard to ensure that multi-blockchain interoperability is achieved.
“We believe the multi-blockchain future we are heading towards should be as open and interoperable as possible to allow the free flow of users, assets, and messages. It should encourage different solutions to contribute to ecosystem advancements and learn from each other’s innovations. Based on this, we initiated the Open Canonical Token Standard, hoping to break the current vendor lock-in reality we are currently in since it comes with long-term risks for the users’ assets and data,” Wanli told BSC News.
The option allows multiple bridges to co-exist in a single framework, ensuring users and dApp developers are open to less risk. A bridge through the Vendor Lock-in standard is precarious. For instance, the dApp or project is open to a huge security risk if the bridge goes down. On the other hand, with the Open Canonical bridge solution, users can utilize other bridges if one goes down.
What Is Celer Network:
Celer Network is the leading inter-blockchain and cross-layer communication platform in the industry. The protocol offers fast, secure, and cheap bridging between multiple chains. The Celer ecosystem comprises three unique products: inter-chain Message Framework, cBridge, and Layer2.Finance.