Plasm and Secret Network present the bridge to connect Polkadot to Cosmos
Plasm Network and Secret Network, a privacy-focused public blockchain platform based on the Tendermint / Cosmos SDK, have launched a new bridge to connect Polkadot with the Cosmos ecosystem.
In a blog post on Tuesday, April 13, Plasm Network announced that it had completed the construction of its bridge with the Secret Network. The bridge will first be deployed on the Plasm test network. Once the Kusama Network is ready, the bridge will be deployed on the Shiden Network, a sister network to the Plasm Network in Kusama.
The moment the Plasm Network becomes a parachain on the Polkadot Relay chain, this will implement this bridge on the main networks. First, it will be implemented on the Shiden Network, followed by the original Plasm Network.
Bridge will allow users to transfer assets between Plasm Network and Secret, allowing them to enjoy the privacy of transactions and use SecretSwap, the first automated exchange market on the Secret Network.
According to Plasm Network:
“The biggest immediate benefit for users with this bridge is that they can get transaction privacy. Users can convert Polkadot-based assets into Secret Tokens, which combine the scheduling capabilities of ERC-20 with the privacy of coins like Zcash or Monero. Interactions with Secret Token contracts are encrypted and can only be viewed by the owners or holders of your display key. The bridge will also give users access to Secret DeFi, privacy-preserving decentralized financial applications built on the Secret Web.
Plasm Network aims to be a Polkadot parachain that would act as a multi-chain smart contract hub in Polkadot.
The team is currently focused on infrastructure and bridge developments to bring more interoperability to Polkadot. The blog post also hints at the next version of Plasm Network, as it says:
“Plasm Network 2.0 will be a multi-chain, multi-virtual machine smart contract hub powered by Polkadot. We are going to connect Polkadot to Cosmos, Ethereum and more via Plasm Network! «
As reported, Plasm also raised $ 2.4 million in an investment round led by Binance Labs.
The recent Plasm Bridge aims to bring the Cosmos ecosystem to Polkadot through the Secret Network. Secret Network is the first open source privacy-enabled Layer 1 blockchain, including privacy-preserving smart contracts, built on top of Cosmos SDK, a software development kit for building chains in Cosmos.
The Cosmos ecosystem focuses on the 'Internet of blockchains' through its IBC, a communication protocol between blockchains that can be thought of as TCP / IP for blockchains.