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omlink Bridge

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The omlink bridge is a bridge that allows users to move their assets to different blockchains over the omchain network. A very fast blockchain bridge is currently supported in four different blockchain ecosystems. In order to better understand the working principle of omlink, first of all, it is necessary to understand what bridges in blockchain ecosystems are and their working principles.

What is a Crypto Bridge?. How a crypto bridge is used to move… | by Omer  KEMAN | Medium

What is Blockchain Bridge?

Blockchains are undoubtedly the most important innovations of recent years. In the development process that started with the Bitcoin blockchain and then continued with the Ethereum blockchain, there are many blockchains today. Blockchains, which not only enable crypto money transfer, also offer many different features to their users such as smart contracts and decentralized applications. Although these blockchains offer many different applications and features in their universe, two different blockchains cannot interact. Blockchains are very sheltered and closed structures in this respect. The need for different blockchains to interact with each other has revealed the concept of a blockchain bridge. Bridge protocols have been developed so that different blockchains can connect with each other. The aim here is to ensure the interoperability of different blockchains. Although there are different types of bridges, in this article we will detail the types of bridges specific to assets. As the name suggests, a blockchain network of this type of blockchain bridge can provide access to assets on a different blockchain.

Through blockchain bridges, you can perform a transaction on the Ethereum network by paying with Bitcoin. This is where wrapped tokens come into play. Wrapped tokens are simply coins indexed to the value of a different cryptocurrency. Wrapped tokens can be compared to stablecoins in this respect. Stablecoins are usually indexed to a price currency such as the USD, while wrapped tokens are indexed to a specific coin. In this way, you can trade with BTC on the Ethereum blockchain. To do this, you need to convert your BTC to WBTC, an ERC-20 token. WBTC is the same price as BTC. In order for Wrapped tokens to work smoothly, custodians are needed. The custodians prevent a token from being spent twice. Let’s continue with the WBTC example. For example, if 1 BTC is required for a transaction on the Ethereum network, 1 BTC is sent to the custodian. The custodian also issues 1 WBTC in return. If you want to convert your WBTC back to BTC, the user notifies the custodian and these WBTCs are burned, and the user can use their BTC again.

Blockchain bridges not only allow different chains to work together, but also increase the liquidity in blockchains. Actively using idle tokens on different blockchains will undoubtedly contribute to increasing liquidity. In addition, you can perform your transactions at a lower cost and faster by bridging instead of slow blockchain networks with high transaction fees and scalability problems. For example, on the Ethereum network, transaction durations are long and gas fees are pretty high. Instead, you have the opportunity to make your transaction on another blockchain for a lower fee and quicker, if possible. In summary, applications that wrap your existing tokens in the relevant blockchain version in order to work with different blockchains are called blockchain bridges. As blockchain types increase, the need for blockchain bridges also increases. In this way, users have the opportunity to easily handle their transactions on different blockchains.

What are Blockchain Bridges?

What is the omlink Bridge?

The omlink bridge is the bridge that allows omchain and different blockchains to work together. Currently, the omlink bridge is ahead of its competitors with its speed. If you want to use dApps in different blockchains with your OMCs, what you need to do is to wrap your OMCs using the omlink bridge. The working principle of omlink is the same as the working logic of the bridges described above. For example, if you want to use an application on Binance Smart Chain (BSC), you must first wrap your OMCs on omlink. omlink currently works in conjunction with Ethereum, Binance Smart Chain, Avalanche Network and omchain Mainnet networks. However, omLink, which is very open to development and innovation, will allow interoperability with different blockchains in the future.

How to Use the omlink Bridge?

In the next step, the use of omlink will be mentioned. Firstly, go to bridge.omchain.io in your web browser. Here, select the network of tokens (Only Ethereum, BSC, Avalanche and omchain available) that you have in the sender network section. In the destination network section, select omchain and then enter the token amount. In the next step, you need to link the wallet. The Metamask wallet and wallets supported by WalletConnect can be used as wallets. After entering the amount to link your wallet, click Send. In the next step, you will receive a transaction request for this transaction from your wallet. Complete the bridging process by confirming this operation. Once you’re done, take note of the URL on the page. If the process is taking a long time, you can check the process later by entering this URL. The URL format is https://bridge.omchain.io/status/source network ID/transaction hash.

There is another point to be noted here. If you are bridging your crypto assets to the omchain network, the deposit transaction is confirmed and you do not need to do anything else. The crypto assets that you have sent to the omchain network will be immediately displayed in the wallet in the corresponding amount of OMC. However, if you want to send your crypto assets to the Ethereum or BSC network, there are extra steps to follow. To finalize your transaction, you need to press the “receive” button. By pressing the Receive button, you confirm the operation. After you click the Receive button, you will be prompted with a TX. Confirm that TX will deliver your ticket to the omLink smart contract and your assets will be transferred to your wallet. As you can see, using omlink is quite simple and convenient. omlink will allow you the opportunity to interact with omchain and popular blockchains such as Ethereum, BSC and Avalanche.

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