Overview
Learn how Swingby Skybridge changes the DeFi ecosystem. 🚀
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Learn how Swingby Skybridge changes the DeFi ecosystem. 🚀
Last updated
Was this helpful?
Swingby Skybridge is a staking-powered decentralized bridging protocol for the cross-chain movement of crypto assets. It enables fast trustless bridges between the Bitcoin blockchain, Ethereum, and other distributed ledgers.
On December 28th, 2020, the first network was launched bridging Bitcoin onto Ethereum via WBTC.
Swingby Skybridge implements a layer-2 proof-of-stake consensus system and peer-to-peer network to facilitate inter-blockchain swaps using TSS cryptography and MPC computation.
Swingby Skybridge is a network consisting of clusters of nodes that manage decentralized wallets using threshold signatures ("TSS") cryptography to form multiparty signature wallets and use those to facilitate cross-chain token swaps.
With Skybridge, cryptographic assets can be transferred from one blockchain to another and as fast as their block times. Skybridge does not require any third party to be trusted and no single person (or centralized entity) has access to the deposit while they are being swapped.
Completing a swap on Swingby Skybridge is as easy as transferring the assets to an address and there is no need to use any sort of special wallet application.
By using the latest cutting-edge research, Skybridge is an innovative solution built on complex cryptography that remains extremely simple to use for all DeFi users.
In contrast, traditional approaches to similar problems have used complex multi-signature transactions and script op-code methods like Hash Time-Lock Contracts (HTLCs), which are not widely supported by wallets and other user interfaces.
Swingby Skybridge applies modern cryptography for the real world to address gaps in the cross-chain DeFi ecosystem by making it easy for anyone to move assets across blockchain networks.
Trust the math, not the man. Skybridge is the first protocol to implement the and secure its network using the latest research in threshold signatures for blockchains. This allows for the control of the network to be distributed across a huge array of Metanodes whilst still processing swaps instantly.