New Bitcoin-Cardano Bridge Just Launched

investing.com 24/10/2024 - 16:13 PM

U.Today

There have been talks of expansion within the Cardano blockchain for several months. In line with the community’s expectations, EMURGO, the commercial arm of Input Output Global, has partnered with BitcoinOS to launch a bridge for the layer-1 network.

Bridge Cardano and Bitcoin

As uncovered on X, the Cardano and Bitcoin blockchains will now connect via the BitcoinOS Grail Bridge. This move positions Cardano as the first to fuel connections with the BOS infrastructure to advance Bitcoin's potential.

Despite its recognition as the first blockchain protocol, Bitcoin has limitations, particularly its limited smart contract functionality, which slightly undermines its security. Consequently, innovations are emerging to enhance Bitcoin's capabilities by utilizing smart contracts from other platforms.

The BitcoinOS Grail to Cardano Bridge will facilitate liquidity flow across both chains, enabling users to benefit from aspects of both proof-of-work (PoW) and proof-of-stake (PoS) systems. The BitcoinOS protocol indicates that this new connection will offer zero-knowledge cryptography benefits through the Grail Bridge.

By introducing privacy and security, users leveraging the Grail Bridge face no significant trade-offs from their existing protocols.

Impact on Cardano's Price

Cardano is a versatile protocol aiming for mass adoption. An earlier peer-reviewed study suggested a possible BTC-ADA staking model via the Babylon protocol.

As Cardano's innovations materialize, they could boost adoption and increase demand for ADA. This potential upswing may significantly influence the coin's long-term price, driven by user demand seeking connections to Bitcoin.

As of writing, Cardano's price is $0.3427, down 3.21% in 24 hours. However, the trend shows recovery potential following the BitcoinOS update.

This article was originally published on U.Today.




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