NEAR's Rainbow Bridge
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About this video
As an interoperable blockchain platform, NEAR is designed to seamlessly connect with other smart contract chains through the Rainbow Bridge. As a trustless, permissionless tool for cross-chain transfers, the Rainbow bridge is used to securely migrate assets between the NEAR and Ethereum blockchains.
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Transcript
330 wordsCaptions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.
- 0:00
as a platform designed to be interoperable nir needs a way to easily and securely exchange information and value with other blockchains it achieves this through the rainbow bridge a simple tool that allows users and developers to easily move their assets via tokens or nfts between mir and other smart contract platforms this achieves two main things first it allows users to avoid the congestion and high fees suffered by other blockchains by migrating their assets to near this is particularly useful for
- 0:32
individuals that want to access applications on multiple chains since it can be used to quickly move tokens between chains as and when needed second it provides developers with a tool that can be used to migrate users from ethereum to near through an easy to deploy bridge for their project token in its current form the rainbow bridge can be used for transfers between mir and ethereum and supports a huge range of erc20 tokens including popular
- 0:58
stablecoins wrapped tokens dex tokens utility tokens and more but as a generic protocol for enabling communication between smart contract chains more blockchains will be added with time using the bridge is as simple as connecting your wallets choosing the direction of the transfer and selecting the asset to move before approving and confirming the transfer the rainbow bridge is the only trustless bridge
- 1:22
making it much more secure than other bridges out there behind the scenes the rainbow bridge will lock your tokens in a smart contract on the origin chain before transferring an equivalent number of the same tokens to your target address on the destination chain this process takes just 7 minutes to move tokens from ethereum to near the rainbow bridge is both permissionless and trustless put simply this means it can be used by anyone
- 1:45
anywhere without restrictions and leverages fully transparent smart contracts to complete transfers with the rainbow bridge at your disposal it's easier than ever to get started with near