Web3 Foundation provides a grant to develop a “bridge” between Bitcoin and Polkadot blockchains

The Web3 Foundation funded the development of a “bridge” between the Bitcoin and Polkadot blockchains. Projectengaged in Interlay.

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Polkadot is a protocol for interoperability.various blockchains based on sharding. Shards in the Polkadot network are called parachains; each of them has unique state transition properties. Parachains are developed for various tasks, but all are compatible with the Wasm virtual machine. Validation of blocks in the Polkadot network is carried out in the main Relay Chain.

The XCLAIM framework at the heart of the BTC bridge parachain will allow the release of PolkaBTC tokens secured with bitcoin. These tokens can be sent to other parachains.

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After burning PolkaBTC in the BTC-parachain, users will be able to receive bitcoins in the ratio 1: 1 or the equivalent amount in DOT tokens.

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“XCLAIM is on average 95% faster and 65% cheaper than using Bitcoin HTLC atomic swaps”, - noted in Interlay.

Recall, recently Polkadot entered into a partnership with Coinbase and announced the distribution of tokens.