The eCredits Ecosystem could get a serious usability upgrade in the future – if the project is greenlighted by The People’s SCE.
Portugal-based Web3 firm Triple Hash Labs recently proposed to build a Bridge Protocol on the eCredits Blockchain, enabling the smooth transfer of various cryptocurrencies for eCredits users. The People’s SCE, the decentrally governed organization powering applications on the eCredits Blockchain, is now asking its members to vote on the matter.
Bridge to the future
Triple Hash, well known for its expertise in end-to-end blockchain integration, recently offered to build an eCredits Bridge Protocol on the eCredits Blockchain. Put simply, a blockchain bridge serves as a link between different blockchain networks, enabling users to transfer their digital assets between networks while, critically, preserving the value of those assets.
More specifically: each blockchain network has its own unique ecosystem and protocols. When users want to move their assets – for example from one network, like Bitcoin, to another, like Ethereum, they can utilize a blockchain bridge to do so without a loss of value.
If built, the eCredits Bridge Protocol would allow users to transfer their other digital assets – Bitcoin, Ethereum, etc. – onto eCredits without those assets experiencing value loss that might otherwise occur without the bridge.
Other benefits of an eCredits Bridge Protocol include:
- Value Preservation: Users can transfer cryptocurrencies onto the eCredits Ecosystem, value intact.
- Lower transaction fees: Blockchain bridges often offer lower transaction fees compared to traditional methods for converting cryptocurrencies, making them a more cost-effective way to move assets between networks.
- Interoperability: Bridges facilitate interoperability by allowing users to transfer a variety of cryptocurrencies between – and thus explore – different networks.
- Expanding Ecosystem: Users can take assets from other networks, like Bitcoin and others, and use them within the eCredits ecosystem, unlocking access to various decentralized applications and services.
The proposed bridge protocol – a first for the eCredits Ecosystem – could greatly expand the overall functionality, interoperability and user experience of eCredits, registering a win for both the community and the overall Web3 space.
The projected building cost totals $15K worth of ECS, with an initial payment of $5K worth of ECS due upfront, followed by the remaining balance, to be paid off over 12 months.
Now, it is up to the members of The People’s SCE to decide. Members are currently being asked to vote on the matter: should the SCE pay TripleHash to build the eCredits Bridge Protocol?
Voting is now live and open on the eCredits Portal – but only for SCE members. https://portal.ecredits.com/
Not a member yet? It’s easy to join and only takes a few simple steps. See details on how to join today and make your voice heard in crucial votes like these. https://thesce.org/membership/
About TripleHash Labs:
TripleHash, headquartered in Portugal, is a pioneering company specializing in end-to-end blockchain integration. Their expertise spans tokenomics, modeling, smart contract development, security assessments, and much more. Learn more on https://www.triplehash.org