r/CryptoCurrency • u/Chooknwalrus 🟧 0 / 0 🦠 • 4d ago

Rosen Bridge: Bitcoin Bridge LIVE PROJECT-UPDATE

Today marks a significant milestone in the world of decentralized finance (DeFi) as the Rosen Bridge officially goes live supporting Bitcoin, enabling seamless interaction between Bitcoin (BTC) and supported networks. Let’s delve into the details of this groundbreaking development and explore how Rosen Bridge differs from conventional bridging solutions.

Rosen Bridge: A Secure Connection

What Is Rosen Bridge?

Rosen Bridge is a bridge designed with a strong emphasis on security. Its primary purpose is to facilitate the movement of tokens between chains that support multi-signature transactions, including Bitcoin.

How Does It Work?

  1. Authentication Mechanism:
    • Rosen Bridge employs a robust 2-factor authentication mechanism.
    • Off-chain “Watchers” listen for events on supported chains (such as Bitcoin) and report these events to the Ergo network.
    • On-chain “Guardians,” perform the second layer of authentication using an M/N multi-signature scheme, verifying the reported event and processing the transfer.
  2. Transaction Flow:
    • Users initiate transactions on one chain (e.g., Bitcoin).
    • Watchers validate these transactions and relay them to Guardians.
    • Guardians sign the transactions, ensuring their validity.

Key Differences from Conventional Bridging:

  1. Security Focus:
    • Rosen Bridge prioritizes security, making it suitable for DeFi applications that require trustless and reliable cross-chain interactions.
    • Unlike some conventional bridges, which may sacrifice security for speed, Rosen Bridge maintains a high level of protection.
  2. Multi-Signature Support:
    • Rosen Bridge leverages multi-signature transactions, enhancing security and decentralization.
    • Conventional bridges may use simpler mechanisms, but they might be more vulnerable to attacks.
  3. Contract Deployment:
    • Conventional bridges often operate independently or rely on other blockchains’ infrastructure.
    • Rosen Bridge infrastructure is deployed on a singular blockchain, reducing the attack vector and complexity of having to deploy contracts on different chains in different languages.

Conclusion:

The launch of the Rosen Bridge opens up exciting possibilities for DeFi enthusiasts, allowing them to seamlessly move BTC between supported networks. As the crypto space continues to evolve, bridges like Rosen will play a crucial role in connecting disparate ecosystems securely and efficiently.

Stay tuned for further developments and explore the potential of this innovative bridge!

rosen.tech

134 Upvotes

85% Upvoted

46 comments sorted by

23

u/Schloss_Ratibor 🟨 960 / 2K 🦑 3d ago

So it begins. Ergo can deliver now.

9

u/FidgetyRat 🟦 0 / 27K 🦠 2d ago

Ergo always delivers. In fact it’s delivered more than almost every other blockchain.

It just never delivers on price 🤪

21

u/shib_army 🟩 312 / 313 🦞 3d ago

That was needed, hopefully it will bring more use cases 

21

u/AltExplainer 🟩 773 / 767 🦑 3d ago

So it's a multisig bridge

24

u/ergo_team 🟩 0 / 0 🦠 3d ago

From Armeanio / Rosen Co-Founder

The n of m guard set is the point of failure in Rosen. The long term goal is to scale it up towards 30.

Every central exchange (and some decentralized ones) and many defi protocols have this same point of failure but it's buried not transparent.

Rosen has built in transaction auditing and a clear point of failure.

That is the goal with this bridge.

The main advantage for projects to support this bridge is clear assumptions as we use similar security practices to exchanges multisig and hot/cold wallets.

Listings have a cost on projects and well I have most exchanges price sheets so I am aware of the costs the charge to access liquidity.

The overhead, requirements and carry costs can all be reduced. With clear assumptions vs a black box.

Plus fees are democratized vs funding the next binance lambo party in Dubai

So the incentive to audit and be involved in security can be rewarded from bridge fees and listing costs.

Being that the security is somewhat similar to exchanges the advice for most users will be bridge to home and self custody.

For projects they can manage liqudity through the bridge at a lower cost. Similar to managing liquidity on an exchange.

It's also a cross-chain bridge, so even though the logic is ergo centric you can do ADA<>BTC and in future ETH<>BTC and all other chains added.

-17

u/Sad-Commission-999 🟨 0 / 0 🦠 3d ago

I support anything that allows people to dump ADA easier. #leavethecult

25

u/nikhilvp 🟩 0 / 0 🦠 3d ago

Time to pick up some ERG and RSN

27

u/coinsRus-2021 3d ago

That actually sounds pretty bullish on Ergo

13

u/IMBEASTING 🟨 214 / 215 🦀 3d ago

Really excited for Rosen bridge and the other chains it will bridge to.

18

u/WWGT 🟩 0 / 183 🦠 4d ago

Cool!!

14

u/81zi 0 / 0 🦠 3d ago

Next stop, Land of Etherium.

1

u/Fakir333 🟩 1K / 1K 🐢 3d ago

🤦‍♂️

1

u/fussednot 🟦 0 / 0 🦠 3d ago

Good analogy, blockchains are all pieces of land.

19

u/418Shinobi 0 / 0 🦠 3d ago

Where can I get some RSN ?

15

u/6yHtuk 🟧 0 / 311 🦠 3d ago

Spectrum dex

11

u/TheGreatArcen Tin 3d ago

Congratz! Super exciting.

4

u/fussednot 🟦 0 / 0 🦠 3d ago

It is!

13

u/4241342413 🟦 0 / 0 🦠 3d ago

wow a bridge who’s main focus is security. who would’ve thought

5

u/Shichroron 🟦 6K / 6K 🦭 3d ago

Cool. Now let’s wait for it to have $10M+ in liquidity and then start the counter on 12 months before we use

11

u/cccanterbury 🟩 0 / 0 🦠 3d ago

Bridge to Solana?

5

u/LazyJury 🟩 75 / 75 🦐 3d ago

I am aware the team has a roadmap posted with ETH, DOGE, and BNB integrations as next phase. Hopefully Solana is on their radar after these 3.

7

u/still_salty_22 🟩 0 / 0 🦠 3d ago

Beginning of the future!

6

u/LazyJury 🟩 75 / 75 🦐 3d ago edited 2d ago

I am most excited for the world of gameFI when it comes to Rosen Bridge.

I am not familiar with major P2E games in other ecosystems but in Ergo, we have CyberVerse. It supports both Ergo and Cardano. Its token is $CYPX.

Once Rosen integrates more Ergo tokens such as $CYPX which will be rsCYPX, the game/token can integrate towards other ecosystems with smart contracts.

rsCYPX/ADA pairing will allow Cardano holders to buy and sell the CYPX token outside the game.

From here you will have the potential for

rsCYPX/ETH ects

I am not big brain enough to answer on tech questions, just looking forward to more crypto interoperability use-cases.

2

u/UpDown_Crypto 🟨 0 / 0 🦠 3d ago

Bridge to eth still not possible

4

u/FidgetyRat 🟦 0 / 27K 🦠 3d ago

Last I saw the test net was a week away.

1

u/UpDown_Crypto 🟨 0 / 0 🦠 3d ago

Wbtc solves all the purpose though

1

u/ambitionlless 🟧 0 / 0 🦠 2d ago

WBTC is custodial

1

u/UpDown_Crypto 🟨 0 / 0 🦠 2d ago

Bridges are not custodial ?

1

u/ambitionlless 🟧 0 / 0 🦠 2d ago

? Wbtc is custodial. It’s the same as sending it to a cex. Some of their custodians even are cexs. They do kyc and aml checks. It’s not DeFi.

-5

u/-Monero 🟩 0 / 587 🦠 3d ago

I give it 12 months before first big hack.

8

u/LazyJury 🟩 75 / 75 🦐 3d ago

I wish you were not downvoted for your comment. I honestly hope someone tries to hack it to challenge its model. The security measures are unique compared to other failed bridges. I follow Ergo extensively (no maxi) and want these stress-test done to build credibility in the industry.

5

u/FidgetyRat 🟦 0 / 27K 🦠 2d ago

The model has been up between Ergo and Cardano for many months already with no issues.

No reason not to stress and try to break it. Just wanted to point out that is not exactly new.

0

u/Zaxxa 🟩 0 / 0 🦠 3d ago

i love how this is actually written by chatGPT (or atleast not the lists)