Bitcoin Core Dev to ‘Merge’ Bitcoin and Ethereum with Cross-Chain Tunnels
As crypto hackers recently exposed security vulnerabilities in cross-chain bridges, the community is looking for alternative ways to work together. One project introduced a new feature called “tunneling” designed to connect the two largest networks in the crypto space.
Jeff Garzik, an early Bitcoin Core developer, founded the Hemi Network, a blockchain protocol that “merges” the Bitcoin and Ethereum blockchains through tunnels. According to Hemi, the project presents the two blockchains as part of a larger supernetwork.
According to the team, unlike bridges that cross the chain, tunneling creates a unique environment that allows bitcoin and ethereum to “coexist.” This eliminates the attack viruses associated with traditional bridges.
The difference between bridges and tunnels
Max Sanchez, co-founder and chief technology officer of Hemi Labs, told Cointelegraph that tunneling fundamentally separates chain from cross-platform solutions. According to the executive, their protocol allows the network to “inherit the full security of Bitcoin” for secure network connections.
Sanchez also says that their Hemi Virtual Machine (HVM) enables the creation of secure Bitcoin interoperability technology. The Executive Director said:
“We're leveraging the deep Bitcoin insights in HVM to build a more secure, trust-reduced BitVM2 tunneling system with an improved version of BitVM2 that's more capital-efficient and robust.”
BitVM2 was created to enable Bitcoin-secured cryptographic computations. Its main focus is to enable a package that can process transactions more efficiently than the blockchain while maintaining the same level of security as the main Bitcoin network.
The executive Hemi protocol's connection to Bitcoin and Ethereum allows users to transfer assets from both networks to Hemi, which can be used in any applications deployed on Hemi.
“People can tie their Bitcoin assets to Ethereum with Hemi, which brings a highly secure Bitcoin-based asset token to the entire Ethereum ecosystem,” Sanchez added.
On September 18, the protocol announced that it had completed a $15 million round led by Binance Labs, Breyer Capital and Big Brain Holdings.
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Cross-chain interaction in Ethereum
Meanwhile, Ethereum founder Vitalik Buterin said that cross-chain communication issues will be resolved soon. In the year On August 6, Buterin presented a road map to solve the problem of cooperation on Ethereum. Ethereum's co-founder said people would be surprised how quickly they stopped layer-2 interoperability issues from being problems.
On September 18, decentralized exchange (DEX) aggregator 1inch Network launched a new on-chain exchange solution called “Fusion+”, which combines offchain and onchain liquidity with power exchange.
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