IO Global and Bondly Announce Development of Bridge from Ethereum to Cardano Networks
Official bridge allows NFT creators to choose an eco-friendly alternative for their NFTs, which is four million times more energy efficient than Bitcoin.¹
Cardano blockchain also offers creators price predictability and stability
for NFT creation and transfer.
Bondly and IO Global, the leading global blockchain engineering company and developers of the Cardano blockchain, announced the creation of their official cross-chain ‘bridge’ to connect the Cardano and Ethereum networks. Development of the bridge, which marks the first project of the partnership, will allow NFT creators to easily move their NFTs from the energy-intensive Ethereum blockchain to Cardano. IO Global and Bondly anticipate releasing the new bridge in early 2022.
The jointly-created bridge will provide NFT creators with an eco-friendly solution for their NFTs to combat the energy inefficiency of Ethereum’s Proof of Work solution. While Bitcoin and Ethereum currently use an amount of energy similar to Oman and Columbia respectively, Cardano will only ever use the energy equivalent of a family home. Cardano also offers price predictability and stability for transaction costs, which allows creators to mint or transfer NFTs without risking lost transactions or unexpectedly high costs.
Bondly will produce a special series of eco-friendly NFTs celebrating the launch of smart contracts on Cardano, which gives developers the ability to create apps that will utilise the capabilities of the world’s most advanced green blockchain, as well as NFTs marking the launch of the cross-chain bridge.
“The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a pivotal moment in the transition from legacy blockchain technology to one of the most hotly anticipated ‘third generation’ networks” said Harry Liu, CEO, Bondly. “As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will herald the next phase of NFT evolution. ”
Charles Hoskinson, CEO of IO Global, said: “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials. Bondly also shares our commitment to interoperability. We believe that blockchain will only achieve mass adoption when end users have a seamless experience, regardless of which blockchain they are using, which is what bridges like this will achieve.
ABOUT IO GLOBAL
IO Global is an R&D and product engineering company, committed to using peer-to-peer innovations to provide 21st century services to the 3bn who don’t have them. We build blockchain based products for governments, corporations and academic institutions and upskill people across the world, empowering them to solve the most pressing problems faced by people in their countries. We have core beliefs in decentralization, privacy, economic identity and financial empowerment for everyone, and stand opposed to centralized control and bureaucracy. Follow IO Global on Twitter at @IO GlobalMedia.
Bondly is at the forefront of developing new technologies to make blockchain utilization for NFTs and crypto currencies safer, more efficient and truly decentralized. One of the few end-to-end NFT platforms in the market, Bondly executes every step of the process to bring authenticated digital-first goods to the market in music, entertainment, gaming and collectibles with a suite of products and services designed to support the entire blockchain ecosystem. Animoca Brands acquired a majority stake in Bondly with plans to integrate Bondly’s blockchain technology, launchpad and NFT bridge into its game products.
- Reference: How Much Energy Do NFTs Take Up? / The Renewable Energy Hub