HyperDAO Cross-Chain Bridge: Creating an Interoperable Future
Since 2017, HyperDAO has been providing funding services for numerous blockchain projects, and they now have over 50,000 active users in over 40 countries. HyperDAO believes that the future of blockchain is not just about competition, but also about teamwork and mutual cooperation. Although there are already several established blockchain networks in the market, there are significance differences in their consensus model, applications, technical foundation, and so on. Most networks are also “functionally isolated”, and cannot communicate or share value with each other. Each blockchain network hosts different applications, encompassing DeFi, NFT, GameFi and more. However, the adoption of these blockchain applications will be heavily restricted and segregated within “gated networks” if the issue of interoperability is not addressed.
Therefore, to better serve its global network of users, HyperDAO has decided to upgrade its network with the construction of a cross-chain bridge. The project has bridged its native token HDAO to Binance Smart Chain (BSC), which would reduce transaction costs and settlement times, and would benefit HDAO users as a whole.
Why is BSC network the preferred choice for HyperDAO?
While the team did consider other alternatives such as Solana or Cosmos, BSC was ultimately chosen thanks to its unprecedented functionality, including its compatibility with the Ethereum Virtual Machine (EVM).
BSC was created by Binance, one of the largest cryptocurrency exchanges in the world. The chain also boasts smart contract functionalities and EVM-compatibility, which means that it can easily port over apps and users on the Ethereum network.
BSC can achieve 3-second block times by using the proof-of-stake consensus algorithm, and its network fees are also much lower than Ethereum.
HyperDAO’s growing focus on interoperability will ensure that its network can cater to a growing number of users. In the future, it will work with more blockchain networks to cultivate mainstream adoption. Soon, blockchain interoperability will be more seamless, and applications within the HyperDAO’s ecosystem would be able to connect with other blockchains. HyperDAO’s cross-chain bridge to BSC is only the start, and the team has expressed that they will continue to make necessary upgrades and adjustments to improve the user experience.
In addition to the cross-chain bridging, HyperDAO has also decided to host a node recruitment session to select leaders to take charge of governance decisions within the network. There will be a total of 9 nodes, and users selected to manage them will be conferred major responsibilities to maintain the overall security and stability of the HDAO network. All major decisions about the future direction of HyperDAO will be decided via community voting, and nodes can bring forth proposals that they deem beneficial to the community.
On the IDO side, as of October 22, more than 13 projects have applied to conduct an IDO on the HyperDAO platform, and the trend is likely to continue for the foreseeable future. As a one-stop decentralized crowdfunding platform for promising projects, HyperDAO will continue to provide investors and entrepreneurs with safe, transparent, fair and equitable financial services.
When investors participate in an IDO organized by HyperDAO, the platform will ensure the safety of their funds, while adhering to the principles of fairness, security and transparency. The credibility of all new projects will be verified to protect the interests of users. As such, new measures that will be established include:
Custodian wallet - all investors' funds will be stored in a custodian wallet (an address managed by a third-party, which can be queried through a blockchain explorer). Funds will be released to the project team only after all users in the DAO vote to do so.
Due diligence - The platform will conduct comprehensive due diligence on the technical capability, operational efficiency and team members of all new projects.