Blockchain bridge
A blockchain bridge is a tool that lets users transfer their digital assets (e.g., cryptocurrency) from one blockchain to another. For example, if a user wants to transfer Solana currency to Ethereum, the blockchain bridge "wraps" the token information detailing the transaction and blockchain details. Ethereum uses that information to create new transaction information in their blockchain.
In 2022, several serious exploits took advantage of different blockchain bridges and allowed hackers to exploit hundreds of millions of dollars from various cryptocurrencies. For example, on October 7, 2022, the crypto service Binance announced it had an exploit where $570 million was taken from its customers. It was later able to recover all but $100 million. In 2022 alone, over one billion was lost due to blockchain bridge exploits.
Blockchain bridge was featured as a top term of 2022.
Bitcoin, Blockchain, Crypto terms, Interoperability, Security