Imagine that you have a dollar in your pocket, but you want to spend it at a store that only accepts naira. You can't just walk into the store and hand over your dollar. Why? Because even though it's money, it's not the country's currency. So you need to go to a currency exchange bureau and exchange your dollar for naira.

Blockchain bridges work in a similar way. They do the cool work of allowing you to exchange your assets from one blockchain to another in a way that they can be used on those blockchains. For example, if you have Bitcoin on the Bitcoin blockchain, you can use a blockchain bridge to exchange it for Ethereum on the Ethereum blockchain.

So to define it, a blockchain bridge is a tool that allows you to transfer assets between different blockchain networks. Read on to know how they work, the types of bridges and how to use a blockchain bridge.

How Blockchain Bridges Work

The specific working mechanism of a blockchain bridge varies depending on the type of bridge and the underlying blockchain protocols. However, there are some general steps that are common to all bridges:

1. You lock your assets on the source chain.

2. The bridge mints a wrapped version of the assets on the target chain. For example, a wrapped Bitcoin (WBTC) is a token on the Ethereum blockchain that represents one Bitcoin on the Bitcoin blockchain.

3. The bridge sends the wrapped version to your wallet on the target chain.

4. You can now use the wrapped assets to interact with applications and protocols on the target chain.

To unlock your assets, you can simply reverse the process by sending the wrapped assets back to the bridge. The bridge will then burn the wrapped assets on the target chain and release the underlying assets on the source chain.

Types of Blockchain Bridges

There are two main types of blockchain bridges: Centralised and Decentralised.

Centralised bridges are operated by a single entity, such as a company or a foundation. This entity is responsible for the security and functionality of the bridge. Centralised bridges are generally faster and cheaper to use than decentralised bridges, but they are also less secure and less decentralised.

Decentralised bridges are operated by a network of validators. This network is responsible for the security and functionality of the bridge. Decentralised bridges are generally more secure than centralised bridges, but they can be slower and more expensive to use.

How to Use a Blockchain Bridge

To use a blockchain bridge, you will need to:

1. Choose a bridge that supports the blockchains you want to transfer assets between.

2. Create an account on the bridge.

3. Deposit the assets you want to transfer on the bridge.

4. Select the blockchain you want to transfer the assets to.

5. Pay the bridge fee.

6. Withdraw the wrapped tokens from the bridge to your wallet on the destination blockchain.

Examples of blockchain bridges are:

•Binance Bridge

•Multichain Bridge

•Arbitrum Bridge

•Polygon Bridge

•Synapse Bridge

•Tezos Wrap Protocol Bridge

•Portal Token Bridge(formerly known as Wormhole)

•Avalanche Bridge

Conclusion

Blockchain bridges are an essential part of the Web3 ecosystem. They enable you to access the benefits of multiple blockchains and to transfer assets between different blockchains without having to go through a centralised exchange.