Hot Cross series: Part 1

HOTCROSS - Auspicious bridge of blockchain

Blockchain now opens up a world of opportunities for infrastructure & tooling companies with products on multi-chains and cross-chains. Besides the big boy in the game like Polkadot, Hot Cross, a project that has been quietly developing a bridge of blockchain solution since 2020, is ready to take on the blockchain world.

Initially, a bridge concept in the crypto world has no differences comparing to a physical bridge that we all perceive in reality. It has been built to connect two distinct locations or communities so that vehicles can go back and forth conveniently.

More often than not, blockchains develop in isolated environments, and chains that operate under different consensus rules have no way of communicating with each other. Connecting solution to these isolated environments becomes a key to ensure scalability and connectivity.

Scalability. The largest networks are struggling to process the ever increasing number of transacstions. Congested networks cause slowness and costliness. With the current block times, existing public networks are very, very far from being able to run apps with millions of users and serve the pratical needs of businesses.

Connectivity. Each blockchain now has to create the whole ecosystem with its users, DApps, and a native currency. Existing blockchains operate in silos and do not communicate with each other. Switching and transferring assets from chain is hard, if possible at all. Such lack of interoperability is a big impediment to the mass adoption of the technology.


Problems of blockchain

Why shoudn't someone on Bitcoin be able to access the information and resources on Ethereum?

How should a blockchain communicate between its own Layer 1 and 2?

This question answered by "Bridges tool".

Bridges allow for the sharing of valuable data and traffic between the many blockchains and layers. More clearly put, with a bridge, someone in Chain A can receive data from Chain B and back, achieving what is known as interoperability.

Other than wrapping a token like BTC and bridging it to ETH and then moving that newly minted tBTC over to any DeFi protocol, the central importance of interoperability between blockchains is that it increases the rate of mass adoption in the space.

Bridges communicate information between networks. This made us consider the history of inter-network communication, which inevitably looks at the history of the internet, a series of separate networks working together and sharing information.

It leads to the reason why more producers create their own project called "Cross-chain Bridges".

We already have the Multi-chain so what is the point of creating a Cross-chain? What is the difference between Multi-chain and Cross-chain?

Multi-chain simply refers to many different chains. Specifically, besides the original chain (such as ETH), a specific project can be deployed independently in another chain such as BSC or Polkadot.

However, the assets can only be flowed between independent chains by cross-chain solution, which is a tool that allows users to transfer assets between the Ethereum chain and other chains available on the market.

The difference:

Multi-chain means "multi-chain, cross-platform". In the crypto market, if a project is deployed on a multi-chain, it must be deployed on at least two chains, which can be Ethereum, Binance Smart Chain, Solana, Polkadot, Avalanche or other blockchains.

Cross-chain is a solution that allows the transfer of assets from one chain to another in order to optimize the ability to synthesize between chains. Cross-chain projects allow users to connect and transfer assets between different blockchain platforms.

Hot Cross Introduction

Hot Cross's goal to explore in a preliminary fashion the design, development, and user journey of Hot Cross, a multi-chain tool suite created for both blockchain teams and their communities.At its core, Hot Cross aims to be a toolbox for EVM-networks and if the thesis that cross-chain tools work, the project team will then expand to non-EVM chains ( included Polkadot, Cosmos, Solana, etc.)Hot Cross will become an extensive multi-chain and cross-chain tool suite that enables blockchain teams and their communities to thrive. They are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C.

Hot Cross products were created with a product-market fit approach. They were either needs expressed by other blockchain teams or general users. Hot Cross's products include:

The first tool as know as main product created in the Hot Cross ecosystem was an ERC-20 to BEP-20 bridge called Cross Bridge

The following products that are under development or already launched are a multi-chain NFT minter named Cross Mint

A multi-chain StakeDrop/Launchpool product named Cross Pool

A UI component named Cross Connect

A rich data delivery endpoint named Cross API

An exploration into AMM-style bridging via Cross Swap

A multipurpose application called Cross Vest for token management.

And more and more exciting products would be launched on Hot Cross Ecosystem.