Terabethia, the first bridge between Ethereum and the Internet Computer, unlocks utility and liquidity for both ecosystems and lays the groundwork for network interoperability
NEW YORK, NY / ACCESSWIRE / December 22, 2021 / Psychedelic, a decentralized Web 3 development studio building products for the Internet Computer, today announces the launch of Terabethia - a cross-network bridge designed to enable cross-chain contract communication, and asset mirroring & transfer across different chains, starting with the Internet Computer & Ethereum.
Terabethia represents the first bridge connecting Ethereum and the Internet Computer. Built on a forked version of StarkWare's messaging protocol & contracts, the bridge will enable contracts on both chains to communicate and allow anyone to mirror and use any Ethereum asset - fungible and non-fungible - on the Internet Computer and vice versa.
The bridge also serves as an essential and complementary precursor to the Internet Computer's native Ethereum integration, which will instill interoperability between the two chains.
While the integration will allow Internet Computer smart contracts (known as Canisters) to hold Ethereum assets on Ethereum and make calls to them, it won't enable Ethereum assets to truly exist on the Internet Computer. Terabethia remedies this by allowing ERC standard assets to be represented on the Internet Computer while enabling users to take advantage of the blockchain's infinitely scalable infrastructure as a layer-2 solution.
Ethereum's inability to scale has led to network congestion and prohibitive gas fees, creating a bottleneck for users and developers alike. The Internet Computer, meanwhile, eliminates the problem by using a "reverse gas model" where developers supply the funds needed to run the applications/contracts that use their gas (known as "cycles").
Moreover, one GB of smart contract data on Ethereum currently costs over USD 196.48 Million. In contrast, the same requirement on the Internet Computer is just USD 0.467 per month - providing a sustainable base of operations for Ethereum users and developers.
Porting assets between the Internet Computer and Ethereum will also promote greater liquidity and unlock entirely new use cases for both ecosystems. For example, NFTs can now be minted on either network, enabling users to offset Ethereum's costly minting fees. Ethereum-based assets can also be brought over and used within NFT gaming, traded on decentralized marketplaces, or even leveraged as collateral on lending platforms.
Harrison Hines, CEO, and founder of Psychedelic, said: "Similarly to how Ethereum extended the functionality, usefulness, and value of Bitcoin, we believe the Internet Computer has the potential to do the same for Ethereum assets and applications, and could even potentially become the best L2 for Ethereum long term."
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About Psychedelic
Psychedelic is a decentralized product studio and Web3 developer collective focused on building cool products on Ethereum and Internet Computer. It's a collective of 30 developers, designers, and entrepreneurs decentralizing into a DAO. Join the community on Discord.
About the Internet Computer
The Internet Computer is the world's most powerful general-purpose blockchain and Web3 platform. Its protocols apply advanced cryptography and computer science to scale smart contract data storage and computation without limit, host web-speed smart contracts that can directly serve web experiences to end users without the cloud, and run smart contracts with breakthrough levels of efficiency. For the first time, developers can create truly decentralized dapps and services that run entirely from the blockchain, and push into emerging areas such as SocialFi and GameFi, which blend social media and game functionality with DeFi, and build out the fully decentralized metaverse. The Internet Computer blockchain acts as a complete alternative technology stack, which has been designed to replace the centralized IT stack that is mostly controlled by Big Tech, and it can even be used to build secure and unstoppable websites and enterprise systems. It was incubated and launched by the DFINITY Foundation.
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SOURCE: Dfinity