$BTC Rethinking Bitcoin’s role in DeFi: AMA recap with GVNR

Most existing crosschain solutions rely heavily on bridges. GVNR takes a different approach to avoid their vulnerabilities.

The cryptocurrency ecosystem is home to a myriad of assets. Yet, transacting between them can be a risky and painful process due to the inefficiencies of traditional crosschain solutions, such as bridges.

Benjamin Whitby, project lead at GVNR, and Cynan Rhodes, chief technology officer, recently joined Cointelegraph in an AMA session to highlight the issues. Whitby said, “Bridges are a knee-jerk solution for moving assets around. They end up being incredibly fragile and loaded with substantial volumes of assets, which brings systemic risks to the underlying ecosystem. So we do away with that.“

Rather than moving assets from one chain to another, GVNR enables programmatic control of assets where they are held. This is achieved through a network of partners, including Lit Protocol, Bancor and Pocket Network, as well as a combination of technologies, such as MPC, General Message Passing and RPC.

Rhodes explained the process: “For a user, the initial entry point is a wallet, such as MetaMask. Then, the Lit Protocol fragments private keys into millions of pieces over its network to initiate transactions or trigger smart contracts without handling the keys themselves. When a transaction is made, we use the Pocket Network to provide a unified RPC feed that collects transaction data from all chains.“#BTCWhaleTracker #AltcoinSeasonLoading #BinanceHODLerC