Satoshibles Are the First NFT Collection to Bridge Between Ethereum and Bitcoin via Stacks
The Bitcoin-inspired Satoshibles NFT project started on Ethereum, but now it's finding new life on Stacks thanks to a cross-chain bridge. Read the full article by Andrew Hayward
Stacks has made a name for themselves over the last year as they were the blockchain selected to make Miami and New York City Coin project. Miami is using this initiative as a way to crowdsource funds from people in the city to go towards things like the cities infrastructure. In return, the people that stake their city coins will be rewarded with a varying % APR back. This is a similar process to what the government does with your tax dollars; however, Miami is giving those people the ability to earn more for their contributions.
Now Stacks is making an even bigger leap in the blockchain space by introducing Stacksbridge. This will bridge together both the Ethereum and Bitcoin network since Stacks is built on Bitcoin. For now, this will only be available for the Satoshibles NFT holders where the bridge will be able to connect the Metamask wallet to Hiro Stacks wallet. This will be the next form of blockchain evolution that will bring multiple networks together.
The current issue is that all of these ecosystems are closed off from each other and we all know that if you send Ethereum to Solana the money will just be gone forever. Introducing cross-chain bridges will make everything compatible with one another. We are still years away most likely from this happening on a larger scale but this is a step in the right direction.
At this time the Satoshibles team are the ones that are overseeing the securities and operations of the bridge. The plan is to then make it a trustless model in the future where the bridge will be entirely run on smart contracts. Since stacks operate as a layer-2 solution for BTC, as Loopring does for ETH, this means that you can have NFT projects built on Stacks. There is a lot of potential behind bringing smart contracts to the Bitcoin network we will just need time and projects like Stacks to keep innovating the space.
Since its launch last week on February 4th, only about 4% of Satoshibles holders have tried using the bridge, but it is still very early.
“We’ve got a lot of Bitcoin fans on the bandwagon, and a lot of them were saying that it's their first NFT,” developer Brian Laughlan of Stacks explained. “Basically, the only [negative] thing they said to me was that they were a bit annoyed that they had to buy it with Ethereum."
