Rainbow bridge on Near Protocol

Rainbow bridge has been uploaded to easily transfer ERC-20 token from Near chain to Ethereum Chain by means to brings new liquidity and users from Ethereum Ecological system to NEAR.

The rainbow is supported by two nodes, the first node is on Ethereum represented by Near and the second is on Near represented by Ethereum. The two clients are designed to record and test the state and data of the the their home chain and executed new smart contracts on the opposite chain.

What will be executed when a user wants to transfer assets between the two chains? A locker is a smart contract which used to lock user’s asset, then the client node in the other chain will testify (which is the node of the same chain of the user’s) its own state, as long as the test has been proved, new ERC-20 token will be minted in the other chain of the same value.

What is the difference between rainbow bridge and other cross-chain validators? Most cross-chain validator is used to a method called proof-of-authority, to testify the state and contract of the requested chain. And after the test is proofed, the transaction will be executed which means that start to mint, meanwhile unlock the asset. While the potential danger is because of the validator is appointed but randomly selected, it may encounter/suffer double spend attack.

What are the benefits of NEAR? The fist of all is efficient, 0.5–1trans/s while it takes a few minutes in Ethereum to make a transition. The second is the cost, less than 0.01USD for one trans on NEAR, while 13 USD on Ethereum in the same situation.

It that helpful to understand how rainbow bridge works?

Analyst