- 1 MultiBit helps limit fragmentation in interactions between BRC-20 tokens and the Ethereum ecosystem.
- 2 MultiBit’s protocol routinely consolidates the tokens from unique addresses.
MultiBit serves as a platform that allows seamless transfer of cryptocurrency tokens between the Bitcoin blockchain and Ethereum Virtual Machine (EVM) networks, including Ethereum and BNB blockchains, by acting as a bridging tool.
The platform helps enhance liquidity and promote the growth of the Bitcoin ecosystem by facilitating the conversion of tokens from Bitcoin’s BRC-20 standard into ERC-20 tokens on Ethereum or BEP-20 tokens on BNB.
MultiBit and its Features
Security is a top priority for MultiBit, and the project is developed with mechanisms that help protect users’ accounts and funds. The development team ensures the safety of funds regularly by merging them from distributed addresses to the Multisig cold wallet, which allows for data transfer independently and safely, without any third-party intervention.
The cryptocurrency withdrawal approval process is also committed to maintaining security, with the development team taking a highly responsible approach.
MultiBit is built with the basic principle of creating solutions that investors want, and this is evident in the platform’s user experience. The Multibit Bridge feature enables smooth, quick, and reliable conversion of tokens across the blockchain network. The platform also plans to develop drops, farms, and swaps to support the BRC-20 cross-chain migration, creating compelling user experiences.
MultiBit helps limit fragmentation in interactions between BRC-20 tokens and the Ethereum ecosystem, thereby creating great scalability of the project. Also, it makes token conversion faster and more convenient.
The token conversion process between Bitcoin’s BRC-20 network and EVM (Ethereum virtual machine) is optimized by MultiBit. The process starts when a user converts BRC-20 tokens to a personal BRC-20 address, which is then confirmed and ready for new creation on the EVM network.
Two Way Connectivity of Multibit
MultiBit’s unique two-way connectivity enables seamless conversion from EVM to Bitcoin and vice versa, thereby enhancing interoperability among fragmented blockchain networks.
By enabling the transition of Bitcoin tokens to EVM-based networks, MultiBit allows users to leverage their tokens and assets across the Ethereum ecosystem, accessing its infrastructure and decentralized finance (DeFi platforms like exchanges and lending services).
The facilitation of cryptocurrency token bridging offers users the flexibility to transfer liquidity or tokens between blockchain networks seamlessly, eliminating the complexities of manual processes or multiple transactions.
How to Use Multibit
To use MultiBit, users connect their crypto wallets with the platform, select their desired BRC-20 tokens for transfer, and direct them to a designated BRC-20 address provided by the protocol.
Upon reception and validation of the deposited tokens, MultiBit generates an equivalent volume of tokens on the EVM network through a minting process.
MultiBit’s protocol routinely consolidates the tokens from unique addresses and securely transfers them to a centralized cold wallet.
Additionally, MultiBit’s bidirectional bridge functionality allows users to revert tokens from EVM networks to Bitcoin. Upon withdrawal, the corresponding tokens on the EVM chain are destroyed by the MultiBit Protocol, and an equal value is transferred back to the user from the secure cold wallet.
Multibit offers improved liquidity, safety, and convenience for converting BRC and ERC tokens. The project has promising growth potential with a token value increase of 9.1% in 24 hours. Investors should do their own research before joining.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.