Bittime -Wormhole (W) is one of the latest innovations in the cryptocurrency world that offers a blockchain interoperability solution using a decentralized universal messaging protocol. This allows different blockchains to communicate and interact with each other in a secure and efficient manner.
Get to know more about what a Wormhole is, how it works and the features it offers, as well as an overview of its tokenomics in this article.
What is a Wormhole (W)?
Wormhole is a protocol that facilitates cross-chain communication between different blockchains, enabling the transfer of data and digital assets, including tokens and NFTs, without the need for a centralized exchange.
Thus, Wormhole aims to address one of the main challenges in the current blockchain ecosystem: the lack of interoperability.
Wormhole supports a variety of major blockchains such as Ethereum, Solana, Binance Smart Chain, and others, making it one of the most flexible and versatile interoperability solutions available today.
In general, below is the function of a Wormhole:
- Cross-Chain Exchanges: Using Wormhole Connect, a developer can build an exchange that allows deposits from any Wormhole-connected chain, significantly increasing the liquidity accessible to its users.
- Cross-Chain Governance: If a group of NFT collections on different networks want their holders to vote on a combined proposal, they can select a “voting chain” and use Wormhole to communicate the votes scored on their different chains to the voting chain.
- Cross-Chain Games: A game can be built and played on a high-performance network such as Solana, and the rewards are issued as NFTs on a different network, such as Ethereum.
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How Wormholes Work
Wormholes use a series of validator nodes , known as guardians, to secure and verify cross-chain transactions. When a user wants to move assets from one blockchain to another, the request is verified by the guardian.
Once verified, the original token is locked in a smart contract , and an equivalent amount of tokens is minted as a wrapped asset on the destination blockchain. This process enables safe and reliable transfer of assets between different blockchains without the need for a centralized exchange.
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Founder and Development Team
Wormhole was developed by a team of blockchain and digital security experts, although specific information about the founders and development team members is less publicly available.
The project is supported by some of the world's largest staking providers, underscoring its commitment to security and reliability.
Tokenomics and Use of Tokens
Wormhole's native token, W, supports protocol operations and governance. These tokens are used in the Wormhole token-based governance system, where token holders can participate in decision-making regarding protocol development, such as adding new blockchain connections, smart contract updates, fee adjustments, and more.
Below are the tokenomic details of W token:
- Maximum Supply: 10,000,000,000
- Initial Circulating Supply: 1,800,000,000
- Token Format: Native ERC20 and SPL (using Wormhole Native Token Transfer standard)
- Locking: 82% of W tokens are initially locked and they will be unlocked over the next four years according to the Token Release Schedule.
The details of W token distribution are as follows:
Source: https://wormhole.com/wormhole-w-tokenomics/
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Conclusion
Wormhole (W) represents an important step in the effort to connect multiple blockchains, unlocking new potential for decentralized applications and a truly multichain digital economy.
By supporting secure and efficient interoperability, Wormhole has the potential to accelerate blockchain adoption and expand the scope of DeFi, NFT and other applications across multiple blockchain ecosystems.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Solana Blockchain Network Overwhelmed, Crashes and Security Threats
Ether.Fi (ETHFI): Opening a New Era of Liquid Staking in the DeFi World
Investors Lose 2 Million Dollars in Ethereum Due to Sneaky Phishing Scheme
Smart Strategies to Avoid FOMO in Crypto Investing: A Practical Guide
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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