Here are more words I had to look up the meaning of @gadrian, in order to wrap my head around the article.
Ethos
"the characteristic spirit of a culture, era, or community as manifested in its beliefs and aspirations.
"a challenge to the ethos of the 1960s"
EVM
"EVM Chains are the bread and butter of the crypto space. In select cryptocurrency camps, the Ethereum Virtual Machine (EVM) is considered a non-negotiable feature that emerging blockchains need to support to stay relevant and attract users."
Application-specific blockchain
"Application-specific blockchain or Appchain is a specialized blockchain built solely for a specific application. Unlike public blockchains that support many applications, these are optimized for singular use cases — ensuring efficient performance tailored to that application's needs. Cosmos and Polkadot brought up this concept of appchain back in 2016."
I will put this links under this comment as required by inleo.
I think that Thorswap is doing an awesome job to integrate the Chainflip Liquidity Network to prevent the wrapped tokens that you say causes high fees and they don't sound secure. Wrapped tokens sound like they are more easily hacked, correct?
Thank you @gadrian and this is very fascinating stuff to learn on bridges!
Barb !BBH !CTP #ctp
The definition you found for EVM is for marketing purposes. EVM is like an engine that powers different similar machines. They all speak the same language and can easily intercommunicate, exchange users, capital, and apps being built on one can be easily moved on another as well.
You can think of Hive as application-specific because it has blogging with reward pools added to the base chain.
High fees for wrapped tokens can happen, depending on the chain where they are wrapped. If they are wrapped on Ethereum, then you have high fees. If they are wrapped on Polygon, then you have low fees.
They are less secure than native tokens, generally, but, depending on the blockchain where they are wrapped and who is the owner of the token smart contract and the smart contract itself, they can be more secure than the bridge moving them from one place to another.
If the code is vulnerable or the owner malicious, then we can have either hacks or rug pulls.
Ok, @gadrian. Thanks for all the info on wrapped tokens! What is a rug pull? Oh right it's the bridges that make the wrapped tokens more vulnerable to hacking. !BBG !CTP
A rug pull happens when an owner or insider steals funds from a project.
OK thank you @gadrian !BBH !CTP
Your Content Is Awesome so I just sent 1 $BBH(1/1)@gadrian! (Bitcoin Backed Hive) to your account on behalf of @adcreatordesign.
Thank you @bbhbot
Here are this links to the definitions above that I posted for Ethos, EVM, and Application-specific blockchain.
Ethos
EVM
Application-specific blockchain