Cryptocurrencies

Chainlink Introduces ‘Transporter’ App to Enhance Security of Cross-Chain Transactions

For improved cross-chain transfers, data provider Chainlink unveiled its new application, “Transporter,” a blockchain bridge app that facilitates secure crypto and data movement across multiple networks.

Transporter Launch

According to the media release, Transporter will cater to individuals and institutions by offering a cost-effective method for secure token transfers across various blockchains.

Transporter leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a technological element integral to Chainlink’s collaboration with SWIFT, the proprietary network used by banks for international fund transfers.

CCIP is noted for its level-5 security, including Decentralized Oracle Networks (DONs) and configurable rate limits, independent risk management, smart contract audits, and is supported by “battle-tested infrastructure.”

In the statement, Chainlink emphasized that a universal standard for cross-chain connectivity is crucial due to the prevalence of hacks affecting nearly half of web3’s value. The firm noted that its CCIP offers robust security and ease of use, catering to developers, projects, and businesses of all scales. Moreover, the firm noted that with the introduction of Transporter, the benefits will further reach ordinary users.

“Having a secure way to move both value and data across chains is something the blockchain industry has needed for years…Transporter makes it easier to utilize the security benefits of Chainlink’s CCIP for the transfer of large token value and critical messages across chains.”
Sergey Nazarov, co-founder, Chainlink

Additionally, venture capital firms Fourth Revolution Capital and Moonrock Capital are among the initial adopters of Transporter. Nomatic, an investor at Fourth Revolution Capital, expressed his belief that Transporter will set the benchmark for facilitating cross-chain transactions in high-value scenarios.

“We’re excited to witness the launch of Transporter, which we expect to play a significant role in bringing secure cross-chain connectivity to a large user base across the blockchain ecosystem. We look forward to seeing Transporter’s seamless user experience and Chainlink CCIP’s unparalleled cross-chain security bring about the next stage of blockchain adoption.”
Simon Dedic, CEO, Moonrock Capital

What is Transporter?

According to Chainlink, Transporter is a user-friendly web app that allows secure token transfers across different blockchains. It provides real-time tracking and ensures enhanced security.

Initial blockchain options for the application include Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX.

Users are charged the standard CCIP fee for transaction execution and service provider fees.

The website also describes it as an app that offers a seamless user experience with an intuitive user interface (UI), dedicated support, and transparent fee structures.

How do transfers via Transporter work?

  1. Transaction Confirmation
  2. Once a user broadcasts their transaction, it needs confirmation and recording on the source blockchain before CCIP processes it.

  3. Source Chain Finality
  4. The transaction initiated by the user needs to be completed on the source chain. (Note: Finality refers to the assurance provided by a blockchain network that previously confirmed transactions are highly resistant, if not impossible, to reverse.)

  5. CCIP Commitment
  6. Once the source chain finalization is accomplished, a CCIP Committing decentralized oracle network (DON) will release transaction commitments on the destination chain. These are then approved by CCIP’s separate Risk Management Network.

  7. Transaction Execution
  8. Upon validation, the user’s transaction undergoes processing on the destination chain by a CCIP Executing DON, facilitating the transfer of tokens to the user’s wallet address on the destination chain.

This article is published on BitPinas: For Safer Cross-Chain Moves, Chainlink Unveils ‘Transporter’ App

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