What is Wormhole? A to Z details about UST
Surely you in the market already know about powerfully developed Blockchains such as Ethereum, Solana, Terra, etc. All have huge value in their own ecosystem. However, their biggest limitation is that they cannot interact and perform actions between them. This has caused many problems. And to solve them, the Wormhole project was born. So what is Wormhole? What is the role of Wormhole? What is the project coin? All will be answered by Hay Mod Game in the following article.
What is Wormhole?
Wormhole is a protocol that bridges between Blockchains including Ethereum, Solana, Terra, Binance Smart Chain, Polygon, Avalanche, and Oasis.
What is Wormhole?As mentioned in the introduction, you must have understood that the limitation of interaction between those giant Blockchains is a huge problem. To be able to optimize and take advantage of the great potential of those Blockchain projects, Wormhole has connected many Blockchain chains together. Simply put, Wormhole is the bridge so that the chains can interact and communicate with each other instead of being separate as before.
Problems that Wormhole has to face
The fact that the other Blockchain chains cannot interact with each other leads to the problems that Wormhole will face:
- It is not easy to transfer Tokens between Blockchains: This is a huge limitation for the needs of users today. The fix until the time before the project launches is to transfer assets through centralized exchanges so that they can be forwarded to where you want. This way is not considered optimal because in a word, no brother wants to send his property and money to someone else and trust that they will do the right thing.
- Smart Contracts and Apps on these Blockchains also cannot interact with each other: With the strong development coming from the Defi trend as well as Smart Contracts and Layer 2 applications, this continues to be a limitation that should not be present in these Blockchain chains.
And the Wormhole project was born to overcome the above shortcomings and optimize these Blockchain chains.
Wormhole's solution
At these restrictions the Wormhole Core Layer appears. The Wormhole Core Layer is the most important part, the backbone for the whole ecosystem of the Wormhole project, and it solves this whole basic interaction problem. Of course, Wormhole Core Layer does not have to be solved through centralization like using centralized exchanges as mentioned above.
Wormhole Core Layer is quite simple but extremely powerful and effective. It works by deploying one contract per Blockchain. That contract is called a Core Contract. And other Core Contracts can use this ability to interact off-chain or the authenticity of a message they receive.
Guardians — Validator Nodes
However, the real power of the Wormhole Core Layer lies not in the Core Contract but in its second component - the Guardian Network. It is the responsibility of the Guardian Network to monitor and validate messages sent from each Blockchain through the Core Contract.
There are 19 Guardians in all in the Guardian Network and each unit will observe every Blockchain applied by Wormhole. You should note that a message is not considered valid until 2/3 of the total Guardians have observed and accepted it. These can be considered verification signatures when it evaluates the authenticity of the message. As another, it is quite difficult to run a custodian because it requires observing every Blockchain supported by Wormhole.
Therefore, 19 Guardians have been carefully selected from the list of the world's most prestigious Providers and Validators. They are mostly Validators from the supporters in the Wormhole Blockchain. If you want to learn more, see here .
Wormhole Token Bridge
Wormhole's most important and well-known feature - though not the only one - is the Wormhole Token Bridge . It allows trustless and permissionless transfer of crypto assets between Layer 1 Blockchains such as:
- Solana
- Ethereum
- Binance Smart Chain (BSC)
- Polygon
- Land
- Avalanche
- Oasis
Application applied by Wormhole
- Protocol First Design
- Chain Agnostic
- Leverage Strength of Each Chain
- Grow on every chain
Highlights of the Wormhole . project
Many popular blockchains supported
One of them is the range of blockchains supported , which gives users access to a wide variety of DeFi protocols without resorting to centralized solutions. For example, you can transfer ERC-20 tokens from Ethereum to other chains and use DeFi protocols there. Especially for Ethereum users struggling with high gas fees, this is a welcome solution to a problem that looks set to be around for a while. Likewise, token holders from other chains can gain access to the vast Ethereum DeFi ecosystem.
Furthermore, Wormhole powers Solana and Terra, two of the hottest layer one blockchains on the market, both boasting a rapidly growing number of TVLs thanks to their own growing DeFi ecosystems. This sets Wormhole apart from most other bridges that do not support all three “main” DeFi chains.
NFT bridge over chains
Additionally, the Wormhole NFT gateway allows users to send their NFTs across different blockchains. Again, this is a feature not supported by other popular token bridges.
DApps are built entirely over chains
Besides the token bridge, Wormhole also supports decentralized applications built on top of it . Thanks to Wormhole's architecture, developers can approach applications from a protocol-first design perspective. This can be chain agnostic or leverage the strengths of each blockchain. For example, an application might choose Solana to confirm transactions because of low transaction fees, but choose Ethereum as the final payment layer because of Ethereum's security.
Effectively, Wormhole allows applications to use different Layer 1 Blockchains as a layer two solution. Developers can build multi-chain decentralized exchanges or chain agnostic wallets or even multi-chain DAOs.
Roadmap – Wormhole project development roadmap
How to earn and own Wormhole's TerraUSD coin
Where is the UST stored?
Because UST is integrated in many different blockchains, you can store them on many popular wallets today such as: Trust Wallet, MetaMask, Binance Chain Wallet, imToken, MyEtherWallet, Ledger, Trezor, ..
How to own UST?
Some ways to own a UST are:
- Buy UST from exchanges like: KuCoin, TerraSwap, Coinbase Exchange, Osmosis, Uniswap (v2), OKEx, etc.
- Swap with LUNA tokens or other stablecoins.
Community and social network of the Wormhole . project
- Discord
- Medium
- Telegram
Through this article, you must have had your own opinions about this Wormhole project. Hay Mod Game wishes you a lot of luck and the right decisions in this potential market!
