As of today, interested parties can now acquire the Rosen Bridge token (RSN) through Spectrum Finance DEX. This marks a significant milestone in preparation for the launch of Rosen Bridge.
As of today, interested parties can now acquire the Rosen Bridge token (RSN) through Spectrum Finance DEX. This marks a significant milestone in preparation for the launch of Rosen Bridge.
The Rosen Bridge offers a new format in cryptocurrency bridge design. It is an open source, Ergo-centric bridge that will offer secure native asset swaps between varying blockchains. The structure of the bridge features the deployment of smart contracts on the Ergo side of a transaction only, thereby reducing the need for smart contracts on other chains. Rosen Bridge’s architecture relies on watchers and guards to verify and accurately perform cross chain swaps.
Guards are entities with locked funds through multisignature contracts while watchers are entities that monitor “a blockchain and [report] bridge-related events on Ergo.” In essence, the watchers on both blockchains work as a cross chain oracle and report bridge transactions, and guards process transactions after performing the necessary actions. The RSN token will serve as the utility token of Rosen Bridge and watchers and guards will be required to lock RSN as collateral. In the case of watchers, they will also need to lock ERG collateral along with the required amount of RSN. At the end of the emission schedule, all Rosen Bridge fees will be paid in RSN. With this model, watchers will be rewarded with RSN fees that the guards collect from transactions.
Anyone will be able to set up a watcher as long as they have the necessary ERG and RSN tokens to lock as collateral. In the coming weeks, this information will become clearer, but it has been stated by mhs_sam (developer of Rosen Bridge) that the “initial plan is to do [a collateral of] 1k ERG + $1k worth of RSN.”
The RSN token will have a max supply of 1,000,000,000 tokens with an initial liquidity bootstrapping of 100,000,000 tokens. Initially liquidity bootstrapping, future liquidity bootstrapping (additional blockchains), and token emission will account for more than 73% of the total supply.
The Cardano blockchain will be the first network that Rosen Bridge will operate with, but the roadmap includes plans for bridges with Ethereum, BSC, Bitcoin, Dogecoin, and more.
For a more in depth look at how Rosen Bridge will operate, please visit the Rosen Bridge website.
Disclaimer: Please manage risk responsibly and know your assumptions when investing in cryptocurrency assets.
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