Bridgecoin is a scrypt-mineable crypto that is similar to the Litecoin. The Bridgecoin had been launched in July 2017. It was designed for the purpose of funding the complete Crypto Bridge decentralized exchange. With the funding having been successful and the exchange now working and out of beta, all the profits of Crypto Bridge DEX are being split amongst Bridgecoin holders.
Crypto Bridge is essentially a DEX or decentralized exchange supporting negotiations of many popular altcoins. The basic idea behind this is to do away with a single point-of-failure that happens when cryptos are traded online. This is made possible because of a decentralized nature. Besides, the use of multi-signature federated gateway that runs across many continents and is used by several trusted gateways, ensures trustless transactions. Crypto Bridge has been founded on the BitShares blockchain that is also decentralized. Bitcoin is the pioneer of cryptocurrencies and Bridgecoin has closer resemblance and will embrace automation in the near future. Visit Coincierge.de to learn about automation.
Crypto Bridge is both an account and a wallet. When you have been provided with a password, it means you have a cloud account. When you have created a password on your own, it means you have a local wallet. It is best to hold a local wallet that is protected by a strong password. This wallet must be backed up and a download of this backup should be kept in a secure location.
The Crypto Bridge has been set up using the BitShares blockchain and almost every operation here demands a small fee in BTS. There is a plan by Crypto Bridge to create a federated network comprising of multiple gateways that will be connected to one another. They will all issue identical multi-signature proxy assets. A majority of such agreeing gateways must be required for publishing any transaction in the blockchain. Inside this trust reduced system, there will no one entity that can manage or hold your money. Every gateway node must verify transactions of other nodes independently to make sure they are genuine.
Crypto Bridge is not really a fork of Graphene or BitShares; rather, it is built on the BTS or BitShares blockchain. But it has some differences if you compare it with other BitShares exchanges. For instance, Crypto Bridge has plans to offer greater decentralization to gateways. Usually, any BTS gateway is one point-of-failure since it is run by a company that owns the exchange. Users will be only dependent on the gateway for withdrawing or depositing funds. But in future this exchange will have a distributed network of any gateways all over the world to eliminate a single point-of-failure.