Today is a very special day for our amazing community. The POA Team is excited to announce the wait is finally over… With the launch of the first production cross-chain bridge in blockchain history on May 10th! This new feature gives users the ability to send POA tokens back and forth between the POA Network and the Ethereum network.
Introducing POA Bridge and POA20! Let’s dive right into it!
This is a decentralized application built on the POA Network that is unique and has never been done before. The POA cross-chain bridge simply serves as a method of transferring POA native tokens from the POA Network to the Ethereum network in a quick and cost-efficient manner. There are no fees for users during the beta period as these are currently being paid by POA Network. The transfers are quick as well since the wait time per transfer is under 1 minute! The POA to Ethereum transfer will result in the creation of a newly minted token on the Ethereum blockchain known as POA20. The user will also have the ability to transfer POA20 tokens from the Ethereum network back to the POA Network, which would result in the burning of the POA20 token and subsequent unlocking of the original POA native token on the POA Network.
TThe POA20 token displays the exact same properties as the standard ERC20 token and allows it to be used in all the same places that offer ERC20 compatibility. Think of it as the official POA token on the Ethereum network. Users can treat the POA20 token exactly how they would treat an ERC20 token in terms of wallet compatibility and the ability to transfer to other participants, organizations, and service providers. It’s important to note that this DOES NOT mean there will be more POA native tokens added to the circulating supply. The existing amount of circulating POA native tokens will stay the same and simply be distributed across two networks (POA & Ethereum) instead of one (POA Network), and this is cryptographically auditable.
Beware of scam emails and off-channel imposters that may contact you directly on Telegram. Beware of POA Bridge phishing sites. POA Bridge and POA20 will NOT be available before May 10th. If in doubt, please reach out to the team to confirm. Please stay safe!
We believe users could really benefit from this new feature in the way they conduct their business, allowing them to be quick and cost-efficient. By creating the POA Bridge, we are allowing POA and other sidechains access to bigger markets and more liquidity. We’re also very excited to see what our developer community can do with this technology and are optimistic about the road ahead. Ethereum was the first cross-chain bridge we chose to build, but the future possibilities are endless.
We realize that the community will have a lot of questions about both POA Bridge & POA20. We have created a post on our Medium channel which details the development and contains a detailed FAQ section. We encourage all community members to check it out!
We will have more information on the release date over the next week, so stay tuned!