Decentralized Finance Plus Privacy, NIX Bridge Set to Spice Things Up In The DeFi Space
NIX has announced its partnership with Blockchain Foundry (BCF), a company that provides custom blockchain consulting, development, and integration solutions. Both teams will be working together to deliver the NIX Bridge solution within the next 6 months.
NIX Bridge offers a layer of anonymity to decentralized finance (DeFi) applications, whilst enabling the privatization of tokens in a seamless, fast, and secure manner. The bridge comprises of an external infrastructure that is pegged to tokenized chains that rely on tokenized networks, NIX’s Ghost Tokens and blockchain, as well as zero-knowledge privacy mixers.
Put differently, once deployed the bridge will extend NIX’s blockchain embedded privacy layers to Ethereum and ERC20 token transactions in a decentralized way. Users will be able to securely tokenize and mirror ERC20 assets from the Ethereum blockchain into the NIX platform.
Although its first point of trial is with the Ethereum network, the NIX Bridge is expected to connect with other ecosystems in the future.
As regards the timeline for the solution to be implemented, the NIX team has revealed that the project will involve 3 phases which will be completed within the next 6 months.
Having already deployed the Syscoin bridge which tackles scalability issues, BCF will be reviewing NIX’s current ecosystem and plans at the first phase.
Once completed, the project will go into full development. While BCF handles the building of the NIX Bridge modular mechanism, the NIX Platform team will be responsible for privacy and transaction features for its Ghost token assets.
The final phase will involve combining of architectures and designs, as well as the launch of the NIX Bridge’s first application.