The Energy Web ecosystem was designed to be decentralized from the beginning. The Energy Web Team welcomed AllianceBlock’s decentralized token bridge recently. Launched in early summer, the bridge supports the Energy Web Chain alongside other top blockchain ecosystems, including Ethereum, Binance Smart Chain, Avalanche, Polygon, Arbitrum and Optimism. Apart from this, the AllianceBlock team recently announced that their Bridge now accepts Energy Web Token ($EWT) payments for their bridging fee. The bridge is designed to improve interoperability between blockchains and invite new sources of liquidity with a secure and high-performance infrastructure supported by the Hedera Consensus Service and along with plans to implement a Cross-Messaging Protocol in the pipeline.
As Energy Web is no longer able to receive technical support for their old bridge, they have to gradually phase it out. This will happen in three stages:
- The old bridge will be fully operational until the end of this month (31st Jan 2022).
- After that, using the old bridge to move EWT from the Energy Web Chain (EWC) to the Ethereum blockchain will be disabled. EWT holders who want to move their tokens to Ethereum will have to use other bridges. The AllianceBlock Bridge is a preferred example of a high-quality, fast and secure third-party solution that our community can use instead. Bridging tokens back to EWC will be fully supported, so every Energy Web Token Bridged (EWTB) that currently lives on the Ethereum blockchain can be transferred back to the native Energy Web Token (EWT) on the Energy Web Chain.
- From February 2022 the old bridge will no longer be supported by the team of Energy Web, so we advise everybody to bridge their EWTB before the end of January just to be safe.
It should be noted that during phases 1 and 2 there will be at least two different ERC20 tokens on the Ethereum blockchain that represent $EWT. There will be EWTB, minted by Energy Web’s old bridge, and there will be tokens minted by the AllianceBlock Bridge and others. When users bridge using AllianceBlock Bridge native EWT from EWC to other chains, including Ethereum, they will receive Wrapped AllianceBlock Bridge Energy Web Tokens (WABEWT). When they bridge back to EWC, they will see AllianceBlock Bridge Energy Web Tokens (ABEWT) for claiming. Upon claiming, ABEWT is automatically converted to native EWT again and users receive the native EWT. From the technical point of view, EWTB and WABEWT are 2 different ERC20 tokens, and they are not compatible. So EWTB will not work with WABEWT bridge or liquidity pools, and vice-versa.
Energy Web Team encourages their community to bridge back their EWTB to the Energy Web chain as quickly as possible and to use decentralized, reliable and community-supported bridges like AllianceBlock Bridge in the future to move EWT to other blockchain networks.
To reiterate, Energy Web is not responsible for maintaining or operating AllianceBlock Bridge or any other bridge or crypto exchange, centralized or decentralized. As Energy Web’s ecosystem matures and decentralizes further, these services are operated by independent parties. For any further questions related to AllianceBlock Bridge, please contact the AllianceBlock team on their Telegram or Twitter.
About EnergyWeb
Energy Web is a global, member-driven non-profit accelerating the low-carbon, customer-centric energy transition by unleashing the potential of open-source, digital technologies. Our Energy Web Decentralized Operating System (EW-DOS) enables any energy asset, owned by any customer, to participate in any energy market. The Energy Web Chain — the world’s first enterprise-grade, public blockchain tailored to the energy sector — anchors the EW-DOS tech stack. The Energy Web ecosystem comprises leading utilities, grid operators, renewable energy developers, corporate energy buyers, IoT / telecom leaders, and others.
Via this site
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
