One of Shareslake's objectives is to make the Redeemable coin multi-chain. This is, being able to move and exchange Redeemable not only in Shareslake's network but also in other widely adopted networks.
How can Redeemable benefit other networks?
Blockchain users usually exchange coins and tokens with stablecoins for protection during volatility periods. Nevertheless, stablecoins, even if they are pegged to a fiat currency, are still subject to fiat currency inflation.
Redeemable offers a new type of cryptocurrency which allows blockchain users to protect not only from crypto volatility but also from fiat inflation at the same time. This is possible thanks to the unique setup of a reserve that backs up Redeemable value. Such reserve translates holding Redeemable into preserving the purchasing power over time. Read more about Redeemable coin here.
Moving Redeemable between networks opens the possibility of swapping other networks' tokens or coins by Redeemable directly from other networks' decentralized exchanges and token swap platforms. It also makes the listing of Redeemable easier in exchanges when they already support tokens from other networks. And finally and most important, it allows users of any blockchain to preserve their purchasing power when they like to maintain liquidity in their wallets.
How does the bridge work?
Shareslake's bridge works as easily as connecting your wallet to the bridge website. Then, you can select the network and address to which you intend to transfer Redeemable, and, after signing and submitting the transaction, your funds will be moved to the target network and address.
There is a token representing Redeemable on each network supported by the bridge. When the bridge performs the movement of funds between networks it issues and burns the amount to transfer or locks and unlocks the same amount into Shareslake's network.
Shareslake's bridge has been designed in a way that Shareslake's network users are always protected from minting/burning issues. A user who does not move Redeemable outside of Shareslake's network will never be affected by an error in the bridge. This is achieved by letting come back to Shareslake's network only the amount of Redeemable that went out before. Each network added to the bridge implements this same mechanism separately, so users moving Redeemable on network A will also never be affected by an issue on network B.
Current state and future of the bridge
Currently, the bridge is in an advanced development state. Initially, it will support moving Redeemable between Cardano and Shareslake. Then, we will continue working on adding new networks such as Ethereum, Solana, etc.
The bridge initially will support the movement of Redeemable only, but it will be evolving to support multi-asset transactions between networks. In the long term, the bridge will support remote execution of smart contracts, which means calling contracts of any network from Shareslake and vice versa.