EQS-News

Blockchain investor coinIX backs Beamer, a protocol to enable users to bridge tokens from one Ethereum rollup to another

EQS-News: coinIX GmbH & Co. KGaA / Key word(s): Cryptocurrency / Blockchain/Investment Blockchain investor coinIX backs Beamer, a protocol to enable users to bridge tokens from one Ethereum rollup to another 30.11.2022 / 15:22 CET/CEST The issuer is solely responsible for the content of this announcement. Blockchain investor coinIX backs Beamer, a protocol to enable users to bridge tokens from one Ethereum rollup to another

 

Hamburg, November 30th, 2022 - The Hamburg based investment company coinIX GmbH & Co. KGaA, which specializes in investments in digital assets and blockchain technology, contributes to Beamer.

Beamer is a bridging solution that is focused solely on the Layer 2 ecosystem of Ethereum, which allows it to offer a superior user experience compared to traditional or native bridges.

Ethereum plans to overcome the scaling problem without reducing the level of decentralization. To this end, various Layer 2 scaling solutions are being introduced. The most promising ones so far are so-called rollups, which perform transactions in a separate network and only provide proofs on Ethereum Layer 1. The security of transactions processed in this way does not differ from transactions written individually to the Ethereum Blockchain. However, there is a fragmentation of liquidity and new challenges in bridging between rollups in this case. As such, current bridging solutions are usually expensive and in some cases require significantly more time to process the transactions. In addition, they repeatedly offer vulnerabilities for security attacks. 

Beamer aims to solve those challenges. By utilizing a decentralized network of so-called agents which provide liquidity and maintain balances on several rollups, native tokens can be moved cheaply within seconds. Beamer leverages an optimistic approach where possible disputes are solved using game theory elements and can be escalated to Ethereum Layer 1.

On October 10th 2022, Beamer was launched on Mainnet starting with two rollups and one stablecoin. Therefore, the resources allocated will be used to extend the number of available rollups, support more tokens and to expand the network of agents. As part of their expansion, Beamer will work with bridge aggregators and applications to become one of the leading bridges across Ethereum rollups.