ShareRing Launches Multichain Bridge, Enables Trustless Swapping of SHR between Ethereum and BNB Chain

UTC by Andy Watson · 2 min read
ShareRing Launches Multichain Bridge, Enables Trustless Swapping of SHR between Ethereum and BNB Chain
ShareRing

At its core, ShareRing comprises the ShareRing ID for confidently issuing, storing, verifying, and sharing personal information and crucial documents for users.

To further enhance user experience and build liquidity, ShareRing has activated a Multichain Bridge linking Ethereum and the BNB Chain as per a recent tweet.

Following this launch, SHR token holders in ShareLedger can conveniently swap their tokens for SHR tokens compliant with the ERC-20 standard in Ethereum. Additionally, ShareRing provides a route for SHR holders in Ethereum to readily and instantly swap their tokens to SHR tokens in ShareLedger. In addition, ShareRing has revealed that SHR token holders in the Binance Chain would easily convert their tokens to BEP-20 compliant SHR tokens in the BNB Chain through the Binance wallet. The non-custodial and secure wallet was launched in April 2022.

The SHR token is primarily used to settle transaction fees within the broader ShareRing ecosystem. All SHR transactions are tracked on ShareLedger, a blockchain platform that uses the energy-efficient Proof-of-Stake consensus algorithm. Holders of the cross-chain token can also opt to stake earn rewards.

The notification is a massive boost for its community, considering the value proposition of the ShareRing ecosystem. In an era where internet users are always cautious, keen on staying private and securing their critical identifying documents, ShareRing is a reliable solution that guarantees that privacy is preserved via a secure blockchain-based rail.

At its core, ShareRing comprises the ShareRing ID for confidently issuing, storing, verifying, and sharing personal information and crucial documents for users. Usually, personal information like email addresses, phone numbers, passports, bank documents, and more, are prime targets for data harvesting firms whose algorithms are continuously being improved to be efficient and illegally intrude on user privacy. However, through the ShareRing Vault, a tool based on the blockchain, users would be assured that all related information is secure and shared only with approved users. This is a timely solution that re-instills user confidence when trust in tech companies is at record low levels.

Additionally, the ShareRing Application exists to improve the efficacy of the ShareRing ID. The application was launched in Q1 2022 following the ShareLedger hard fork. It should be noted that the creators of ShareRing are actively behind the ShareLedger chain. Through the application, partners of ShareRing can easily connect to ShareRing ID with crucial services users may want connected to.

Altcoin News, Blockchain News, Cryptocurrency news, News
Andy Watson
Author Andy Watson

Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.

WhaleMaker
Related Articles
WhaleMaker