Koii Labs and Idexo have joined forces to develop a new type of bridge technology that will serve as crucial infrastructure to further decentralisation in the blockchain sector, making DeFi more easily used and safe. In order to develop a multi-chain bridge technology that will allow users of decentralised ecosystems all over the world to make money as validators using only their home computer, Koii Labs, a compute-sharing marketplace and Web3 publishing protocol, announced its partnership with Idexo, a leading provider of Web3 marketing and project management software tools. Idexo has developed a middleware bridge that connects different protocols, enabling programmers to quickly add blockchain functionality to any project with just a few lines of code. Idexo will enable cross-chain transactions with greater transaction volume and security via the Koii Network. This service will increase market liquidity across more chains without requiring developers to take on the costs of in-house development and security risk.
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Idexo’s bridge will address user experience and safety challenges that have kept bridges from being the best decentralised alternative to centralised exchanges. It will be built on top of Koii’s network of consumer hardware. Self-custodied token owners will be able to quickly and securely transfer/swap across chains by selecting an amount, an origin chain, and a destination chain. Idexo will be able to boost security and save expenses by leveraging a sizably huge pool of consumer nodes. This approach can be enhanced over time with new technology, such as zero knowledge proofs, to further improve privacy and security while ensuring that anybody with a computer can take part in the web3 economy by serving as a trustworthy validator. Bridging uses a fraction of the processing power needed by other blockchain applications, making it accessible to millions of new users.
The technology will make it much easier for developers to introduce new bridges for their native utility tokens utilising a straightforward, codeless interface or low code software development kit, enabling them to rely on the interface of the bridge to provide services to end users. A variety of well-known EVM-based chains are supported by the first bridge release, including, among others, Arbitrum, Avalanche, Dogechain, Ethereum, Fantom, OKC, and Polygon. In later upgrades, chains like Solana, Cardano, Cosmos, and Polkadot that do not use EVM will be included. This project is the first Koii Tasks implementation by Idexo, and the alliance has ambitious intentions for the near future, including replacing AWS Lambda microservices with Koii Tasks and switching off-chain staking rewards processors with Koii Tasks.
“The dominance of highly centralized crypto exchanges is partly due to the impressive user experience they prioritize. We are trying to create that same ease-of-use that people have come to expect, but for fully decentralized technologies,” said Greg Marlin, CEO of Idexo. “Blockchains were first created in order to make trusted third parties obsolete, and that is exactly what we are continuing to work towards.” “One of the main reasons that crypto centralized exchanges came to exist is because you need to get from fiat to crypto, and from chain to chain. Cross-chain transfers are a necessity—trading assets from one chain to the other is crucial—but until now it has been difficult to accomplish in a decentralized manner,” said Al Morris, Chief Architect of Koii Labs. “A trustworthy cross-chain bridge will go a long way to improve the functionality of decentralized finance.”
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