XP NETWORK is partnering with Aurora, the most successful chain in the NEAR network, and its TVL has soared by a factor of 750 in just 6 months.
Aurora is one of the up-and-coming chains that bring EVM, or Ethereum Virtual Machine, to various Layer-1 ecosystems. A virtual machine (VM) is a program that allows you to run some process in isolation from the rest of your machine. It creates a sort of virtual computer within your computer. An example is Parallels Desktop, a popular Windows emulator for Mac. It’s just like using a Windows computer — with File Explorer, Internet Explorer, etc. — but it exists within the space of the Mac computer.
For developers, a VM is a way to protect the rest of the system when they need to test new code. If the code is bad, it can break the virtual machine part, but the rest won’t suffer. And on the other hand: if some hacker introduces a virus to the computer, the contents of the virtual machine won’t be affected. That’s why a virtual machine is often called a sandbox.
In the blockchain, a VM acquires another role. It converts the smart contract code written in a human-readable language like Solidity into so-called bytecode — short instructions that the computer can read. All smart contracts (and, therefore, dApps) are executed in the space of the VM. It also functions as a sandbox, because if one contract turns out to be malicious, it won’t damage the work of other smart contracts.
The first and most famous blockchain virtual machine is EVM, which Ethereum runs on. Other networks like Fantom, BSC, Avalanche, and Polygon all support EVM.
Ethereum Virtual Machine isn’t perfect. It has safety issues; it’s slow, inefficient, and costly. But it has the advantage of being the most popular blockchain VM in the world, and most smart contract developers know how to use it. Any Ethereum dApp can be relatively easily ported (migrated) to another blockchain that supports EVM.
Aurora has several important advantages:
- Transaction costs are up to 1000 times lower than on Ethereum
- All gas fees are paid in ETH, so you don’t have to buy AURORA tokens if you don’t want to (ETH can be easily bridged from Ethereum, though you’ll have to pay for gas)
- It takes just a couple of seconds to confirm a transaction
- Aurora is supported by MetaMask (while NEAR itself isn’t);
- It’s extremely scalable (something that Ethereum is struggling with).
NFTs on Aurora and the partnership with XP.NETWORK
Aurora’s NFT ecosystem is only just emerging, but there are already over 20 dApps in the works, including marketplaces, metaverse games, and even staking apps.
NEAR itself has one of the most interesting NFT ecosystems out there, with unique designs and passionate communities built around collections like Mara and Mr. Brown. This could be an indication of the future of NFTs on Aurora, too: funky, quirky, and visionary.
XP.NETWORK want to be at the forefront of this development, so they’ve made it one of its priorities to add support for Aurora to its multichain NFT bridge. By the time NFT marketplaces and mints on Aurora become a big thing, XP will already be there, ready to help thousands of users to transfer their assets.
For now, you can bridge an NFT from any of the 10+ supported networks to your Aurora MetaMask wallet — and back. Simply pick Aurora as the destination chain. If it’s your first time bridging an NFT and you just want to experiment, start with an asset that isn’t too valuable, just for your peace of mind. XP.NETWORK bridge is very secure, so don’t worry — the NFT will safely arrive in the destination wallet after a few minutes.
XP.network is a platform to experiment with and deploy NFT DApps on different chains including Facebook’s Diem, Polkadot, Ethereum, and more.
Aurora provides Ethereum compatibility, NEAR Protocol scalability, and industry-first user experience through affordable transactions.