Hemi Network, which Binance Labs invested in, was launched recently.
Bitcoin early core developer Jeff Garzik says he launched the Hemi Network to integrate the Bitcoin (BTC) and Ethereum (ETH) blockchains.
Speaking to Cointelegraph, Garzik stated that they have launched the Hemi Network, which aims to integrate the Bitcoin and Ethereum blockchains using tunnels.
The team claims that, unlike cross-chain bridges, tunneling creates a unique environment that allows Bitcoin and Ethereum to coexist, and that tunneling eliminates the risk of attacks associated with traditional bridges.
Max Sanchez, co-founder and chief technology officer of Hemi Labs, said:
” Tunnels are designed to be more secure than traditional cross-chain bridges, reducing the risk of attacks. Hemi Network protocols allow the network to inherit the full security of Bitcoin, enabling secure cross-network interactions.
The Hemi protocol’s connectivity to Bitcoin and Ethereum allows users to move their assets from either network to Hemi.
People will be able to tunnel their Bitcoin assets to Ethereum via Hemi, bringing highly secure Bitcoin-based asset tokenization to the entire Ethereum ecosystem.”
Hemi Network recently announced that it raised $15 million in a funding round led by Binance Labs, Breyer Capital, and Big Brain Holdings.
*This is not investment advice.