Hello Jacksteroo, thank you for your questions.
Please everyone make sure to check the latest announcements about the Bridge Chain Update on our Discord Server or Telegram Announcements Channel
Other bridges have only the purpose of bridging certain assets from one blockchain to another. The Crypto Family Bridge has the purpose of building a decentralized multichcian infrastructure, allowing funds of any kind to cross multiple blockchains, allowing users and projects to transfer any asset they want to any blockchain they want, the bridge also offers slight inter blockchain smart contracts communication, allowing projects to migrate from one blockchain to another, and multichcian projects to be born.
How does it relate to growing the Harmony ecosystem?
Harmony is powerful and stable blockchain, that allows and incentivizes many projects to build on it. But there are some issues that are preventing that, such as lack of liquidity and that has limited the birth of DEFI projects, prior presence of many projects on other blockchains with no way to bridge their assets (Tokens and NFTs) to Harmony, thus forcing them to stay on those blockchains.
The Crypto Family Bridge solves these issues all at once, it allows developers to custom build their interaction with the bridge allowing them to move any coins, tokens, and NFTs they desire, even if they don’t possess ownership of the assets smart contracts. This flexible bridging of projects allows anyone to bridge any project they want into Harmony, even if they are not the founders or the owners, allowing random community members to introduce new projects and more funds to the Harmony ecosystem.
Are the smart contracts on your chain, or is it purely a bridge?
The bridge has its smart contracts deployed on the blockchains it supports to help ease the interaction between the bridge and the blockchains and allowing the bridge to utilize the blockchains it links for increased security.
Is the bridge fully permissionless and if so, are the incentives strong enough for independent node runners to work with you?
The bridge is fully permisionless and allows anyone to build on it and send transactions on it, the smart contracts have no limitations, and default nodes software has no feature for blocking any user, moreover node have no incentive in blocking any user.
While the Crypto Family Bridge Nodes have expenses such as deploying blocks to the blockchains they support, they also have good management software, flexible features, and high income that nullify those expenses.
The bridge has no fixed block time, meaning nodes don’t have to submit blocks when there are no transactions or the current transaction fees are too low to cover their expenses.
The bridge is reverse congestive, meaning that the more transactions a block handle, the cheaper it becomes to handle every transaction, thus reducing the expenses of nodes while increasing their income.
The new Bridge Chain Update adds gas limit and gas price to the bridge, making the calculation of node expenses more clear, and their profit more precise.
Nodes profit on the bridge doesn’t come solely from transaction fees, they also have a fixed APY of 5% on their stake, making the overall profit of nodes as such:
Profit = (Stake * 5%) + transaction fees
And since transaction fees cover the nodes expenses and are enough to make profit, the final APY of running a Crypto Family Bridge node would be 5%-20% with an inflation of less than 5% and approximately only 2%.