Ethereum developers use the Lightning payment network to build bridges in the Bitcoin ecosystem.
Radar Relay, the crypto-startup startup, best known for its DEX (decentralized exchange) relays for 0x, has just launched a service called RedShift, which allows individuals to pay a blistering bill from a wallet Ethereum.
Brandon Curtis, Radar Product Manager, told CoinDesk:
"There are people who want to be maximalists in bitcoins or who only work on etheric things. But I think that a large silent majority of us are interested in several channels, in multiple assets and want to build things that join their links. "
MetaMask wallet users with a built-in browser widget can simply add a second widget to their browser and paste a flash bill into the Ethereum wallet, in the manner of a normal wallet address . On the back end, Radar will exchange the ether against bitcoin and manage the channels so that the recipient is paid in bitcoin. This widget will eventually connect the user to a group of market creators beyond Radar, Curtis said, and will also work for other Ethereum-based tokens.
"Our number one user demand (DEX) and market makers added in a certain way the ability to trade bitcoins," said Curtis. "(Bitcoin has) more liquidity and just a lot of holders, users, a lot of interests."
Radar can consider movement as a competitive differentiator as it will be used in the DEX space. According to Etherscan statistics, IDEX and Kyber Network are currently the leading DEXs in terms of transaction volume.
The radar is now part of a handful of projects aimed at connecting different cryptocurrency ecosystems.
Indeed, the inter-channel working group is already developing a packaged Bitcoin chip system that can be used on the Ethereum blockchain. In addition, Electronic Coin Company is working on bridges for zcash to the Ethereum network, according to ECC vice president of marketing, Josh Swihart.
Similarly, Arwen's director, Sharon Goldberg, told CoinDesk that its company's Atomic Exchange and Settlement Service for centralized exchanges like KuCoin now offers Ethereum backbone functionality.
"You can take bitcoins, buy ETH and make the payment without losing your guard," she said. "The way we do it is free of any third party. We do not have pickets, nor the complexity we see of some other projects. In fact, you introduce a new counterparty risk with these kinds of things. "
According to Radar's Curtis, that startups are focusing on side chains, lightning or other protocols such as Arwen, Radar's said that bitcoin was still the best form of cryptographic money, due to open questions about how the development of the ethereum would take place. However, from his point of view, gateways allowing bitcoin value flows from more experimental assets can add value to the bitcoin ecosystem by opening it up to new users.
"At the moment, the most difficult part of lightning is the integration process," said Curtis, adding:
"With tools like RedShift, we can allow people who already have digital resources to tap into the network (lightning) without all that configuration."
Photo of the team offered by Radar Relay