What is Wormhole (W)?
Wormhole (W) is a decentralized messaging protocol that acts as a token bridge, enabling seamless communication and transfer of assets across more than 30 different blockchain networks and Layer 2 platforms, including smart contract-supported networks. It is considered a breakthrough in blockchain technology, playing a crucial role in realizing a unified Web3 world.
W is the governance token of the Wormhole platform. It plays an important role in the governance and operation of the Wormhole ecosystem. Use cases for W Token include:
Currency of the Wormhole ecosystem: W Token serves as the primary payment medium in the Wormhole ecosystem, used for transactions, transaction fees, and other activities on the platform.
Governance: W Token holders can participate in the governance of the Wormhole system, making decisions on the platform's development issues.
Reward: W Token is also used to reward participants who contribute to the development of the Wormhole ecosystem, such as developers, transaction validators, etc.
Highlights of Wormhole
Supports multiple blockchains: Wormhole connects various blockchains, including both EVM (Ethereum Virtual Machine) and non-EVM blockchains, allowing users to move assets and interact with applications across different platforms.
Supports NFTs: Wormhole allows for the transfer of NFTs between blockchains, opening up new possibilities for the NFT market.
Multi-layer security mechanism: Wormhole uses a multi-layer security system that includes verified validators and transaction verification mechanisms to ensure the safety of transactions. Although there have been some security incidents in the past, Wormhole has quickly remedied and improved its security system.
Fast transaction speeds & Low transaction fees: Wormhole provides fast and stable transaction speeds, helping users save time and costs. Transaction fees on Wormhole are often lower than other bridge solutions.
Open source: Wormhole is open-source, allowing the community to participate in the development and verification of the platform's security.
High interoperability: Wormhole is designed to interact with various applications and services, creating an open and flexible ecosystem.
Wormhole products
1. Portal Bridge:
This is the primary bridge that allows the conversion of assets (tokens) between different supported blockchains. For example, you can transfer tokens from Ethereum to Solana or vice versa. The Portal Bridge has an easy-to-use interface, competitive transaction fees, and fast confirmation speeds.
2. Portal NFT Bridge:
This product allows for the transfer of NFTs between supported chains, such as Ethereum, Solana, BNB Chain, Polygon, Avalanche, Fantom, Oasis, Karura, Aptos, and Celo. It helps users easily manage and trade their NFTs across various platforms.
3. Carrier:
It is a development tool that allows developers to build decentralized applications (dApps) across multiple blockchains. It provides an abstraction layer, helping developers focus on application logic instead of worrying about the technical details of each blockchain.
4. Wormhole Connect:
This is a solution that allows developers to easily integrate cross-chain asset bridges into their decentralized applications (DApps). It simplifies the process of connecting to other blockchains.
Tokenomics
Basic information about Wormhole:
Name: Wormhole.
Trading name: W.
Type: Utility token.
Platform: Ethereum, multi-platform.
Contract: 0xB0fFa8000886e57F86dd5264b9582b2Ad87b2b91
Total supply: 10,000,000,000 W
Circulating supply: 2,779,379,622 W
Launch: Year 2024
W Token Allocation:
Ecosystem: 31.0%
Foundation Fund: 23.3%
Community & Launch: 17.0%
Core contributors: 12.0%
Strategic network participants: 11.6%
Protecting nodes: 5.1%
Current exchange rate of W Token
Where to buy and sell Wormhole (W)?
Currently, you can buy and sell W Token on exchanges like:
Okx.com
Bitget.com
Kucoin.com
The exchange we choose for buying and selling is Binance, as it is the top 1 in terms of reputation and safety.
Brothers who do not have an account yet should create one immediately to trade.
Link to register a Binance account & Get 20% off transaction fees: https://accounts.binance.com/register?
How Wormhole works
Like a "space gate" in science fiction, Wormhole creates a tunnel between blockchains, connecting them into an interconnected network.
How Wormhole operates will proceed as follows:
For example: Users move tokens from Blockchain A into Wormhole.
When you want to send a token from blockchain A to blockchain B, that token will be "packaged" into a special message. This message contains information about the type of token, quantity, and receiving address.
Validation and forwarding: The message is sent to the Wormhole network for validation. A network of nodes will verify the validity of the message. Once validated, the message will be forwarded to the destination blockchain.
Decoding and releasing: On the destination blockchain, the smart contract will decode the message and reissue the token to the recipient.
Who created Wormhole (W)?
Wormhole was created by a team of talented developers, including Robinson Burkey and Dan Reecer. Thanks to the collaboration of experts from various fields, Wormhole has become a trusted platform. Its use by major companies like Circle and Uniswap shows the importance of Wormhole in the blockchain world.
Conclusion
Wormhole has proven its important role in connecting different blockchain ecosystems, facilitating the development of diverse and rich applications. Although the security incident in 2022 was a costly lesson, it also prompted Wormhole and the blockchain community to focus more on enhancing security and resilience. In the future, Wormhole may continue to play a key role in building a better-connected and interoperable blockchain ecosystem.
