Polytope Labs was started by Seun Lanlege and David Salami, two former core developers from the well-known blockchains Ethereum and Polkadot.
It is a leading blockchain research and development lab that wants to solve fundamental infrastructure problems in crypto and Web3 that affect privacy, scalability, and interoperability.
The startup has had a lot of growth and acceptance in the global blockchain community over the past few years. Because of its helpful study into interoperability, the Polkadot network and the Web3 foundation have given it $130,000 in funding and research and development grants.
At last, the founders of the crypto company have shared their work at several critical crypto events and conferences around the world.
Polytope Labs’ Hyperbridge
The hyperbridge algorithm makes it safe to send messages across chains. Consensus-proof verification lets it use the complete security of the blockchains involved to do this.
With Hyperbridge’s goals of making all chains safe to join, the new feature uses the Polkadot network as a backbone for sending messages safely. Hyperbridge is a bridge for transferring assets that is safer. It also sets the stage for a new blockchain app architecture that has never been seen before.
Getting rid of intermediaries is one of the things that makes Hyperbridge different from our other cross-chain links. Most of the time, bridges have been made with intermediaries. To vouch for the state of a linked chain, these middlemen are known as attesters, and they agree on something using a multi-party computation.
Sadly, this design led to the recent Multichain bridge exploit, which cost about $2 billion in crypto assets.
Although Hyperbridge doesn’t have any agents, it is protected by the consensus guarantees of the connected chains. The best level of security can be reached in cross-chain bridges, according to many voices of opinion.
Later, Polytope Labs will release apps that use Hyperbridge as a layer for passing messages across chains. Furthermore, Polytope Lab has been boosting the blockchain community by holding events where cutting-edge cryptography for blockchains was talked about, and the company plans to do even more in this area.