Connext №1. Introduction. [ENG Version]

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Ethereum is currently the leading blockchain. Ethereum is far from being a new technology, and over time it has been getting worse and worse at handling the growing number of users, so we have seen slow transaction processing and rather high gas fees.

Time went on and on, and Ethereum stood still, so some programmers decided to take this heavy burden and started creating Layer 2 solutions (Optimism, Arbitrum and others), which got rid of huge commissions and slow transactions. It would seem, that's all, the problem is completely solved! But, unfortunately, it is not so.

• Liquidity flow from L1 to L2.

It would seem that problem after problem, but people are not used to giving up and have come up with a solution for this issue as well. Bridges are that solution.

Bridges - it's a connections between different blockchains that allow you to transfer coins/tokens from one network to another, allowing you to interact with dApps on another blockchain.

• Transaction processing speed between different networks.

However, it is not without its disadvantages. Usually such bridges are known for very long transaction processing times. For example, it takes about a week to transfer funds from Optimism to Ethereum.

And that's where the hero of this series of articles - Connext and their product Connext Bridge - comes to help us.

Connext - it's an interaction protocol that allows developers to create cross-chain applications, called xApps, with a heavy emphasis on security.

This protocol is highly secure by eliminating third parties who could steal funds from the system. Instead, a smart contract does all the important work.

Also, the Connext protocol is very flexible and can be used on any EVM-compatible chain.

And absolutely any dApps can be built on Connext protocol itself, from regular exchanges, bridges to borrowing protocols.

Let's get to know the team that worked tirelessly on this project. As much as I would like to introduce you to the whole Connext team, I can't do that, because it would take a very long time. So let's get to know the founding team:

• Arjun Bhuptani - founder and CEO of Connext. Physicist turned developer. Arjun focuses mainly on understanding tokenomics, regulations related to the industry, and is on the lookout for new ways to combat fraud and financial crime on blockchain.
• Layne Haber - co-founder of Connext, an infrastructure layer that scales the Ethereum blockchain. She has been working on Ethereum for two years.
• Rahul Sethuram - CTO of Connext. Entrepreneur and developer living in San Francisco. Experienced full-stack JS/TS web developer (Node, React, GraphQL, SQL). Ethereum developer.

You can read more about the team here.

Connext, with such a great team and a great idea, immediately attracted the interest of major investors, including the following funds:

• Consensys Mesh;
• Coinbase Ventures;
• Polychain Capital;
• Okex Ventures;
• Hashed etc.

In the course of all the rounds the project raise about $16 million.

You can read more about the list of investors here.

Connext is truly a unique project of its kind, which simplifies the world of De-Fi and allows you to stay safe without fear of losing your money.

We will get acquainted with Connext in more detail in the following lessons, so:

To be continued...

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