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Wormhole facilitates data transfer between different blockchains, playing a crucial role in communication within the Web3 world. In this article, we will delve into Wormhole: what it is, how it works, and its goals.
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What is Wormhole?
Wormhole is a general message passing protocol that enables communication between different blockchains. It facilitates the transfer of tokens, NFTs, and data, allowing smart contracts and applications built on blockchains to interact with each other and provide cross-chain functionality. Wormhole aims to enhance interoperability in the crypto world and offer new opportunities to its users.
Wormhole is not a blockchain or token bridge. It provides a communication medium between blockchains and offers protocols that serve this purpose.
Features of Wormhole:
- Cross-chain bridge: Wormhole acts as a portal bridge that allows the transfer of tokens, NFTs, and data between different blockchains. For example, it enables seamless value transfer between Ethereum and Solana.
- Ecosystem partners: Wormhole collaborates with numerous blockchains to expand the cross-chain liquidity ecosystem. It also integrates with dApps like Phantom, Sabre, and Pendle.
- Governance layer: Wormhole has a governance layer supported by its native token W. W is required to use Wormhole’s services, participate in governance, and earn rewards.
- Supported blockchains: Wormhole currently supports 72 major networks, including Ethereum, BNB Smart Chain, and Solana.
Team Members:
The Wormhole team was founded by developers within Jump Crypto but later separated from Jump Crypto to become an independent foundation. The team, consisting of around 10 individuals, includes:
- Dan Reecer: COO (Chief Operating Officer) of Wormhole Foundation and former marketing director of Acala Network.
- Robinson Burkey: Commercial Director of Wormhole Foundation. Previously worked at Jump Crypto.
- Michael Zargham: Technical Advisor to Wormhole Foundation. Also the founder and CEO of BlockScience.
- Anatoly Yakovenko: Advisory Board Member of Wormhole Foundation. Also the founder and CEO of Solana.
- Do Kwon: Advisory Board Member of Wormhole Foundation. Also the founder and CEO of Terra.
The Wormhole team aims to increase interoperability in the crypto world and provide new opportunities for its users.
Roadmap:
Established in 2023, Wormhole’s roadmap so far includes:
- Wormhole 2.0: Scheduled for release in Q1 2024, the second version of Wormhole will offer support for more blockchains, more data types, and more application support.
- Wormhole ZK: Wormhole’s zero-knowledge proofs (ZK)-based interoperability solution, to be released in Q2 2024, will make data transfer between blockchains faster, cheaper, and more secure.
- Wormhole DAO: The decentralized autonomous organization (DAO) of Wormhole, to be launched in Q3 2024, will provide a governance layer supported by the native token W. Wormhole DAO will allow the community to vote on the future direction and parameters of Wormhole.
- Wormhole 3.0: Set to be released in Q4 2024, the third version of Wormhole will offer more features, greater scalability, and enhanced security.
Tokenomics:
W has a total supply of 10 billion, with an initial circulating supply of 1.8 billion. It can be transferred to any network that Wormhole is connected to using Solana SPL and Ethereum ERC20. W is distributed among the following categories:
- Community: 17% (1.7 billion W) is allocated to Wormhole’s users, developers, and supporters. 11% of this (1.1 billion W) will be distributed to the community as an airdrop.
- Foundation: 23% (2.3 billion W) will be used by the Wormhole Foundation for the development, growth, and sustainability of the platform.
- Contributors: 12% (1.2 billion W) is reserved for Wormhole’s developers, researchers, designers, marketers, and operators.
- Ecosystem: 31% (3.1 billion W) is allocated to Wormhole’s ecosystem partners and dApps.
- Strategic Partnerships: 9% (900 million W) is allocated to Wormhole’s strategic investors, advisors, and industry partners.
- Guardian Nodes: 8% (800 million W) is allocated to guardian nodes that ensure the security,
