OrdiBridge

The OrdiBridge is a sophisticated cross-chain interoperability protocol that allows the transfer of assets between the Bitcoin blockchain and Ethereum-based EVM chains (including L1 and L2 layers). Alongside this, the integration with MultiBit Bridge subtly enhances the system, aiming to collectively unlock $60 billion in liquidity across the Bitcoin and EVM ecosystems.

Here is a detailed explanation of its design and technical principles:

How Ordibridge Works

Design Philosophy

OrdiBridge leverages the fundamental security and consensus mechanisms of the underlying blockchains. On the Bitcoin side, it operates within the Nakamoto Proof-of-Work (PoW) consensus, interfacing with the transaction ledger through RGB Contracts—a smart contract system designed for Bitcoin. On the Ethereum side, it interacts with the Casper Proof-of-Stake (PoS) consensus and can operate across Ethereum's L2/L3 scaling solutions.

Technical Workflow

1. Cross-Chain Finality: OrdiBridge ensures secure asset transfer by awaiting sufficient confirmations on both chains. This finality guarantees that once a transaction is considered final on one chain, it will be respected on the other.

2. RGB to EVM Asset Transfer: The transfer of assets from Bitcoin to EVM chains is facilitated through minting of equivalent tokens (like RGB-ETH, RGB-ERC20) on EVM chains, which represent the locked Bitcoin assets. This process involves a Bridge Operator that coordinates the locking and minting procedures to ensure asset equivalency across chains.

Additionally, in case of BTC-EVM transfers, we can directly use the MUBI solution without develop a new bridge.

3. Hash Time-Locked Contracts (HTLCs): The OrdiBridge utilizes HTLCs to secure the cross-chain transfer of assets. These contracts require the recipient to acknowledge receiving the payment by providing a cryptographic proof—specifically, the preimage of a hash—within a certain time frame, failing which the assets can be claimed back by the sender.

4. Bridge Contract Deployment: To facilitate these transfers, the OrdiBridge deploys bridge contracts on both the RGB layer and EVM-compatible chains. These contracts manage the locking, minting, and transferring processes, governed by hash time-locking technology to ensure that only the intended recipient can claim the transferred assets.

5.Transfer Efficiency: By using HTLCs and leveraging the inherent speed of L2 solutions on Ethereum, OrdiBridge can significantly reduce the asset transfer time to approximately 12-15 minutes, which is a notable improvement over traditional cross-chain solutions that can take much longer.

User Experience and Security

OrdiBridge focuses on user experience by providing a relatively fast and secure method of asset transfer across chains. The design principles prioritize decentralization, minimizing trust assumptions by not requiring pooled custodians and allowing users to maintain control over their assets throughout the transfer process. However, users need to be aware of the potential for bad paths in HTLCs, where either party fails to create or unlock the contract, leading to the refund of the tokens. But we can make sure user will not lose their money in any situations.

OrdiBridge combines the robustness of Bitcoin's security, the flexibility of Ethereum's smart contracts, and the efficiency of L2 solutions to create a bridge that offers fast, secure, effective bridge between BTC network and EVM network, it will unlock the huge potential of DeFi on Bitcoin.