Ghala
A bridge between Bitcoin and other networks for cheap stablecoins and low-cost cross-border payments.
- Status
- Prototype
- Year
- —
- Role
- Collaborative
- Area
- On-chain
In plain English
Sending money across borders is slow and expensive, and stablecoins are not always cheap to get. Ghala was our attempt to build a bridge between Bitcoin and other blockchain networks that keeps fees low and transactions fast, so people could get stablecoins cheaply and send payments across borders at a low cost.
How it works
- Bitcoin is used as collateral, through Mezo as our collateral partner.
- That collateral backs access to stablecoins, which hold a steady dollar value.
- Canisters on the Internet Computer (ICP), smart contracts that run cheaply and quickly, carry transactions between Bitcoin and other networks.
- The goal is low fees and fast transactions for stablecoins and cross-border payments.
What I did
I built Ghala with collaborators, as one of the team behind the bridge.
What I learned
Cheap, fast payments depend as much on where transactions run as on the coins themselves. That is why we built the bridge on ICP canisters.