Can some please explain To me how it is possible a crypto token can be on multiple blockchains? If the token only has a certain token max supply how would the other blockchains communicate with the original tokens blockchain?
Via bridge smart contracts. The tokens on other blockchains are not the same token, they are more like token certificates.
The bridges lock up the original tokens, and at the same time release/mint these certificate tokens of an equal amount on other blockchains. So the total amount of tokens and certificates in circulation remain the same.
These certificate tokens can be traded back to original tokens by bridging them back. I dont know if this process locks or burns or deletes the certificate token, but the effect is the same, the certificate tokens are taken out of circulation, as the originial tokens of an equal amount on their native blockchain are unlocked and released back to the circulating supply.
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I am currently working on a chart like this for the #MillionToken$MM community. If there are useful tools already out there please let me know. Else using a bit of SQL and Python at the moment.
