Crypto interoperability evolves: From blockchain bridges to DeFi transfers
Although it’s still impossible to pay with ETH where only BTC is accepted, cryptocurrency interoperability is being explored. Today, paying for purchases in cryptocurrencies no longer seems like something out of the ordinary. Many online stores accept Bitcoin (BTC) and other coins along with traditional currencies, while in some cafes, cryptocurrency holders can even pay using point-of-sale terminals.However, there is one thing that distinguishes traditional financial systems from cryptocurrencies: advanced interoperability. Thanks to interoperability, cardholders can make payments....
Related News
In the ever-expanding landscape of blockchain technology, the concept of cross-chain bridges has emerged as a critical component. These bridges serve as the vital connectors between various blockchain networks, enabling seamless interoperability and the transfer of assets and data across different chains. However, as the crypto industry continues to invest heavily in these bridges, Chainlink’s […]
The protocol promises to eliminate complexities seen with existing interoperability solutions and requires no bridges or oracles to integrate. Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called Universal Polymorphic Address Protocol (UPAP).In the Web3 ecosystem, which is comparatively nascent to the larger crypto market, the primary interaction occurs over digital goods and NFTs. However, the growing number of Web3 platforms lack interoperability which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to....
Interoperability enables blockchain networks and protocols to communicate with each other, making it easier for everyday users to engage with blockchain technology. Every year, we see new blockchain networks being developed to tackle specific niches within certain industries, each blockchain having specialized functions based on its purpose. For example, layer-2 scaling solutions like Polygon are built to have ultra-low transaction fees and fast settlement times.The increase in the number of new blockchain networks is also a result of the recognition that there is no one perfect solution....
IBC is finally released, allowing the dozens of Cosmos blockchain projects to communicate with each other. After months of development, the Cosmos (ATOM) project has launched the Stargate update, which includes the highly anticipated Inter-Blockchain Communication protocol, or IBC.Announced on Thursday, the Stargate upgrade includes a series of improvements to the Cosmos protocol and its Software Development Kit.The most important of Stargate’s features is IBC, the interoperability layer for Cosmos blockchains. The protocol is one of the key elements of the Cosmos vision, allowing for....
Decentralized finance (DeFi) and cross-chain bridges have seen some of the highest growth in recent months. The crypto market has begun another recovery trend and its effects are reverberating through the entire industry. Cross-chain bridges which allow different blockchains to interact with one another, thereby allowing for trading between two blockchains, are in high demand. […]