Blockchain interoperability goes beyond moving data from point A to B — Axela...
Axelar's co-founder shared his views on blockchain infrastructure and adoption at Converge22 in San Francisco. Cross-chain communication between blockchains is more than just moving data from point A to B, but how it can connect applications and users for enhanced experiences and fewer gas fees in Web3, outlined Sergey Gorbunov, Axelar Network co-founder and CEO, speaking to Cointelegraph's business editor Sam Bourgi on Sept. 28 at Converge22 in San Francisco. As the crypto industry has developed over the past few years, blockchain interoperability has seen a surge in demand, attracting....
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We’ve all equated decentralization with the blockchain by now, which makes perfect sense as one of the main characteristics of blockchain technology is its decentralized nature. However, with decentralization comes a lot of uncertainty. How can different blockchains connect? Can we find anything universal about them? It is clear that there are many dilemmas here, which is why blockchain interoperability has become a hot topic in the last few years. This phenomenon is bound to have a profound impact on the crypto sphere and beyond and will undoubtedly lead to more innovation and growth. But....
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....
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....
One of the central problems that affronted many of the earliest blockchain ecosystems was a lack of interoperability, with isolated chains having less utility and creating problems when data needed to be transferred between them. This problem persisted for much of blockchain’s early history, until the creation of protocol systems that sought to tackle interoperability. […]
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....