ADSactly Crypto: What Is Blockchain Interoperability?

in blockchain •  3 days ago 

If you've tried to follow blockchain news and updates and you're not the most technically inclined, then you're probably drowning in words you don't understand. Speaking crypto is like learning an entirely new language and I'm not even talking about the coding, I'm referring to all the jargon being created in this space along with unique coins and concepts.

As the latest update in Ethereum called Istanbul starts to get closer to deployment, you may have noticed that the term "Interoperability" will be thrown out a lot as a future game-changer for blockchain projects.

Image source: - medium.com

No blockchain can exist as an Island

There are hundreds of blockchains available and being used for various reasons some are public, some are private, some are main chains, and some live as side chains, and with all this data being decentralised across various blockchains it means this data lives only in one environment

Currently, one blockchain does not know information that might exist in a different blockchain.

For Example, the Bitcoin (BTC) blockchain exists entirely independently of the Ethereum (ETH) blockchain and does not know any information recorded there — and vice versa.

A loss of opportunity

Blockchain-based projects are isolated from each other, despite existing within the same industry and working with the same technology it's hard and sometimes impossible to transfer information across chains.

As different projects choose different chains to build their projects on it can lead to isolation and projects can lose out on precious resources, data, users or value because chains cannot transfer information between one another.

Ads crypto.png
source

What is Blockchain interoperability?

Interoperability when it comes to the blockchain means having a language that all chains can understand which would result in the free exchange of information or value across all blockchain networks without the need for intermediaries.

In an interoperable ecosystem, you can interact with users from other blockchain networks without spending resources on the translation or experiencing downtime.

The benefits of Blockchain interoperability

This means more robust and reliable Peer To Peer exchanges, this means better Decentralised Exchange facilities, this means less reliance on centralised exchanges, this means saving on transfer costs across chains, this means allowing dapps to run on multiple blockchains and so much more.

pavan-trikutam-71CjSSB83Wo-unsplash.jpg
source

Creating one universal blockchain language

If chains can start to speak to one another it will take decentralisation to an entirely new level, reduce costs as resources can be split across chains and consumers can reap the benefits of various blockchains.

Fewer blockages on the blockchain

So what do you think of being able to move across chains? Do you think it's the next phase in blockchain evolution? Will we see less tribalism around projects? How do you think it will change the way we use blockchain apps?

Let me know in the comments :)

Authored by @chekohler

Sources

For more on blockchain interoperability check out some of these excellent articles.

Previous ADSactly Crypto posts



Click the coin below to join our Discord Server

Adsactly Logo Newest 300dpi.png


We would greatly appreciate your witness vote

To vote for @adsactly-witness please click the link above, then find "adsactly-witness" and click the upvote arrow or scroll to the bottom and type "adsactly-witness" in the box

Thank You


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

It will be literally impossible to have one language that all chains can understand, like there is no single programming language that every platform can understand. But some of them can have common language and thus inter operable. Its definitely desirable to have interoperability across all chains, but I think, its just not possible.

I think it will be a gradual change and it might be a 2 or 3 layer approach like the lightening network so instead of trying to force or match every chain to speak to one another it speaks across chains to find the quickest route to get the job done!

I think there are a range of ways to provide a solution

Ya, I think, if each chain provides some sort of API based access for Interoperability, then that would work. So its not necessary that they need to have same language, but they only provide the interoperability.

Months ago I read a post here in steem that talked about interoperability between chains of different blocks. Although I remember not having understood much about the subject, I said that one of the reasons why many of the practical applications of Blockchain technology are still not successful enough is that Blockchain infrastructures tend to operate with a singular mentality and that just success could be achieved with communication between chains, sharing information across different networks. I imagine that if that is achieved a breakthrough and greater impact, surely there are already many working on interoperability solutions blockchain. thank you very much for this information.

The cost-saving and efficiency would be next level it would allow us to transfer data and value like never before, make wallets more practical make p2p trading more practical and leverage the power of all the blockchains as a collective and I think that's where the future of this space lies.

All intercommunication is beneficial, and more so in today's international information ecosystem. I suppose it should not be easy to achieve in between the chains of blocks, but that interoperability must come to favor the better and broader functioning of relations in this world so rich in possibilities. Thank you for the information, @chekohler.

I think its still pretty far off being universal but we'll see once ETH launches there's with Zcash and see how that goes. When I learn about ideas like these it gets me excited about blockchain as I can see where this space is heading when you layer all these solutions ontop of one another

Hi, @adsactly!

You just got a 0.28% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.