A Layer One That Is Built for All Layer Two Protocols Is The Solution to Blockchain Proliferation and Cross Chain Transactions
I came across the word ‘proliferation’ some years ago when Iran started nuclear enrichment program and sort to join league of countries with nuclear weapons capability. On a deeper level, proliferation means unregulated procreation or propagation of things. Then I remembered that world powers stepped in and attempted to stop Iran from having nuclear weapon. For about 20 years, the fight is still ongoing in the international atomic energy space. It seems like a lost battle because the underdog country is yet to halt the nuclear program.
Similarly, the world’s decentralized financial technology is faced with ‘blockchain proliferation’, many blockchain analysts have lost count of number of blockchains that exist right now in the ecosystem. In 2021 alone, it is projected that more than 100 blockchains could emerge, each will try to come with unique value proposition. To be honest, this kind of development is good for the new industry until we reach a saturation point.
There is barely any industry that do not have a blockchain solution specifically built for it. For instance, Iota is specifically solving problem of interconnectivity in the Internet of Things sector. EOS was created to achieve high throughput, speed and zero transaction. Ripple and Lumen were built to improve financial transactions between banks and other financial institutions in the world.
Nervous Network is a PoW blockchain that smartly scaled the Satoshi’’s vision on decentralized financing, this blockchain is able to improve transaction speed, reduce block time without compromise for security and decentralization.
Is There Any Need To Stop Blockchain Proliferation?
Be reminded that it is impossible for any set of blockchain developers to create an infrastructure that will be so robust to solve problems of all important economic sectors of the world. This is the reason that more creative developers are understudying older chains and figuring out their weaknesses, so they can come up with better solution.
Blockchain programming is one of the greatest expression of human intelligence
Any attempt to put a stop to this kind of proliferation at the current state is an attempt to take freedom away from the people. The fundamental reason why Satoshi Nakamoto created blockchain is freedom. To do otherwise is to go against this. No organisation should make any move to halt this progress.
So, What Is The Solution To Blockchain Proliferation?
Cross chain interaction is urgently needed in the industry, otherwise, new users may be confused on what type of blockchain to use. It will also make it hard for businesses to decide on perfect blockchain to adopt for their enterprise. Sometimes, they use up to 3 chains to achieve same result.
Blockchain interoperability is the hottest topic in the decentralized world at the moment because there is an interesting need for users to transfer value and important information between different blockchain networks. As long as this gap is not filled, users will never be able to take full advantage that open and distributed ledger have to offer.
Interoperability will put a stop to existing fragmentation in the blockchain technology industry, chains will be able to share information and communicate seamlessly. Any organization that is able to achieve robust cross-chain communication will be at the forefront of next financial revolution.
Nervous Network Is Several Steps Ahead In This Revolution
Few months ago, Nervous achieved perfect integration with Ethereum blockchain, and the organization announced it alliance to join hands with BAND PROTOCOL to allow third party integration with the Nervous ecosystem. The implication is that decentralized application on Nervous Network can now gain access to real-time price feeds and other important data from external sources.
Building a bridge that connect Nervous to Band Protocol was one of the biggest achievements in 2020. The bridge is not a compromise of any sort, and it allow trustless and permissionless transactions across chains. Additionally, Nervous Network developers can now have unlimited access to data sources like price aggregators, exchange feeds, forex rate data, sport data report and so on. All these are made possible because of current partnership with Band Protocol oracle technology.
The integration is important to Nervous Network at it takes giant leap towards decentralized financing, any dApp on the network can use Band’s cryptocurrency price feeds to optimize performance. Dapps developers are assured that price feed manipulation and delay is now history, because Band has deployed a solution to effectively counter this vulnerability.
When Nervous Network Interoperate with Bitcoin Blockchain, Expect Massive Explosion!
Cross Chain Group is an alliance of blockchain project with similar goal to encourage interoperability. In a bid to expand the group, Nervous Foundation was invited to join, the purpose of the invitation is to scale the group’s vision through education, research and development. The group founder is one of the past recipients of Nervous research giants. Summa is working assiduously to build a bridge between Bitcoin and CKB (Common Knowlegde Base). When this project is completed, users can now send and receive BTC via Nervous Network.
This will enable people to take advantage of Nervous Network speed and security of Nakamoto’s Proof of Work concept. Wide interoperability is positioning Nervous blockchain as layer 1 for all other layer 2 protocols.
Interesting time lies ahead, join the Nervous Network community now…..
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