Crypto supernets and how they work
Crypto networks usually exist in silos. They function as separate, individual units. As such, the features and benefits of one network can rarely be leveraged by another. Also, the crypto assets of one network are generally not interoperable with other networks.
Crypto networks usually exist in silos. They function as separate, individual units. As such, the features and benefits of one network can rarely be leveraged by another. Also, the crypto assets of one network are generally not interoperable with other networks. This gated environment limits the possibilities and usefulness of the cryptosphere.
But thanks to the development of several interoperability protocols, we can move from this siled setup to a large umbrella network called a supernet. This can greatly improve the functionality of digital assets and enhance the user experience. But what is a supernet and how does it work? Join us to find out.
What is a crypto supernet?
Supernets are also known as metanets. They enable interoperability and cross-chain communication between crypto networks, without the need for any centralized authority. Therefore, instead of several different walls, we have one unified ecosystem. The benefits? Since each network can leverage the features and benefits of other networks, a supernet should offer better transaction speeds and security. Moreover, it can also lead to the development of new protocols that combine the benefits of the various networks on the supernet. Finally, users of one network will be able to access the features and benefits of the other networks, thereby increasing the overall utility of the ecosystem.
How does crypto supernet work?
Supernett will make use of several interoperability systems to create this unified ecosystem. Some of these systems and technologies include atomic swapping, cross-chain communication protocols, and sidechains. Atomic exchange is considered the future of crypto exchanges. They were developed in 2017 by Charlie Lee, the founder of Litecoin (LTC). At the time, Lee took to Twitter to announce that he had exchanged 10 LTC for 0.1137 BTC, without the need for a crypto exchange.
Supernets also leverage cross-chain communication protocols such as Polkadot and Cosmos to enable interactions between the different networks of a supernet. Not only do these protocols facilitate the transfer of data and assets between different networks, but they also allow developers to take advantage of the different networks to create new and innovative decentralized services and apps.
Finally we have side chains. These protocols help improve the scalability of blockchain networks. Each side chain is an independent blockchain that originates from the main blockchain but runs parallel to it. The sidechain can have its own nodes and even run a different consensus mechanism than the main chain. In most cases, however, the two chains are interconnected through a two-way link that enables the transfer of assets between the parent blockchain and its side chain.
All of these systems, put together, provide the interoperability, cross-chain communication, and asset exchange capabilities required to create a supergrid. Moreover, these technologies will only improve with time, furthering the plausibility of crypto supernets. Last April, the Ethereum sidechain, Polygon, introduced Supernets, which are scalable blockchain components aimed at igniting mass adoption of Polygon and Web3. Each of these supernets is interconnected with each other, allowing them to exchange value and information with other supernets and the Ethereum network. This helps create a “gateway to multi-chain Ethereum.”
Conclusion
Interoperability is the future of blockchain technology. As such, supernets may well be the way forward for crypto networks. They will help enable the next generation of digital assets and web3 user experiences. And while supernets are still only in their infancy, progress should accelerate in the coming years, especially with the rapid development in the crypto and blockchain fields.
