Cross-chain interoperability: Building for the next generation of blockchain

Web3 was designed to overcome the obstacles of web2, including third-party systems, centralization, and many other terms you may have heard of since blockchain became a trend. It was created to undo the flaws of web2, the internet we are all familiar with today, while paving the way for a truly decentralized system for everyone. Interoperability may just be another key to it: the decentralized, secure multi-chain network that many envision for the blockchain ecosystem.

How? We’ll get to that. But first, let’s start with the basics.

Understanding interoperability

In layman’s terms, interoperability is the ability of different hardware and software to exchange information freely without restrictions. For context, imagine sitting at home, listening to music on your apple smartphone, using oraimo pods, and sending an email to your friend who opens it on his yahoo mail account with his Windows 11 device connected to the Netgear WiFi- the router. Without interoperability, it will be almost impossible for us to use multiple devices at the same time.

Interoperability in Web3

Blockchain interoperability refers to the capacity of different blockchain networks to share and use data and exchange varieties of digital assets between their blockchains. While there are already existing blockchains such as Ethereum, Polkadot and Solana that contain multiple individual networks, interoperability will pave the way for these networks to interact better, enabling more blockchain-enabled products and services.

It will not only increase accessibility, but it will contribute enormously to making usability easier for everyday people. The blockchain community is expanding, and with this comes an increase in user base and audience. A percentage of this target group are people who are new to the system and need a more flexible interface. This approach will speed up how quickly blockchains can communicate and how users can use them simultaneously with little or no problems.

How is that relevant in The Grand Scheme Of Things?

Now that we understand what interoperability means in web3, let’s take a step back to discuss how this undoes some of the flaws in web 2. The concept of decentralization has always been a means to an end. But which end? The end of centralized guardians and authorities with unlimited access to the user’s information.

Cloud-based applications and social media platforms in the web2 systems are centralized guardians who can just as easily be seen as overlords of users’ data. Although it is undeniable that these platforms have contributed so much to the internet, especially from the significant advances we have seen from the web1 era, the static web. Several issues still require more awareness in the web2 system, including data security, trust, copyright, privacy and so many others that the average internet user will not pay much attention to. The problem with centralized authorities is unlimited access and how they can collect and use user information without their consent. Other problems such as trust, security and privacy stem from this. All in all, these setbacks are what decentralization aims to eliminate. And full decentralization cannot come into play until there is mass adoption in web3. For mass adoption to happen, interoperability is a crucial factor.

Interoperability and the future of blockchain technology

The success of the ecosystem is highly dependent on an interoperable network because everyone will be limited to using only selected blockchains without it. Many blockchains being built are contained within their ecosystem, with different use cases, ideas, consensus mechanisms, semantics and algorithms. Although it is not surprising that there is a wide range of these networks from their differences, the fact remains that problems like this can reduce the feasibility of global use of decentralized systems.

Although there are many industry-specific applications for blockchain technology, the main benefits include data verifiability and transparency, execution of smart contracts, and decentralized consensus. With interoperability, dApps that were once thought to be completely separate will be able to transfer data and exchange information, and blockchains will be able to connect. As a result, networks that are not usually connected will be able to leverage each other’s advantages and promote innovation more effectively and successfully.

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As long as pure decentralization within individual blockchain networks continues to be a significant goal of many initiatives, the need for network interoperability remains. It represents an even more advanced actualization of blockchain technology’s promise to eliminate the need for centralized governments and the web2 system. And with this,

it would be a time when thousands of application-specific blockchains can communicate with each other through a decentralized hub, as opposed to having one blockchain that processes all the transactions for thousands of decentralized applications (dApps).

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