What needs to happen to have an efficient blockchain creator economy?

The blockchain space has long been an attractive medium for creators of all kinds. From digital artists to software developers, blockchain technology has something to offer. However, a major challenge remains in the space – most blockchains follow the concept of “to each their own”. Interoperability in web3 is still small, which limits creators and makes the entry point for many a bit steeper.

One of the main elements that creators of all fields continue to seek is the ability to collaborate freely and effortlessly.

What needs to be improved?

As it currently stands, blockchain developers barely have the ability to build together. While a team of developers can come together and work on a single project, the ability to collaborate across chains is virtually non-existent.

Developers choose a blockchain they want to work with, and there is little room for integrations beyond that protocol. This is a significant limitation in a space where new blockchains and features are emerging by the minute.

To reach the next level of blockchain adoption and to create a genuinely nurturing creator economy out of the blockchain space, there needs to be much greater opportunity for collaboration. The Web3 space can experience impressive growth and an increase in adoption if creators have the ability to choose which features to use and from which protocol. When the possibility of collaboration and cross-chain implementation of solutions becomes widely available, the entire blockchain space will open up.

Also, blockchain developers still struggle to resolve common ownership issues when cross-chain features are added to dapps. Still, the technology to introduce effortless collaboration in Web3 may not be that far off. With the advancement of parachains, cross-chain communication is becoming easier and more feasible than ever before.

Parachains as the most likely solution?

The Polkadot ecosystem started its parachain auction program just over a year ago, but projects are now rushing to the finish line and competing for the spots. Reason? Parachains are among the most promising solutions to the interoperability dilemma currently facing blockchain projects.

What are Parachains?

Parachains are separate blockchains that run parallel to each other while achieving consensus and security through the Polkadot base relay chain. This enables cross-chaining of services on Polkadot, unlike other smart contract blockchains such as Ethereum and Avalanche, which need to facilitate all transactions, smart contracts and dApp activity on a single chain or through layer solutions.

Essentially, parachains allow creators to share, transfer and exchange data of all kinds (from fungible and non-fungible tokens to simple messages) across various chains in the Polkadot ecosystem. This allows creators to both work on their dedicated chain, but also benefit from the larger Polkadot ecosystem.

Thanks to the cross-chain compatibility deeply embedded in Polkadot’s design, the protocol is becoming a go-to for Web3 developers and creators. Read on to find out how one company is working to push the collaborative aspect of the blockchain space even further.

How can parachains help create a better creator economy?

With cross-chain collaboration at the very core of the parachain concept, this innovative look at what blockchains can do is exactly what the creator community needs. Web3 projects are already noticing the benefits parachains can bring to decentralized app building.

Moreover, protocol builders are also focusing on the Polkadot ecosystem. Take InvArch Network, for example. The new chain aims to offer easy access to ownership, collaboration and revenue generation with multiple parties. To achieve that, the InvArch team set their sights on winning a Polkadot parachain auction.

The project has already won a Kusama auction machine with one of its parachains, which enabled it to work on developing the InvArch Network concept in the parachain environment. InvArch aims to create a nurturing environment for developers who want to collaborate and generate solutions for revenue generation in a chain context.

Dakota Barnett, founder of InvArch, said:

“The key to generating real value through Web3 is to offer solutions that allow others to generate value for themselves. This is more than DeFi, this gives people the tools they need to generate the new value, not just move it around in a zero-sum game.”

The blockchain creator economy of the future is already on the horizon. However, the road to a cross-chain ecosystem is long. As parachains take over the Web3 space, developers will have more opportunities to explore and experiment with creative collaboration and cross-chain capabilities.