Blockchain interoperability is key to building an interconnected and easily accessible Web3 ecosystem, which is why projects like Polkadot, TON, Waves, Chainlink, Ethereum, and many more continue to work to transform cross-chain communication, improve user experience, and offer new opportunities to innovate in the digital ecosystem.
Currently, interoperability has become one of the main topics of interest for projects and protocols such as Polkadot, TON, Waves, Chainlink y Ethereum, which seek to promote the evolution of the cryptocurrency and blockchain technology ecosystem towards one that allows easier and more comfortable access for Web2 users.
While Web3 has a lot to offer, one of the main criticisms surrounding this innovation is interaction, as many non-native users find Web3 elements such as consensus protocols, gas fees, and the use of blockchain bridges, among others, to be very complicated.
Currently, the aforementioned blockchain projects are leading the way towards a more accessible Web3, facilitating interactions that are simpler and more responsive for end users. They are achieving all of this by addressing current challenges, facilitating cross-chain communication, and allowing users and developers to take full advantage of the capabilities of new technologies.
Blockchain interoperability and the future of Web3
Interoperability allows diverse blockchains to communicate and collaborate with each other, overcoming the limitations of isolated networks. This capability is crucial to the creation of a decentralized yet unified digital ecosystem, which empowers innovation and efficiency of emerging technologies.
For instance, Polkadot, one of the main chains in the crypto ecosystem by capitalization, uses a multi-chain approach that allows different blockchains, known as "parachains“They operate independently but are connected to a main chain that provides a high level of security. Polkadot’s approach improves scalability in the blockchain ecosystem, and also allows developers to focus on building decentralized applications (DApps) without worrying about the underlying infrastructure.
Another blockchain focused on interoperability is The Open Network, also known as TON, which has chosen to integrate multiple blockchains into its ecosystem to allow developers to build applications that seamlessly interact with different existing networks. Last week TON was full with the protocol Mobius Development Stack (MDS) Axelar's blockchain to connect with 68 existing blockchains in the ecosystem, including Polkadot, Ethereum and Cosmos.
With this integration, which was reported by this media, TON developers seek to make it easier for other developers and builders of the technology to create richer and more dynamic experiences for users, who can access a variety of services without the complications of using blockchain bridge solutions.
Other notable projects seeking to accelerate interoperability
chainlink It is another project that also plays a fundamental role in the interoperability of the blockchain ecosystem, providing a robust oracle network that allow smart contracts to access external data securely. This network has become a crucial element for the functionality of DApps, as it allows these applications to interact with real-world information, improving their utility and applicability. In addition, Chainlink has developed an interoperability protocol called Cross-Chain Interoperability Protocol (CCIP), which facilitates the connection between public and private chains and allows financial institutions the ability to integrate blockchain technology into their operations, without compromising privacy and regulatory compliance.
Network Waves It is also focused on interoperability and, to this end, has presented its own protocol, called UnitsThrough this protocol, which was presented in early October during the Future Blockchain Summit in Dubai, Waves seeks to solve the problems of interoperability and scalability within the Web3 space.
According to its developers, Units allows blockchains to be interoperable by default, eliminating the need for centralized interchain bridges that have proven vulnerable to certain attacks in the digital ecosystem.
What benefits does interoperability bring to developers and users?
Cross-chain interoperability offers multiple benefits for both blockchain technology developers and users of decentralized applications and digital solutions. First, interoperability opens up the possibility for developers to create DApps that work across multiple blockchain networks, reducing development complexity and allowing for a more innovation-focused approach. By removing the need to build custom solutions for each blockchain, developers can focus on improving functionality and user experience.
Similarly, for end users, interoperability means access to a broader ecosystem of digital services and applications. Users will therefore be able to interact with different platforms without having to worry about the limitations of individual networks. This, in a general sense, not only improves the overall user experience but also encourages the adoption of blockchain technologies in broader sectors.
Some experts have pointed out that the ability for cross-chain interoperability would be a catalyst for the settlement of tokenized assets, which could significantly improve the efficiency in the management and trading of these assets. With the integration of solutions such as the Blockchain Privacy Manager With Chainlink, institutions can conduct private and secure transactions, increasing confidence in the use of blockchain technologies in regulated environments.
The challenges facing interoperability
Despite the benefits, the ability to interoperability between different blockchain networks also presents significant technical challenges. One of the main issues has been security. Initially, blockchain builders have explored the creation of blockchain bridges as a way to interconnect different ecosystems and enable the exchange and transfer of digital assets. However, these solutions have been prone to cyberattacks, which have led to the loss of large sums of money. For example, security incidents on platforms such as Wormhole and Ronin Network have highlighted the vulnerability of centralized interchain bridging solutions.
Because of this, other projects, such as Waves, are exploring emerging solutions that prioritize the security of users and funds in the Web3 ecosystem. As mentioned, Waves’ Units protocol seeks to eliminate the dependency on centralized blockchain bridges, allowing all blockchains built through its protocol to be interoperable by default.
Cosmos is another of the blockchain projects that are working on providing a framework that allows different blockchain networks to communicate securely and efficiently with each other.
On the other hand, in addition to security, improving the user experience is also becoming increasingly important. In this regard, Vitalik Buterin, co-founder of Ethereum, recently highlighted the need for Layer 2 networks to be more user-friendly and to integrate more seamlessly into the Ethereum ecosystem. This includes simplifying processes such as sending tokens between chains, a process that can be very complicated and technical for non-native users of the Web3 ecosystem.
Towards an interconnected and accessible Web3
As we can see, interoperability in the blockchain ecosystem is a fundamental pillar for the creation of Web3.
The future of the decentralized web, which has the potential to offer a more efficient and secure personal experience to users, and to give them back control over their interactions and digital assets, will depend on the ability of blockchain networks and protocols to work together and build a more inclusive and dynamic digital ecosystem.
With interoperability at its core, Web3 is emerging as a space where innovation and collaboration can thrive, transforming the way we interact with blockchain technology and its applications and how we manage our own data and information in the digital world.
