Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

JPMorgan Chase CEO warns the stock market witnessing ‘extraordinary amount of complacency’ in the midst of abrupt recovery

2025-05-21

SEC counts Unicoin – $ 100 million exposed to alleged fraud!

2025-05-21

US Senate promotes genius law in the midst of dual support

2025-05-21
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Sahara AI launches Siwa Testnet to authorize decentralized AI builders

    2025-05-21

    WalletConnect’s Smart Sessions ‘Redefine’ Wallet UX for Future or AI agents: Founder

    2025-05-21

    Adventure Layer is launched as First Gaming L2 on Berachain

    2025-05-20

    Arbitrum affects $ 1.5 billion volume milestone on Uniswap V4

    2025-05-20

    BSCS Backs Backs AI-conducted shopping assistant in collaboration with Pulsebot AI

    2025-05-20
  • NFT

    Guild of Guardians leads with a huge volume of $ 796.62k

    2025-05-20

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    JPMorgan Chase CEO warns the stock market witnessing ‘extraordinary amount of complacency’ in the midst of abrupt recovery

    2025-05-21

    Cardano (ADA) in Focus: Can it break this barrier and recover Momentum?

    2025-05-21

    Trader warns Bitcoin (BTC) blinking bearish signal, says gold that steam collects for the next leg up

    2025-05-20

    XRP -Price will still gather here, crypto -veteran Raoul Pal predicts

    2025-05-20

    Milei closes Libra Task Force and investigates ties with its administration

    2025-05-20
  • Learn

    Blockchain Explained: What It Is, How It Works and Why We Need It

    2025-05-21

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Blockchain»Back to the drawing board: rethinking interoperability
Blockchain

Back to the drawing board: rethinking interoperability

2024-05-21No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of the crypto.news main article.

Imagine: you are about to deposit your savings at a new bank. But as you fill out the forms, you come across a news story about a $624 million theft caused by a devastating exploit in the bank’s computer system.

You might also like: A rewarding ecosystem enables monetization with passion in web3 | Opinion

You start looking at other banks to find a safer alternative, but it’s not that simple. You see, you have no way to properly distinguish or evaluate each bank’s backing systems, and thefts are commonplace. Between 2021 and 2023 alone, a whopping $2.9 billion was stolen from banks due to similar backup system issues.

You’d be forgiven if you were a little hesitant about your next step!

It’s hard to believe, but the above is true. Only it’s not the banks that have suffered these high-profile, embarrassing breaches… it’s cross-chain bridges.

We’ve seen breaches caused by just about everything you can think of: from unforeseen outcomes due to overly complex design, to unexpected backdoors and outright fraud. The one common thread between all these incidents is that they are devastating for the people who rely on cross-chain solutions and damaging to the reputation of blockchain as a whole.

However, if you look past the headlines, a powerful truth emerges: cross-chain infrastructure is core infrastructure. As long as you continue to believe that blockchain has the potential to change the world for the better – and that mainstream adoption remains the goal – cross-chain solutions will continue to exist. So let’s take a candid and honest look at the current state of blockchain interoperability.

See also  Nerve Network successfully integrates with Manta Network, ushering in a new era of interoperability

For the uninitiated, blockchain interoperability is the key to overcoming the fragmented and siled nature of blockchains. You see, blockchains, as reliable systems, are unable to communicate with other blockchains without some intervention. This is where cross-chain solutions come into the picture. Cross-chain solutions allow data on one blockchain to flow seamlessly to another. For users of dApps and defi protocols, interacting with cross-chain solutions is almost a necessity, as many of the most exciting and consequential projects are now being built outside of that of the Ethereum L1 blockchain.

Today, the state of blockchain interoperability is one of broken incompatibility. Numerous competing interoperability projects each vie for dominance, creating customized cross-chain products with differing security and reputations that ultimately do nothing more than straighten out the blockchain landscape. This incompatibility between different cross-chain solutions remains one of the great ironies of blockchain. Worse, this incompatibility hinders the ability of users, enterprises and regulators to assess the security of each alternative, jeopardizing the widespread adoption of blockchain technology as a whole.

The solution to this is a shared framework for interoperability.

Blockchain interoperability cannot be the responsibility of a single project. It must be an industry-wide effort. Instead of adopting an “every man for himself” mentality, we need to come together and decide once and for all how we want to send, receive, and verify data from another blockchain.

While some may object, adopting a shared interoperability framework need not jeopardize the business models of existing interoperability projects. Instead, it would simply provide the foundation for a maximally secure layer of core infrastructure on which projects can build unique products that make different tradeoffs tailored to different use cases. This is the distinction that matters.

See also  1RPC extends support for Mantle Network

Returning to the original scenario, the world of traditional finance has seen tens of thousands of banks build thriving businesses with loyal customer bases while relying on a secure, shared infrastructure. Likewise, Web2 companies around the world all rely on the Internet Protocol suite: a shared framework that enables end-to-end data communications between different network devices on the Internet. A shared framework for interoperability, one that clearly outlines architectural guidelines and interface definitions, is the clear path forward. Blockchain interoperability should be the core infrastructure first, and the product second.

Read more: The Future of Crypto Depends on Solving the Privacy Transparency Conundrum | Opinion

Temujin Louie

Temujin Louie is a communications specialist with more than ten years of experience in driving the adoption of transformative digital technologies. His introduction to blockchain began in 2012 while studying at the London School of Economics and Political Science, where he studied Bitcoin’s impact on established power structures. Temujin is a subject matter expert in blockchain interoperability. He has the rare talent for simplifying complicated technological concepts into compelling stories. He has served as the essential bridge between the tech world and the broader public, offering his unique insights and strategic insight to tech startups and global multinational corporations alike. Temujin joined Wanchain in March 2021 and is CEO of Wanchain.

Source link

Board drawing Interoperability rethinking
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Sahara AI launches Siwa Testnet to authorize decentralized AI builders

2025-05-21

WalletConnect’s Smart Sessions ‘Redefine’ Wallet UX for Future or AI agents: Founder

2025-05-21

Adventure Layer is launched as First Gaming L2 on Berachain

2025-05-20

Arbitrum affects $ 1.5 billion volume milestone on Uniswap V4

2025-05-20
Add A Comment

Comments are closed.

Top Posts

Investors Sell GBP & EURO For Bitcoin (BTC) In Record Numbers Reaching $881M in Volume

2022-10-15

What would you do if you bought ETH in 2014 for $0.311 per token?

2024-07-02

May NFT sales post worst performance since October

2024-06-03
Editors Picks

B3 Gaming Chain on the Ethereum -Network Base of Coinbase reveals token plans

2025-01-31

Avive World (AVIVE) Price Prediction 2023 2024 2025

2023-12-25

Amidst NFT Market Downturn, Could There Be a Glimmer of Hope?

2023-08-07

The NFT market is booming with record volumes in January 2024

2024-02-06
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

JPMorgan Chase CEO warns the stock market witnessing ‘extraordinary amount of complacency’ in the midst of abrupt recovery

SEC counts Unicoin – $ 100 million exposed to alleged fraud!

US Senate promotes genius law in the midst of dual support

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$106,397.201.04%
  • ethereumEthereum(ETH)$2,535.13-0.12%
  • tetherTether USDt(USDT)$1.000.00%
  • rippleXRP(XRP)$2.35-0.45%
  • binancecoinBNB(BNB)$650.730.42%
  • solanaSolana(SOL)$168.090.08%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.2253421.16%
  • cardanoCardano(ADA)$0.751.68%
  • tronTRON(TRX)$0.269825-1.45%
  • suiSui(SUI)$3.81-1.49%
  • chainlinkChainlink(LINK)$15.70-1.87%
  • avalanche-2Avalanche(AVAX)$22.510.86%
  • stellarStellar(XLM)$0.2877071.28%
  • hyperliquidHyperliquid(HYPE)$26.50-0.59%
  • shiba-inuShiba Inu(SHIB)$0.0000140.18%
  • hedera-hashgraphHedera(HBAR)$0.195313-0.09%
  • unus-sed-leoUNUS SED LEO(LEO)$8.801.02%
  • bitcoin-cashBitcoin Cash(BCH)$397.211.76%
  • the-open-networkToncoin(TON)$3.04-0.48%
  • polkadotPolkadot(DOT)$4.630.83%
  • litecoinLitecoin(LTC)$94.660.91%
  • moneroMonero(XMR)$362.773.76%
  • bitget-tokenBitget Token(BGB)$5.13-0.73%
  • piPi(PI)$0.796.75%
  • pepePepe(PEPE)$0.0000132.89%
  • daiDai(DAI)$1.00-0.02%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$6.234.77%
  • aaveAave(AAVE)$256.58-3.60%
  • bittensorBittensor(TAO)$414.59-1.63%
  • nearNEAR Protocol(NEAR)$2.77-0.78%
  • aptosAptos(APT)$5.12-0.40%
  • okbOKB(OKB)$52.03-0.33%
  • ondo-financeOndo(ONDO)$0.94-0.80%
  • kaspaKaspa(KAS)$0.110042-0.77%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.169.87%
  • ethereum-classicEthereum Classic(ETC)$18.420.16%
  • internet-computerInternet Computer(ICP)$5.230.00%
  • gatechain-tokenGateToken(GT)$21.530.68%
  • crypto-com-chainCronos(CRO)$0.096134-0.64%
  • mantleMantle(MNT)$0.740.65%
  • vechainVeChain(VET)$0.0282521.18%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.230207-1.56%
  • render-tokenRender(RENDER)$4.63-0.56%
  • ethenaEthena(ENA)$0.3795051.18%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • algorandAlgorand(ALGO)$0.2239880.84%
  • arbitrumArbitrum(ARB)$0.3954940.16%
  • cosmosCosmos(ATOM)$4.881.84%
  • bitcoinBitcoin(BTC)$106,397.201.04%
  • ethereumEthereum(ETH)$2,535.13-0.12%
  • tetherTether USDt(USDT)$1.000.00%
  • rippleXRP(XRP)$2.35-0.45%
  • binancecoinBNB(BNB)$650.730.42%
  • solanaSolana(SOL)$168.090.08%
  • usd-coinUSDC(USDC)$1.000.00%
  • dogecoinDogecoin(DOGE)$0.2253421.16%
  • cardanoCardano(ADA)$0.751.68%
  • tronTRON(TRX)$0.269825-1.45%
  • suiSui(SUI)$3.81-1.49%
  • chainlinkChainlink(LINK)$15.70-1.87%
  • avalanche-2Avalanche(AVAX)$22.510.86%
  • stellarStellar(XLM)$0.2877071.28%
  • hyperliquidHyperliquid(HYPE)$26.50-0.59%
  • shiba-inuShiba Inu(SHIB)$0.0000140.18%
  • hedera-hashgraphHedera(HBAR)$0.195313-0.09%
  • unus-sed-leoUNUS SED LEO(LEO)$8.801.02%
  • bitcoin-cashBitcoin Cash(BCH)$397.211.76%
  • the-open-networkToncoin(TON)$3.04-0.48%
  • polkadotPolkadot(DOT)$4.630.83%
  • litecoinLitecoin(LTC)$94.660.91%
  • moneroMonero(XMR)$362.773.76%
  • bitget-tokenBitget Token(BGB)$5.13-0.73%
  • piPi(PI)$0.796.75%
  • pepePepe(PEPE)$0.0000132.89%
  • daiDai(DAI)$1.00-0.02%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$6.234.77%
  • aaveAave(AAVE)$256.58-3.60%
  • bittensorBittensor(TAO)$414.59-1.63%
  • nearNEAR Protocol(NEAR)$2.77-0.78%
  • aptosAptos(APT)$5.12-0.40%
  • okbOKB(OKB)$52.03-0.33%
  • ondo-financeOndo(ONDO)$0.94-0.80%
  • kaspaKaspa(KAS)$0.110042-0.77%
  • official-trumpOFFICIAL TRUMP(TRUMP)$14.169.87%
  • ethereum-classicEthereum Classic(ETC)$18.420.16%
  • internet-computerInternet Computer(ICP)$5.230.00%
  • gatechain-tokenGateToken(GT)$21.530.68%
  • crypto-com-chainCronos(CRO)$0.096134-0.64%
  • mantleMantle(MNT)$0.740.65%
  • vechainVeChain(VET)$0.0282521.18%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.230207-1.56%
  • render-tokenRender(RENDER)$4.63-0.56%
  • ethenaEthena(ENA)$0.3795051.18%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • algorandAlgorand(ALGO)$0.2239880.84%
  • arbitrumArbitrum(ARB)$0.3954940.16%
  • cosmosCosmos(ATOM)$4.881.84%