Interoperability — From ItsyBitsy’s Perspective
When blockchain technology was introduced, its potential for improving business processes, providing transactional transparency and security in the value chain, and reducing operational costs became obvious. However, when it was poised to transform the status quo, why has it not met with the kind of success it was destined to? Why haven’t we seen the Promised Land of mass adoption? Why hasn’t a technology that is decentralized not been able to reach the level of adoption that many other transformative and truly revolutionary technologies achieve?
Interoperability — the single biggest challenge of blockchain systems
To be adopted on a mass scale, blockchain technology is facing a few challenges, but never more important than interoperability, or the lack of it.
While the basic tenets of blockchain technology make it worthy of bringing transformative changes, the fact that there is not a single blockchain network creates the problem. In the initial days, there was only one blockchain, the Bitcoin blockchain. Then came Ethereum and along with it multiple chains built on Ethereum, as well as many multiple blockchains.
People started developing projects and DApps on various blockchains. This has resulted in a series of unconnected blockchain ecosystems operating alongside, but siloed from each other, because by design, these different blockchains do not interact seamlessly and efficiently with each other, thereby preventing the industry from reaching its full potential. This has given rise to the problem of interoperability, a challenge many solutions are trying to address.
The term blockchain interoperability means the possibility that disparate blockchain systems can communicate with each other. It is the ability to seamlessly share, see, and access information across different blockchain networks without the need for an intermediary.
The connected world that we live in today works on interoperability. Imagine you sending an email from Gmail and someone receiving it on their Yahoo address. What if Gmail and Yahoo wouldn’t see eye to eye? But the fact that the ecosystem is interoperable, we can receive emails seamlessly regardless of which platform they have originated. So for most of us, interoperability is something that is simply there. How can it be a challenge? Well, with blockchain systems, it is different.
Interoperability for blockchain is not only desirable but extremely critical, in a world where enterprises depend on increasing levels of collaboration and interaction. Interoperability would enable smooth information sharing, easier execution of smart contracts, a more user-friendly experience, the opportunity to develop partnerships, and the sharing of solutions.
How ItsyBitsy is helping bring Omnichain into reality
To create a truly interoperable blockchain ecosystem thus requires a number of functionalities and abilities. These include, but are not limited to, integration with existing systems, initiating transactions on other blockchains, conducting transactions with other chains, transacting between deployments on the same chain by integrating apps, and making it easy to switch one underlying platform for another.
ItsyBitsy has been created to solve exactly this problem.
ItsyBitsy is a decentralized cross-chain interactions ecosystem. It plays a vital role in the evolution of a multi-network interactions protocol using cutting-edge blockchain-based solutions. ItsyBitsy is a blockchain conceived to satisfy the needs of the DeFi market and resolve the current blockchain challenges of internetwork interactions. This network scheme provides for high transaction speeds, low fees, high security, and a minimal environmental footprint, but most importantly, it allows to address different blockchains and work natively with them.
By creating an interoperable and scalable protocol, it offers DApp developers the ability to easily transfer their DApps built on blockchains like Tron or Tezos, for instance, to the ItsyBitsy ecosystem through a suite of ready-made tools for seamless and quick integration.
Visualizing from the eyes of ItsyBitsy
Now when the DApp is on the ItsyBitsy platform, take a high altitude view to understand the capabilities of its flexible and agile architecture. The ItsyBitsy ecosystem can be likened to an onion. If you see the structure of the onion, you will understand how the ItsyBitsy ecosystem works — a tightly woven space where different layers or perimeters are intricately linked and aligned to another to create a wholesome one.
Or think of it having the ability to create a global post office with no common address space. You can create this common address space and enjoy the possibility to send letters to any place. The ability to write your own smart contracts within the ecosystem gives you the ability to seamlessly and effortlessly interact with multiple networks, all without zero loss of value.
Now try to picture what an app “sees” from ItsyBitsy’s point of view. A single address space created by ItsyBitsy gives its participants the opportunity to work with any blockchain. ItsyBitsy integrates all blockchains in such a way that any contract becomes visible from any other blockchain, and any network can see transactions made on the top of all networks through ItsyBitsy.
The different nodes — Validators and Collators seek to manage the integrity of the network, govern it honestly and validate transactions. The comprehensive reward mechanism and the interconnected checks-and-balances mechanism ensures that no rogue activities occur that may threaten the ecosystem and lead to loss of value.
This explains the powerful capabilities that ItsyBitsy affords its users.
Interoperability has never been so important now that we are in the era of ‘omnichains’. And ItsyBitsy is playing its role by seeking to improve scalability, interoperability, privacy, and sustainability, by aiming to seamlessly interconnect different blockchains.
At ItsyBitsy, we are aiming to create a system that is as seamless and efficient as, say, the email ecosystem. Regardless of the network, all DApps on ItsyBitsy will be able to interact with other blockchains, transact value and interact effectively, so that the promise of true blockchain interoperability is realized.
To know more about how we are creating the framework for omnichain, please visit us at www.Itsy-Bitsy.net.