Interoperability has become a key buzzword amongst most blockchain and cryptocurrency enthusiasts. The term has become almost enigmatic, as most are captivated by the idea of widespread interoperability on all blockchain-based platforms. However, very few in the field have been able to successfully achieve interoperability on their systems. But, let us start with the basics. What is interoperability to begin with?
Interoperability, in short, is the ability of blockchain networks to recognize and interact with one another. Thus, with interoperability, a user on one blockchain network can freely share his/her information across other blockchain networks (and vice versa) — making the transfer of information and cryptocurrency more easily and with even more scalability. For example, if a user wants to use Bitcoin in their crypto wallet to make a purchase on an Ethereum chain, they would not be able to do so. Instead, they would have to exchange their Bitcoin into Ethereum or Ravencoin, or a similar cryptocurrency first, and then spend it from that chain or network.
As it stands, this is one of the biggest challenges to widespread blockchain adoption by both the mass public and larger institutions. It makes it difficult to use cryptocurrencies — largely in part because the issues of interoperability has yet to be solved by most engineers. Each blockchain network offers its own distinct combination of software designs as it pertains to security, privacy, efficiency, and other issues — and because of these differences, networks cannot overlap in many ways. In simpler terms, this means that you can’t use Bitcoin on the Ethereum network, and vice versa.
However, the need to use cryptocurrencies and different blockchain-based assets interchangeably with others that come from different networks continues to grow stronger and stronger by day. If interoperability were achieved by some means, then that would signify that users could seek out the best of each chain for each respective task, thereby allowing for users to interchangeably leverage and maximize each chain for his/her own benefit. Moreover, with interoperability, the use of blockchain platforms and cryptocurrencies becomes easier and more appealing for all. As it stands now, the task of buying a cryptocurrency on one platform, and having to exchange it for another cryptocurrency in order to spend it on another platform can be incredibly daunting, and proves to be a major turn off for a great deal of prospective users. Very few companies have achieved interoperability on their platforms — yet, a rare and elite few have managed to accomplish this difficult task.
Somehow, someway, Stibits has managed to successfully solve the issue of interoperability. As noted earlier, interoperability between blockchains is an issue that most third party apps have encountered, and struggled to effectively overcome. More specifically, the Stibits engineers have created effective software development kits and plugins that can be integrated within other exchanges, thereby allowing for interoperability inside the Stibits ecosystem. The Stibits interactive wallet and interface creates a bridge that works well with the world’s most popular supported cryptocurrencies. This enables Stibits users to connect, consume, create, and distribute finances in an unlimited way and allows these same users to send and accept payments from anyone at any time using any coins.
As a result, Stibits users will soon be able to send a cryptocurrency and receive a different one, over a variety of diverse platforms, thereby maximizing the user experience and allowing for interoperability over multiple complex and different networks. The experience that Stibits offers is, in that sense, incredibly unique and ahead of the curve.