YGGDRASH MainNet Content #3_ YGGDRASH INTERCHAIN Part 1 (Article)
Hello, World!
Greetings from Team YGGDRASH.
The Team is uploading the contents regarding YGGDRASH before launching its MainNet on 1104.
As the third content, we would like to explain the features of YGGDRASH INTERCHAIN part 1.
The YGGDRASH project is developing three different areas: DPOS, STEM-BRANCH CHAIN, and INTERCHAIN. Today, we would like to discuss the INTERCHAIN that will significantly change after the MainNet. Before moving on to the topic, we would go over the blockchain technology first.
Why do we use blockchain? This is because there are several advantages while using blockchain.
1. Like Bitcoin, it has the strength within the payment. It has a low fee, and if there is a user, a person can pay it anywhere.
2. It makes data power decentralized. Users can get the right of the data that they cannot get within a centralized service since all transactions are seen in the scan.
Let’s take Ethereum as an example. Users and developers can see the process from simple payments to complex services. In order to have this feature, it is called the masterpiece of the Fourth Industrial Revolution. However, the entry barriers are too high to adapt to actual businesses.
For example, if you run a flower shop, you need to decide which cryptocurrency that you will accept as payment. In addition, you have to consider ‘how to settle payments, how to handle volatility, and how to settle cash’ and so on. Although the cryptocurrency has diverse advantages, it has not yet settled due to its incompatibleness. So the Team has concluded that we need to develop INTERCHAIN technology for the growth of the overall blockchain market.
What Is INTERCHAIN
INTERCHAIN is a technology that allows two separate blockchains to interact. There are two types of INTERCHAIN: Digital assets and the Data Exchange model. The digital asset is an exchange model that exchanges digital assets called the ‘digital asset exchange model’. Also, the ‘data exchange model’ is to make block data and processes compatible. In this article, we will talk about the processes of exchanging digital assets, and its business characteristics and growth.
Purpose of INTERCHAIN
When exchanging assets or exchanging data, the data must be available with confidence. To do this, we must understand each other’s blockchain and we need a blockchain-to-blockchain communication protocol. For example, if a department store receives EOS and a grocery store receives bitcoins, customers do not have to carry various cryptocurrencies. YGGDRASH will create a communication protocol between cryptocurrencies to provide this basic convenience.
However, other projects’ INTERCHAINs have a problem … (continued in Part 2)
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