I Foresee a Future of Existing Blockchain Interoperability Courtesy of Avalanche Platform
Its been more than seven weeks since I began writing about Avalanche. Honestly, the more I research, read, and watch content relating to it, the more I understand what great platform it is already. I have had a change of heart and direction since I began reading and writing about the platform. It is a personal testimony for me because I already made a decision that will alter the way I see things.
The words that struck me most and changed me were the words of Professor Emin Gun Sirer from his pinned tweet:
So many academics forget that our goal, as a profession, is *not* to publish papers. It’s to change the world.
- Emin Gün Sirer (@el33th4xor) May 23, 2018
You guessed right- I admire his works, not surprising I already made a little research on him and his past works. I identified a few in the articles I have written over the past few weeks.
My Avalanche Admiration
My admiration of Avalanche is benched on the fact that it is not just a surface work. It is the result of years of in-depth research from students and professors from Cornell University where Emin works. The team has professionally and efficiently handled matters and pushed updates in the right way. There are so many announced collaborations with huge companies and if you have seen the team at Ava labs talk on webcasts you can deduce that there are many more to come.
A Unique Innovation
In the previous post, I reported that the founders mentioned that Avalanche is not in competition with any project. It is a new concept with a very new approach to solving problems. It is an open-sourced platform for launching decentralized applications, digitization of Assets (especially ones that are not yet on the blockchain), and interoperability of blockchains. Its Subnets (which are collections of validators) reach consensus and create blockchains. It supports any virtual machines. It also supports cross-subnet communication efficiently. Cross-subnet communication can be seen as the interoperability of blockchains. This has opened up a new wave of possibilities which I have revealed over the past few weeks. The list of potential use cases of the platform is inexhaustible.
Blockchain Interoperability Courtesy of Avalanche
The creation of an existing Blockchain on avalanche is not just the creation of a wrapped asset as it is on Ethereum blockchain. The created blockchain has the attribute of the blockchain it is mirroring since it can run virtual machines of any blockchain. The consensus too can be replicated- isn’t that superb? Now you see it is a whole innovation and not a competitor to any blockchain. Sydney Ifergan, the Founder of The Currency analytics, a mentor, and boss to me, always iterate that all great blockchains are unique and offer a different solution to solving problems. Emin also agrees with the perspective that there are blockchains that are unique, different and no single blockchain has it all, as he stated in a recent interview. Blockchains need to find a deeper level of interoperability than just creating a crypto-backed asset on another blockchain. They need a way to retain their unique abilities and neutral ground to do so. With a platform like Avalanche, interoperability is achievable at every layer.
Since any blockchain (both existing and new) can be created on Avalanche, I have compiled a list of blockchains that I foresee will create a blockchain on Avalanche to tap into the stream of interoperability the platform opened up. These are blockchains and projects I have personally researched and come to love ( note: it is my opinion).
Big PoW Coins
I foresee crypto enthusiasts coming together to create subnets that create PoW blockchains like Litecoin, Bitcoin Cash, Bitcoin, etc. backed and exchangeable with the actual coins. I foresee many Defis creating decentralized custodian wallets to secure people’s funds. I see top enthusiasts and wallets of these coins making efforts via Avalanche to create some sort of Hybrid PoW/PoS for these coins and after sometimes a dissociation of the Avalanche based coins from the original coins. The Avalanche Platform coins created to mirror the existing PoW coin will soon become a set of new generation coins on their own to have a separate value.
Xinfin is a hybrid blockchain for trade financing. It has the public and private blockchain features to seamlessly onboard companies to a platform for the tokenization of assets like bonds, electronic Bills of Laden, invoice, etc. so they can be financed by banks or non-bank funders. It has successfully presented its Proof of Concept (POC) to government parastatals and organizations. The blockchain has solidified its concepts and solutions and its applications are readily available as frameworks to developers. They are very relevant to trade financing organizations all over the world. Its coin XDC has an Ethereum Blockchain version XDCE that facilitates its interoperability.
I have seen the growth of Xinfin and I foresee the platform creating a not just a backed coin, but an ecosystem of its coin on Avalanche to add more interconnectivity with other blockchains. Creating an ecosystem on Avalanche will open up a new space of potential for the coin and can even bring the stock markets on-chain faster than everybody expected. The coin will also be easily exchangeable with other assets that are on the platform.
The first Proof of Work coin to operate on Multi-algos. With five algos, Digibyte became the first UTXO coin to keep mining power very low. By changing mining hashing details every ten days, Odocypt (one of Digibyte’s algos) helps keep out powerful ASIC miners and ends mining centralization. This gives even lower-end machines like Raspberry Pi to be able to mine the coin. It has existed through even tough times and stayed afloat.
I foresee a future where Digibyte foundation also launches its own crypto-backed asset ecosystem on Avalanche to allow its community members to enjoy the benefits of the features on the platform. Apart from being able to interoperate with other blockchains, being on another platform will enable its developers to try out new research.
IOCoin is the first blockchain to allow a block size of more than 4mb. This allows it to be able to store, and enable transactions of files on-chain. This is a result of years upon years of research. With a new security protocol- Night Hawk soon to launch the team is working to present the result of their research.
With an IOC backed coin on Avalanche, I see a new opportunity for the coin, not just visibility but increased accessibility and interoperability. Holders of the coin will be able to hold their coins on new third party wallets easily. And who knows, we might be seeing a new wave of collaboration and the inclusion of IOC in Defi apps. Good things take time.
Vechain | SafeHaven
With a lot of popularity and cool D’applications built on the protocol, Vechain has proven itself unique. It has a team of developers that have not stopped exploring new solutions and applications of the blockchain. Being interoperable on a platform like Avalanche will be great and increase its interactions with other blockchains.
Applications like Safehaven (a Vechain-based project) on Avalanche may launch a new phase of inheritance platform- who knows.
All the above listed are only a glimpse of the possibilities that I have thought of. Obviously, those are only my opinions and I cannot predict what will happen in the future. These possibilities might and might not happen with or without the involvement of the projects. But I believe we will see huge collaborations, partnerships, and interoperability of popular blockchains made possible with Avalanche.
This article presents my personal opinion and not a result of my interactions with any of the projects listed above. They are not official announcements!!!
Originally published at https://cryptostocksreviews.org on August 31, 2020.