Staking Weekly #3 — The state of blockchain interoperability
Blockchain technology is maturing at a fast pace.
To put things into perspective, in 2015, a quick search on Google Scholar would return two related entries compared to 218 entries in March 2021. The rapid development of real-world applications and academic research shows genuine growth. However, the expected mass adoption has failed to happen up till now. So, what has been holding blockchain?
There have been several concerns in recent years preventing this mass adoption. But by far, the most widely recognized is that of interoperability. Or, more accurately, the lack of it.
Since the inception of PoS, there has been a steep increase in blockchains (both private and public) trying to solve interoperability issues and enable cross-chain ecosystems. From a birds-eye view, the solutions can be categorized into three sections:
- Public connectors — Strategies across public blockchains supporting cryptocurrencies, including sidechain approach and atomic swap using Hashed Time-Lock Contracts (HTLC). Example: Matic, Optimism
- Blockchain of Blockchains — Frameworks that provide reusable data, network, consensus, incentive, and contract layers to create application-specific blockchains that interoperate with each other. Example: Cosmos, Polkadot
- Hybrid connectors — These are solutions that deliver an abstraction layer to enable cross-chain communication. Trusted Relays redirect transactions from one blockchain to another, allowing dApps to interact with other blockchains without the need for separate APIs. Example: Hyperledger Cactus
While new integrations and solutions continue to build a cross-chain ecosystem, we are still far from true interoperability. Once we achieve it, mass adoption will follow.
Here is a research paper to learn more about the current state of interoperability and future trends.
Staking economy stats:
Top headlines from PoS world:
- Cardano rolls out an action plan for smart contracts.
- Connecting Polkadot Ecosystem With External Networks using Polkadot Bridges.
- OKEx and MXC add $40 Million to Solana Development fund.
- Acala Network wins the first parachain slot auction on Polkadot testnet.
- Neo introduces Neo N3.
- Mina launches mainnet before the public sale on Coinlist.
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