The concept of blockchain interoperability is not a new one. In fact, it has been around for a few years, and most of all, it has become widely perceived as a fundamental step towards bringing blockchain technology to a position of mass adoption.
Independently of how complete or developed any crypto project may become, it will always deeply rely on connectivity to remain relevant in the real world.
Moreover, counting on a single blockchain as the only solution to all existing issues is not viable. Consequently, developing cross-chain solutions is an absolute necessity for the healthy growth of blockchain adoption.
So, what exactly does cross-chain mean? In today’s post, we’ll focus on this subject that, as cryptocurrencies gain notoriety and reach new highs, becomes more and more relevant.
Cross-chain explained
Put simply, cross-chain is the technology that allows interconnection between different blockchain networks by enabling a viable transfer of information and value. This technology is the key to converting existing blockchains into intertwined ecosystems instead of isolated ones.
Even though the concept nor the technology are new, true potential is still far along the road, as we’ve just begun to unravel the possibilities of blockchain interoperability. Despite the many and vital breakthroughs, the current level of interoperability is still insufficient.
As expected, it is rather challenging to create interconnectivity solutions between networks, especially since most use non-standardized programming languages, different parameters, consensus models, transaction systems, or smart contract functionalities.
Ideally, cross-chain technology will allow users to overcome the current barriers and benefit from the best features from different blockchains and consensus mechanisms seamlessly.
Cross-chain Solutions
Komodo project was a pioneer of cross-chain protocols and even claimed to have completed the first cross-chain atomic swap back in 2015. Since then, a lot of projects have developed new and improved solutions. Nowadays, new solutions have emerged and some of the leading cross-chain projects are Polkadot, Blocknet, Cosmos, or Wanchain, each of them focused on different aspects and features of cross-chain technology.
Solana’s interoperability protocol
The Wormhole 2.0 is a cross-chain solution built to enable the transfer of digital assets between ERC-20 and SPL blockchains.
In order to gain access to the full range of crypto assets available on the Ethereum network, Solana will implement a Wormhole Bridge that holds the purpose of connecting both Blockchains, facilitating fast transfer of any kind of information from one chain to another.
About Solanax
Solanax is a Solana-based automated market maker (AMM) exchange providing lightning-fast trades, pooled liquidity, and other income-generating features. Solana was chosen as the underlying blockchain to facilitate low-cost, high-speed transactions. It is a permissionless, high-performance blockchain based on the Proof of History consensus (PoH).
Given the advantages that Solana offers when compared to other blockchain ecosystems, it is a popular solution among investors, users, and developers. Ethereum’s Proof of Work Consensus is slow, hard to scale, and comes with high gas fees which were exacerbated by its account-based system. Where Ethereum has failed to live up to the community expe, Solana quickly proves to be a viable alternative.
Solanax will utilize the cross-bridge Wormhole to connect to projects and digital assets existing on the Ethereum blockchain, facilitating adoption and allowing the crypto community to seamlessly move tokenized assets from one blockchain to another, improving interoperability and liquidity setup.
It is faster and cheaper; Solanax offers on-chain liquidity; traders will have more control over their trading activities; an integration of Wormhole for fusion with tokenized assets on the Ethereum blockchain, and much more.
For more details on the project at the forefront of the DeFi evolution, visit:
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