Why inter-connectivity is Key for Mass blockchain Adoption
Over the last one year, the public has been finding out more about cryptocurrencies. Bitcoin’s market dominance has been attributed for this trend. The potential of adopting the blockchain on a large scale looks promising after major firms incorporated the technology in their systems.
However, we have a number of challenges that need to be handled before the technology can be deployed fully. Notably, separating numerous chains and corresponding economic systems are among issues that should be tackled. The challenges have risen due to the existence of different blockchains.
Blockchain communities need to find a uniting factor. Notably, the cross-chain connection is tedious hence hampering various cryptos from having a stable market valuation.
However, separation can be solved. We can have a meta chain where everybody can be a member. In this case, we will have a meta coin that will be used as a transaction mode among all blockchains. It is important to note that before such a platform comes to life, it will take a lot of work.
We have the second option that seems easy to implement. Instead of a digital coin, a service layer might be used to link numerous blockchains. In isolated economic zones, the top layer will permit direct exchange in different cryptos. The layer will not tamper with blockchain basic efficiency.
It is vital to have two important functions that will allow all cross chain transactions. We need to have cross-chain addresses and protocols. The isolated addresses are given out in a uniform manner to identify users of different chains. Nodes can be used to link two chains on an identified ICP.
Blockchains can reach the maximum potential if they are interconnected. The existence of numerous chains discourages users from adopting the idea. Currently, blockchains are being set up for almost every industry. Developers should put in mind that in future, integration of all blockchains is important.