Blockchain Interoperability Alliance: How ICON, Aion & Wanchain Came To Be?
What Is Blockchain Interoperability Alliance?
The inability of isolated blockchains to communicate with each other is a key problem in decentralized platforms. The problem keeps recurring and can be a problem behind blockchain lack of scalability and poor adaptation in the mainstream market. Blockchain Interoperability Alliance is an advocacy group backed by Aion, ICON, and Wanchain. The group has the shared aim of promoting interconnectivity between the isolated blockchain based networks. The alliance effort is in a bid to advance standards that would promote a higher degree of interoperability between different blockchains.
Aion, ICON And Wachain Collaboration
The alliances hope to collaborate on communication and interchain transactions research. The alliance will further come up with common standards, share architecture, and research protocols. The common objective of the three-blockchain projects is to connect blockchain protocols. Each of the members of the alliance hopes to establish themselves as the dominant player in different regions.
Aion focus is on the North American region, Wanchain on the Chinese market while ICON focus is on the South Korean market. ICON the newest player in the alliance is an interconnecting blockchain network that connects the blockchains without the need for intermediaries. Aion, on the other hand, will be the common protocol that will be used by the blockchains, which will lead to the building of efficient and decentralized systems. Wanchain is a distributed financial system that allows for the private and cross-blockchain execution of smart contracts with the goal of uniting the isolated digital assets.
The problem of interoperability is a challenge with decentralized networks that are governed by their economics and code. Other standards have tried to address this problem, while some enterprise-facing projects such as Hyperledger and Enterprise Ethereum Alliance have cited the challenge. The Alliance will dedicate its effort and time to research on this area in a bid to create globally accepted standards for connecting blockchain and bring innovations in this area together.