Blockchain Interoperability Takes A Step Forward This Week As New Cross-Chain Solutions Launch
Blockchain interoperability has been one of the fundamental research and development areas in this emerging tech. Well, the efforts by developers to solve this shortcoming seem to be paying off with multiple projects set to launch interoperability protocols as soon as this week.
The blockchain industry players that plan on launching their cross-chain solutions include Switcheo, Neo (NEO), and Ontology (Ont); the three have been working collaboratively towards an initiative dubbed the Poly Network ‘heterogeneous interoperability protocol alliance’. Another project set to debut is the Rainbow Bridge by Near Protocol, the innovation connects Near and Ethereum blockchains.
The Value Proposition in Blockchain Interoperability
The developments from these three will play an essential role as blockchain becomes widely adopted. Pioneer blockchain ecosystems had not integrated the aspect of collaboration based on data sharing between platforms, a function that is undoubtedly important in today’s globalized world.
Maksym Zavershynskyi, Near’s engineering manager, highlighted that a shift to cross-chains would not only enable broader blockchain communication but scale development opportunities as well:
“we want to freely move our assets and data between blockchains, or even better — run our product on several blockchains at the same time and leverage each of them.”
While Ontology was already connected to Ethereum via cross-chain functionality, the new interoperability solution under Poly Network will further increase the platforms with which both blockchains can relay data.
Ontology’s co-founder, Andy Ji who believes interoperability is becoming fundamental as blockchain innovators and big corporates shift from a siloed working approach, highlighted that:
“Now, through Poly Network, an enterprise leveraging the Ontology blockchain will be able to seamlessly interact with an enterprise leveraging Ethereum, Cosmos, or Neo, helping these platforms overcome challenges to scalability, mainstream adoption, and collaboration.”
Other projects that have been launched to solve similar challenges include Enjin’s bridge, which enables the platform’s ERC-1155 to be compatible with Hyperledger blockchain. Last but not least is Thorchain; this decentralized cross-chain facilitates the transfer of USDT, ETH, and BTC amongst other digital assets, hence acting as a liquidity blockchain network.