As cryptocurrency becomes mainstream, different Crypto investors are building blockchain infrastructure and others are forking an existing blockchain as it's the case with Bitcoincash.
The different Blockchains are making transactions in a decentralized Crypto world a bit cumbersome as these Blockchains performs different sets of transactions and handle different amount of data processing. In finding solution to this problem, some Cryptocurrencies projects are going Multichain. A very good example is Tether (USDT) on both Ethereum and Tron blockchain. Then the wrapped token solution. These stop gap solution did come with it’s own fair of issues as you can lose your fund transferring tokens between Blockchains. Recently, I almost lost 1 BNB token trying to transfer BNB from my Trust wallet to Yobit exchange. Checking Yobit deposit address, I realized BNB on Yobit is an Ethereum based BNB and if I’d sent my BNB to this address, I would have lost it.
To permanently address this issue of interoperability, some projects did come up to fix this by coming up with Cross-Chain Technology.
What is Cross-Chain Technology?
To address the issue of Blockchain Network operating in isolated ecosystems, Cross-Chain Technology seeks to allow transmission of value and information between different Blockchain networks. This technology seeks to allow different isolated Blockchains to communicate with one another and share information seamlessly by enabling interoperability amongst different Blockchains without the help of any intermediary.
Cross-chain technology will also enable different chains to integrate and interact thus making it easy for people to transact on other Blockchains seamlessly with no need of wrapping coins.
Blockchain Interoperability Projects.
Different projects dedicated to Cross-Chain technology are fast emerging and notable projects in this area include; Polkadot, Blocknet, Wanchain,Cosmos Blockchain, Poly Network and others. I'll love to dwell more on Poly Network.
Poly Network
Poly Network was built to implement Interoperability amongst multiple Chains in order to build the next generation internet infrastructure. Homogenous and heterogenous public blockchains, authorized, can connect to Poly Network through an open, transparent admission mechanism and communicate with other Blockchains. Presently, Poly Network has integrated Bitcoin, Ethereum, Neo, Ontology, Elrond, Ziliqa, BSC, Switcheo and Huobi ECO Chain.
With Poly Network integration, there's no need for major changes to the core technology. For Chains that supports smart contract technology, Poly Network will deploy two Smart Contracts to support Cross-Chain functionality but if the Chain do not support Smart Contracts, integrating two modules enables Interoperability. Poly Network can also seamlessly integrate Chains that is forked from supported Blockchains.
Security wise, Poly Network has a strong cryptographic foundation and has no tokens, enabling it to easily deal with security.
Poly Network partnership with Torum.
I was quite impressed with Torum core team strides when they announced Poly Network as a strategic partner to provide Torum Community a seamless Cross-Chain operation and secured on-chain transactions on most mainstream Blockchains at minimal cost. This move I believe will give Torum and it's Ecosystem token, XTM a solid competitive edge in the Crypto space. Torum XTM token, a BEP-20 token and this partnership will further drive Torum vision to becoming the key adoption bridge that connects general public to the Crypto space.
Swapping and trading Torum XTM will be fun and interesting and I'll love to invite you to Torum to come have a feel of happenings within the Crypto space and have the opportunity to earn free XTM tokens for your engagements on Torum. There's also a sign up bonus after you've verified your email address.
https://www.torum.com/signup?referral_code=wumeepope
