Cross-chain Interoperability: Building For The Next Generation Blockchain

Web3 was designed to overcome the hurdles of web2, including third-party systems, centralization, and many other terms you might have heard of since blockchain became a trend. It was created to nullify the flaws of web2, the internet we're all familiar with today while paving the way to a truly decentralized system for all. Interoperability might be just another key to that: the decentralized, secure multi-chain network that many envision for the blockchain ecosystem.

How? We'll get to that. But firstly, let's begin with the basics.

Understanding Interoperability

In layman's terms, interoperability is the ability of different hardware and software to exchange information freely without restriction. For context, imagine sitting at home, listening to music on your apple smartphone, using oraimo pods, and sending an email to your friend who opens it on his yahoo mail account with his windows 11 device connected to his Netgear WiFi router. Without interoperability, it will be almost impossible for us to use multiple devices simultaneously.

Interoperability in Web3

Blockchain interoperability refers to the capacity of various blockchain networks to share and utilize data and exchange varieties of digital assets between their blockchains. While there are already existing Blockchains like Ethereum, Polkadot, and Solana containing several individual networks, interoperability will pave the way for these networks to interact better, facilitating more blockchain-enabled products and services.

It will not only increase accessibility, but it will contribute immensely to making usability easier for the everyday person. The blockchain community is expanding, and with this comes an increase in user base and audience. A percentage of that audience are individuals new to the system and in need of a more flexible interface. This approach will speed up how quickly blockchains can communicate and how users can use them simultaneously with little to no hassle.

How Is It Relevant In The Grand Scheme Of Things?

Now that we understand what interoperability means in web3 let's take a step back to discuss how this nullifies some of the flaws in web 2. The concept of decentralization has always been a means to an end. But what end? The end of centralized guardians and authorities with unlimited access to the user's information.

Cloud-based applications and social media platforms in the web2 systems are centralized guardians that might as well be seen as overlords over users' data. While it is unarguable that these platforms have contributed so much to the internet, particularly from significant advancements we've seen from the web1 era, the static web. Several issues still require more awareness in the web2 system, including data security, trust, copyright, privacy, and so many others that the average internet user wouldn't pay much attention to. The problem with centralized authorities is unrestricted access and how they could gather and utilize user information without their consent. Other issues such as trust, security, and privacy stem from this. In all, these setbacks are what decentralization aims to eliminate. And Complete decentralization cannot come into play until there is mass adoption in web3. For mass adoption to occur, interoperability is a crucial factor.

Interoperability And The Future Of Blockchain Technology

The ecosystem's success is highly dependent on an interoperable network because everyone would be restricted to use only selected blockchain without it. Many blockchains being built are siloed in their ecosystem, with different use cases, ideas, consensus mechanisms, semantics, and algorithms. While it is not surprising that there is a vast range of these networks from their differences, the fact remains that problems like this could reduce the feasibility of the global adoption of decentralized systems.

Although there are many industry-specific applications for blockchain technology, the main advantages include data verifiability and transparency, execution of smart contracts, and decentralized consensus. With interoperability, dApps that were once thought to be completely separate will be able to transfer data and exchange information, and blockchains will be able to connect. As a result, networks that wouldn't normally connect would be able to capitalize on one another's advantages and foster innovation more efficiently and successfully.

Takeaway

As long as pure decentralization within individual blockchain networks continues to be a significant aim for many initiatives, the need for network interoperability still stands. It represents an even more advanced actualization of blockchain technology's promise to rescind the need for centralized authorities and the web2 system. And with this,

there would be a time when thousands of application-specific blockchains can communicate with one another through a decentralized hub, as opposed to having one blockchain that processes all the transactions for thousands of decentralized Applications (dApps).

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