DeFiChain's U-Zyn Chua Thinks Multichain Web3 Compatibility is Where Blockchain Industry is Headed

Multichain compatibility is a concept that refers to the ability of different blockchain networks to communicate and interact with one another. This concept enables interoperability between various networks, increasing the overall adoption of blockchain technology.

In this interview, I'm joined by U-Zyn Chua, Researcher & Contributor of DeFiChain. We will discuss multichain web3 compatibility and its role in the future of the blockchain industry. 

We will also explore the importance of this concept, the challenges the industry may face in achieving it, and the potential impact it could have on the adoption, scalability, and development of decentralized applications over the next decade.

What is multichain web3 compatibility, and why is it essential for the blockchain industry?

In blockchain technology, "multichain" refers to deploying a dApp across numerous blockchains that use the same smart contract protocol. 

Multichain compatibility allows dApps to operate on multiple blockchains while utilizing the best features of each protocol. This means accessible communication and interaction between the blockchains.

The future of the blockchain industry rests on multichain interoperability. The capacity to enable and integrate other chains to scale projects and improve the user experience is made possible by a multichain ecosystem in which anybody can build anywhere.

How do you envision multichain compatibility impacting the overall adoption of blockchain technology in the next decade?

Unfortunately, lack of interoperability has been the primary roadblock to widespread blockchain implementation. Achieving multichain compatibility would significantly increase the adoption of blockchain technology, and interoperability across blockchains is a crucial step toward building a genuinely decentralized sphere.

As the next billion users join the web3 space, we must be ready to adopt and embrace multichain compatibility to ensure a frictionless and seamless experience for them. 

What challenges do you see the blockchain industry facing in achieving multichain compatibility?

There are several barriers to achieving multichain compatibility, which include high up-front costs, time, and effort to build such a complex infrastructure.

Since it is complex and challenging to maintain, developers will require much more money, time, and resources to start a multichain. It also takes a lot of time and works to link and combine blockchains. 

There is additional complexity and necessary workarounds when connecting different chains, and blockchains are continuously developing and changing.

How do you think multichain compatibility will affect the interoperability of different blockchain networks?

Multichain compatibility will increase the interoperability of different blockchain networks. In addition, it will create new applications and services designed to work across multiple blockchains, allowing users to access data from multiple blockchains more efficiently and securely. 

Additionally, multichain compatibility can help create a more unified blockchain ecosystem. This can make it easier for developers to create applications and services across multiple networks, increasing the potential for collaboration and creating more opportunities for value exchange.

How will the implementation of multichain compatibility impact the scalability of blockchain technology?

Due to the exponential growth and widespread use of cryptocurrencies, scalability problems have emerged, leading to sky-high gas prices and painfully delayed transactions. Multichain compatibility is one of the best solutions for this and could theoretically bring infinite scalability. 

Multichain compatibility can significantly improve scalability by allowing multiple blockchains to work together. This allows for sharing of data and resources, which can help reduce the computational overhead of individual blockchains. Ultimately, this could allow for larger transaction volumes, faster transaction speeds, and increased scalability.

How will multichain compatibility impact the development and deployment of decentralized applications (dApps)?

Multichain compatibility has the potential to significantly improve the development and deployment of dApps. The multichain approach improves scalability, allowing for increased transaction speeds and reduced fees. Further, these protocols make it easier to build and run dApps while ensuring privacy and efficient interoperability with other blockchains.

How do you think the regulatory landscape will evolve in response to implementing multichain compatibility in the blockchain industry?

The regulatory landscape for multichain compatibility in the blockchain industry will likely evolve as governments and regulatory bodies become more familiar with the technology and its implications. 

As multichain compatibility allows for greater interoperability and cross-chain communication, there may be concerns about the financial system's security, privacy, and stability. As a result, regulators may respond by implementing new rules or guidelines around the use of multichain systems or by requiring companies to obtain licenses or certifications before operating within this space. 

Additionally, international cooperation between regulatory bodies may become increasingly important as multichain systems cross national borders. 

Overall, the regulatory landscape for multichain compatibility will likely evolve as the technology develops and its impact becomes clearer.

Can you discuss the role of smart contracts in enabling multichain compatibility in the blockchain industry?

Smart contracts can be used to enable cross-chain transactions, such as the transfer of digital assets from one blockchain to another. Smart contracts can also enable interoperability between blockchains, allowing for exchanging information and assets across multiple networks. 

By using smart contracts, developers can create applications that can interact with multiple blockchains and their digital assets, enabling an ecosystem of applications to be built on top of the blockchain. This can lead to the creation of new business models and the development of more efficient and secure solutions for enterprise applications.

How do you see the blockchain industry evolving regarding multichain compatibility and interoperability over the next decade?

Over the next decade, the blockchain industry will likely change in terms of how it works with other chains and how it works with other chains. There are currently several separate blockchain networks, each with strengths and weaknesses. As the industry grows, more demand for multichain compatibility will probably increase, which lets assets and data move easily between different blockchain networks.

One possible way to solve this problem is to build cross-chain bridges or gateways that let different blockchains work together. These bridges make it possible to move assets and data from one blockchain to another. This would make the network of blockchains more connected.

But there are also problems to solve before multichain compatibility and interoperability can be used by many people. One of the biggest problems is ensuring that the protocols and standards used by different blockchains work together. Another problem is ensuring that the transfers of assets and data are safe and private.