Since the launch of Bitcoin over a decade ago, blockchain, the underlying technology on which the premier coin was built, has evolved. From the blockchain 1.0 era ushered in by the launch of the pioneer crypto platform to blockchain 2.0 championed by DApps and smart contracts compatible network, Ethereum, right to blockchain 3.0 which, according to various reports, is key to global adoption and survival of the permanent and transparent ledger.
Whilst plagued with too many problems, the inability to communicate seamlessly with other chains has been identified as a core shortcoming of the distributed ledger. Amidst the proliferation of blockchain and the recent infusion of over $2.3 billion by VCs in all blockchain-related start-ups, the transparent technology is still a cause for concern, especially for enthusiasts keen on seeing the technology reach unimaginable heights.
Interoperability, the adeptness of computer systems, in this case, blockchain technology to efficiently exchange information, is lacking and has impeded imminent growth. After a careful and in-depth series of research, experts proposed cross-chain technology as the ideal answer to the interoperability question.
Cross-chain Technology; The Answer to Blockchain Interoperability?
While a good development, the increasing usage of Bitcoin and Ethereum, two of the most valued crypto platforms as reported by CoinGecko, has given rise to a conundrum; scaling limitations. Since they mostly operate on a single chain, it has become difficult to seamlessly send and receive assets — the primary advantage of cryptocurrencies over fiat, prompting the need for advanced technology.
Already a buzzing topic in the crypto space, cross-chain in simpler terms is a nascent technology that seeks to encourage or foster the access, usage, and transfer of information and value between decentralized networks without intermediaries.
