Monday, 27 March 2023

Crypto News

What is a supernet, and how does it work?

What is a supernet, and how does it work?

Supernets enable communication among distinct blockchain networks, considerably improving the usefulness of the overall system by enabling the transfer of assets and data among different blockchains.

Furthermore, shared infrastructure and resources can be made possible by interconnected networks, which can lower costs and boost overall effectiveness. By making assets accessible across numerous networks, they can significantly improve their liquidity, which will raise the assets’ value.

This article will discuss the concept of a supernet, how to implement supernetting, the advantages and disadvantages of supernetting, and how it’s different from a subnet.

What is a supernet?

A supernet, also known as a metanet, is a network of networks that allows interoperability and cross-communication among different blockchain networks. The idea behind a supernet is to create a decentralized network that allows different blockchain platforms to communicate and interact with one another without the need for a centralized intermediary, creating a unified ecosystem. Moreover, the effectiveness and speed of transactions and communications among various blockchains can be significantly increased as a result. 

A supernet also has the advantage of facilitating the development of new decentralized services and apps that can combine the strengths of many blockchains. This may create fresh opportunities for development and innovation in the blockchain industry. Cross-chain communication is another feature of supernet that enables chains to connect and transact with one another, increasing the value for users.

Related: What are DApps? Everything there is to know about decentralized applications

How does a supernet work?

To implement a supernet, various protocols and technologies, such as atomic swaps, cross-chain communication protocols and sidechains, are used. These technologies allow different blockchains to communicate and interact with one another and can be thought of as a kind of “bridge” between different networks.

Atomic swaps, sometimes referred to as atomic cross-chain trade, enable cryptocurrency trading without the use of centralized intermediaries. This is accomplished by developing a smart contract on one blockchain that encrypts the assets being traded, unlocks them once the trade is complete, and releases them on the other blockchain. This allows assets to be transferred between blockchains without the need for a centralized exchange

To enable communication…

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