Saturday, 30 September 2023

Crypto News

Is 2023 the year genuine cross-chain interoperability takes off?

Is 2023 the year genuine cross-chain interoperability takes off?

The future of blockchain will be an interoperable one — with the death of “chain tribalism,” the proliferation of “hundreds of chains” along with an end to cross-chain bridge hacks, according to executives at Korea Blockchain Week.

Backing up the claims are several products slated for release before the end of the year that could see blockchain interoperability efforts move away from current solutions which execs say don’t make sense and are a “honeypot” for hackers.

Vance Spencer, the co-founder of the crypto-focused venture firm Framework Ventures told Cointelegraph at KBW that he thinks with many solutions on the horizon including Chainlink’s Cross-Chain Interoperability Protocol (CCIP) — it soon won’t matter what blockchain a project uses.

He said most startups begin on layer-2 solutions such as Optimism or Arbitrum but soon begin to want their own roll-up. “It’s like everyone’s trying to create the standard,” he said.

In a cross-chain interoperable future, the paradigm will shift and “it’s really not gonna matter which roll-up you’re on,” Spencer said.

“In the future, it’s probably just going to be: ‘Can your contract talk to my contract?’”

Spencer gave the example of CCIP which, he explained, allows a user to have assets on one chain and interact with contracts on another that uses cross-chain messages instead of a blockchain bridge.

ZetaChain core contributor Brandon Truong told Cointelegraph it operates in a similar way to CCIP — the main difference being it’s sent from ZetaChain’s network.

Truong added it sees interoperability becoming standard with new app builders and there will be less “chain tribalism” and more focus on utility.

He added that many older blockchain bridge solutions are “fragmented and often insecure.”

Another product is the upcoming MetaMask Snaps which will allow developers to launch functionality-expanding apps for the crypto wallet — allowing use with other blockchains including Bitcoin, Solana, Avalanche and Starknet.

Hundreds of chains

Speaking on a panel at KBW, cross-chain protocol Axelar co-founder Georgios Vlachos believes, at some point, there will be…

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