Over the years, blockchain networks have asserted inherent value and integrity to the digital realm. Yet, their growth and viability could be hampered somewhat by “chain tribalism”, a trend whereby chain developers, steadfast in their faith in their respective blockchains, resist efforts towards cross-chain collaboration. However, some in the industry anticipate this tide beginning to shift by 2023.
Chain interoperability — the capacity of different blockchain networks to interact with one another — seems like a matter of time and technology. Instead of siloing themselves into separate entities, blockchains need to coalesce, harmonise, and become interoperable for the industry to flourish truly. This notion was endorsed by several executives at Korea Blockchain Week.
Innovation, of course, will play a vital role. Notable developments expected within the year attempt to enhance blockchain interoperability. Yet, some solutions necessitate scrutiny. For instance, current cross-chain bridge hacks which, according to executives, are neither technically logical nor safe, but merely hacking enticing “honeypots”.
Framework Ventures‘ co-founder Vance Spencer mentioned forthcoming solutions like Chainlink‘s Cross-Chain Interoperability Protocol (CCIP). It allegedly could create a devolution for chain preferences, making blockchain choice irrelevant for upcoming projects.
However, one cannot ignore recent instances of blockchain bridge failures. These bridge systems have been called out as “fragmented and insecure”. As an alternative, an upcoming product, MetaMask Snaps, will allow developers to launch activity-expanding apps for the crypto wallet, which will work with other blockchains like Bitcoin, Solana, Avalanche, and Starknet.
The consensus predicts an era of “hundreds of chains”, all handling substantial economic activity. While the vision of a single blockchain capable of more than 10 million transactions daily still seems challenging, the industry is cautiously optimistic.
Concurrently, there is a shared sentiment that the current method of transferring assets through blockchain bridges is flawed. It presents a lucrative target for hackers given the value locked within these bridges for representation on another chain. To counteract this, solutions like those offered by Router Protocol aim to distribute liquidity across multiple wallets.
Given the current technology, a user-friendly cross-chain interoperability environment will take time to develop. But it’s deemed essential for the industry’s sustenance, and to provide breakthrough real-world applications. Failing which, the industry may be viewed as an amusing curiosity or a passing trend. As put forward by Chainlink‘s co-founder Sergey Nazarov, the lack of ability to offer a reliable use of emerging technologies at the necessary speed could keep the crypto world on the sidelines.
In conclusion, the year 2023 promises to be a defining moment for cross-chain bridge interoperability, and a crucial determinant of blockchain’s growth and acceptance.
Source: Cointelegraph
