What is the Purpose of Interoperability and Can it be Achieved in the Blockchain Space?

• – Recently, interoperability has become a common term in the context of blockchain technology. Simply said, it indicates that there is room for two or more blockchain spaces to coexist and cooperate.
• – The blockchain industry is currently disorganized, with numerous disconnected chains running independently, each like a universe unto itself. It is challenging to swap two NFTs, for instance, if one NFT is carried out on one blockchain and the other on a different one since their underlying protocols are marginally different. Similar to how an Android app cannot be installed on an iPhone, it is impossible.

For instance, when Ethereum was created, its creators did not take into account the necessity of connecting Ethereum’s blockchain in some way to other blockchains. In other words, it is a major obstacle because Ethereum cannot be used with other chains. The same is true of the Bitcoin blockchain, which experienced its first significant development because its enigmatic creator, Satoshi Nakamoto, was unable to foresee how events would develop. He was unaware that a great deal more than simply cryptocurrencies would be employed with many other blockchains.

However, this is gradually changing, and several well-known chains, such as Ethereum and Bitcoin, are being redefined to enable interoperability.

Cross-Chain Trading Is An Important Issue

The capacity to exchange cryptocurrencies on various blockchains is known as cross-chain trading. The good news is that certain projects may profit from chains that are being updated with an eye toward interoperability.

Primex, a cryptocurrency exchange that is currently under construction, is one such project. Primex will initially only be accessible on Ethereum, but its second iteration will also be made available on networks that are compatible with Ethereum. Users of Primex can exchange cryptocurrency pairs between several chains in this manner.

Can The Future Work Together?

All participants in the blockchain and DeFi areas understood that permitting interoperability would be considerably more advantageous than maintaining separate blockchains. Since the Bitcoin network is big enough to support itself, it is safe to predict that it won’t soon grow towards interoperability. Interoperability is only beneficial for Ethereum and all other blockchains.

• – It is safe to expect that all future blockchain-based projects will be developed with interoperability in mind and that current ones will change as much as feasible to interact with other blockchains.
• – The interoperability challenge is already the primary focus of certain efforts, with varying degrees of success. Cosmos and Polkadot are undoubtedly the two most prosperous businesses right now, but we should also mention Harmony, Wanchain, Chainlink, Hybrix, and even Loom Network.

Interoperability as the Web 3’s Foundation

The term “Web3” or “Web 3.0” refers to the upcoming version of the internet that will be entirely decentralized and has become one of the most significant buzzwords recently. We need the collaboration of all parties to do this, beginning with making blockchains interoperable.

To some extent, we must create a network of independent networks to establish the groundwork for the third iteration of the internet. This is probably going to happen because blockchains are gradually becoming more accessible, but it might take some time before they are completely exploited.

The most optimistic predictions state that Web3 will begin to surface by the end of 2022, but this is just the beginning since much work needs to be done before it becomes a reality.