Cross-Chain: The Technology That Supports Blockchain Networks
The thing that is most attached to technology is innovation. Technology will not develop without innovation from the developers and inventors of the technology. Digital talent always strives to innovate in creating new technologies as well as developing existing technologies for the realization of a seamless system. Blockchain technology is also not spared from the development process. One of the emerging technologies in the blockchain world is cross-chain. However, before we get to know what cross-chain technology is, let’s first understand what blockchain is in the article Understanding New Trends in Blockchain Technology. If you already understand the basic understanding of blockchain, let’s look at the following explanation of cross-chain technology.
What is Cross-Chain?
Cross-chain is a technology created to improve interoperability (interaction) between blockchain networks. Interoperability is the ability of a blockchain to communicate with other blockchains. One of the advantages of this technology is that it can operate independently of the blockchain network, so any drawbacks to a blockchain have no impact on cross-chain.
Why was cross-chain invented? Previously, there was no blockchain that supported sending value or data to and from different blockchains. For example, sending BTC coins on the Bitcoin blockchain network to the Ethereum blockchain network. Users have to exchange their BTC coins before they are transferred to make transactions on the Ethereum network. With cross-chain technology in the Defi ecosystem, connectivity between blockchains can realize the exchange of data and tokens between different networks.
Cross-chain Technology Adaptation
Polkadot
This most famous multi-chain-based blockchain can improve the transfer of smart-contract data through various blockchains. The founder of Polkadot, Gavid Wood who is also the co-founder of Ethereum, seeks to create seamless interconnections between private chains, public blockchains, oracles, and permission-less interfaces.
Cosmos
Cosmos is a cross-chain hub whose vision is to connect blockchains. Cosmos allows users to exchange their data or crypto assets to various decentralized blockchains. Cosmos itself consists of several blockchains called Zones, which are attached to a central blockchain or Hub. Tendermint Core and consensus engines like PBFT are the engines used to power every Zones in the Cosmos network. With this interconnection, users can send tokens between zones in real-time and securely without involving third parties.
Wanchain
Wanchain is the world’s first online interoperable decentralized blockchain network with a direct bridge feature. With universal cross-chain bridge technology, Wanchain makes it easy for users to perform various features such as swap, transfer, communicate, and call. For example, in the transfer feature, you can send crypto assets to and from different blockchains in real-time and securely without involving a third party. Currently, Wanchain supports transactions between Bitcoin networks, Ethereum, Avalanche, Binance Smart Chain, Fantom, Litecoin, Moonriver, Moonbeam, XRP Ledger, Polkadot, and others. In addition to the transfer feature, this cross-chain interoperable also provides a Call feature on smart contracts, which is a feature that allows users to use functions in smart contracts from one blockchain to another blockchain.
Blocknet
Blocknet is a decentralized network that allows the exchange of crypto assets without intermediaries and fees. It builds interconnection with the XRouter feature to connect dApps and XBridge as blockchain connectors. XBridge is designed so that nodes of one blockchain can exchange data or tokens with other blockchains.
AION
This multi-tiered blockchain is designed to address the privacy, interoperability and scalability concerns of blockchains. Nuco, a Canadian blockchain development company developed AION with the aim of enabling seamless communication between various blockchains and maintenance of their applications. AION has four features in its multi-tier network application. Interconnecting Networks facilitate communication between private and public blockchains. Cross-chain Transactions target various blockchains that want to be connected via the bridge feature. The Bridges feature allows various validator communities to register their bridges, where users can choose which blockchain network bridge to use. Meanwhile, Participating Networks is an AION platform that allows all decentralized blockchain networks to join the AION ecosystem.
What do you think after reading the explanation about the cross-chain above? Can it help you in transacting in the crypto world? Drop your opinion in the comments column. Keep up with the e-articles so that you understand more about crypto. Don’t forget to visit the Litedex, Instagram, Twitter, YouTube, and TikTok websites to keep getting updated information from us.
