What will Blockchain add to the World?
Interoperability in the blockchain space refers to the ability of two or more blockchains to communicate with and share data. We’ve seen blockchains for various use cases as the blockchain space continues to grow, but what if one Blockchain could leverage the functions of another blockchain to maximize its utility? Achieving this will unlock the potential offered by the blockchain space as a whole because the end-user can leverage the aggregated value of all blockchains in the area. This article will look at how blockchain interoperability enables decentralization, current research methods to achieve interoperability, and an exciting project making waves in the blockchain interoperability space.
Interoperability Enables Local Government
Of the three issues that make up the blockchain triad of interoperability, scalability, and efficiency, blockchain interoperability is what, if resolved, will enable the decentralization of the blockchain space in the future.
Currently, Ethereum, Solana, Bitcoin, etc. A handful of such projects dominate. To have a decentralized blockchain future, the blockchain community must reduce its reliance on the most prominent existing blockchains. One way to do this is to make it easy for the end-user to access all the benefits of each Blockchain in the domain. This can be done if data and information from one Blockchain can be shared securely with multiple other blockchains. In doing so, the user will also be able to access the benefits of a blockchain that they may not even know about. This will create a fairer and nearly equal distribution of end-user dependency across all connected blockchains, creating and enabling a more decentralized future in the blockchain space. Let’s look at how blockchain interoperability can be achieved with some of the protocols currently on the market.
Existing Protocols for Blockchain Interoperability
The main protocols used in blockchain interoperability are blockchain bridges, fixed regions, and light nodes. Each of these protocols works together to provide accurate chain-to-chain communication.
A blockchain bridge is a link that enables the transfer of digital information such as tokens and arbitrary blockchain data between two blockchains. Both blockchains may have different consensus, rules, and governance models, but the bridge provides a cohesive way for both parties to work together securely. Although there are various types of bridges, they can be divided into two classes: reliable and unreliable. Trusted bridges require the end-user to authorize an agent to facilitate the cross-chain transaction. Insecure bridges are the opposite. They are decentralized and rely solely on the math and algorithms used in the bridge’s code to streamline the process.
Peg zones are blockchains that monitor the state of other blockchains to establish certainty for the probabilistic Blockchain that it bridges to be compatible with the Inter-Bridge Communication Protocol.
Nodes of Light
A blockchain network consists of several nodes, each of which plays a role in transaction processing and in-network maintenance and security of the blockchain network. A kind of knot is a light knot. Light nodes do not store all the information of a blockchain but rather subsets of blockchain data. Light nodes and anchor zones work together in blockchain interoperability. Light nodes rely on peg regions to transmit their connected blockchains’ histories. Any blockchain that supports lightweight nodes can then be connected to a bridge to allow an interconnected blockchain protocol.
A Project Focused on Interoperability
An exciting project in the blockchain interoperability space is Posschain. Posschain is a blockchain ecosystem that allows any connected blockchain to scale and communicate with other blockchains through an actual cross-chain communication protocol. This cross-chain protocol combines the three protocols mentioned in this article (bridges, fixed zones, and light nodes) to offer a seamless communication protocol for any private and public blockchain.
One thing that makes Posschain different from all other blockchain interoperability solutions is the use of ZK-Snarks. ZK-Snarks is a protocol that provides zero-knowledge, conciseness, robustness, and completeness in the Posschain ecosystem. Posschain significantly optimized the data storage capabilities required for a scalable cross-chain communication protocol by applying ZK-Snarks to interoperability protocols.