Home > NEWS > Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism

Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism

IBC is going to allow assets to move between blockchains without the high level of risk inherent to bridging.

When I entered Crypto, I succumbed to the blockchain ecosystem to compete with each other, believing that one must be "stronger" than the average person. Since then, I have realized that the future of data cryptocurrency has produced a variety of service platforms that will perform well at different levels. With Block Interchain Communication Protocol (IBC), I have left the era of chained thinking.Market competition and embrace the future development of interconnection and interchain. Let me explain.

Solana, Polkado, etc.-what do they have in common? They are independent finite state machines, and each finite state machine tries to do what only one person has done before: build a sustainable, robust ecosystem of real estate developers, investors and their main users.

So far, the ether has shown no signs of slowing down. Since it gradually gained 8 per cent of the total login password market in the summer of 2020, ETH has captured nearly 20 per cent of the market and has remained there.

There is a reason why the first sentence of many recommendations for Tier 1 solutions contains the technical term "etheric murderer". This is also the whale in the login password-the head of liquidity. As a result, many new projects have been tested by improving the ether to "build it well". Unfortunately, the first thing is usually a "bridge". Roads and bridges bring a lot of risks to users and cause a lot of problems. However, most people are happily unaware that these people face system vulnerabilities during the bridging process and for the entire period for which the bridging property is held. Most people don't realize that they only have an IOU.

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It means that the original OTP for everything they buy is located on its initial drive chain. In addition, his business is equivalent to a piece of paper.

Obviously, there is also an exception to this standard. More, better roads and bridges can reduce risk, but the baseline remains consistent. Bridges range from centralized to "semi-centralized", and there is one thing they have never been able to do: move property into a new chain. Why? As a result of the blockchain property bridging the two independent Internet certainly does not have the form of communication with each other. They say different expressions, because most franchise stores are never tailor-made to communicate and interact.

The existence of the bridge is a disease of the "I to you" mentality, in which the transmission chain tries to get the liquidity of the other party.

The four most expensive decentralized financial hacking attacks in 2022 were all bridging attacks: Rning, BNB Smart Chain Bridge, Wormhole and Nomad. In total, users lost more than $2 billion. This is basically the same amount of user losses caused by the collapse of FTX.

In that case, what if we change the attitude of "I treat you" to "autocratic monarchy"? If we can come together and establish the norms of communication, what will be the consequences?

Although this may not be radical for some people, it is novel for data encryption. The old system has a name: block interchain communication protocol, or IBC.

IBC requirements for message delivery and interaction between different block chains at the protocol level. This is the product of years of focus on the idea that different blockchains should preserve territorial sovereignty.

Allowing users to liberalize between different blockchains can lead to higher capital efficiency and faster independent innovation. To a certain extent, it embodies a pure capitalist society, in which assets flow into the preferred destination more easily, with a high factor of safety and more effectively. We can generalize it with the Schengen zone in philosophy.

Although IBC exists in Cosmos at this stage, elite teams such as Composable Finance and PolymerDAO have been working hard to introduce it to Kusama, Polkado, in the near future, and more.

Related: different types of computer languages block popular Defi

Is IBC extreme? Not really. It is only one year old. But it is valuable because it shows what the login password might look like in the future. With IBC, it is likely to go beyond ecosystem rivalry to build an interoperable and mobile Internet made up of different solutions to meet the common challenge: to build an unapproved, unregulated future for everyone.

IBC should be a glimpse of the future of blockchain, in which ecosystems are closely linked, allowing users to communicate with "competitors" without friction, so that users can determine what they want to use without restrictions.

We can surpass the battle on the children's playground to try to destroy each other's sandcastles. Instead, we will build safe roads together with our own shovels.

Valentine Pretnevis the co-founder and CEO of Quasar Finance. At 23 years old, he has had experience in a variety of blockchain and emerging-technology-focused fields. He was accepted to Draper University in 2018.
by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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