Dear Steemians,
We know that if you want to buy any alt coin you have to buy the BTC , ETH or LTC from the exchange first and then you can buy any alt by paying conversion/trading fee to purchase any alt coin. So to overcome this problem, interoperability came into the picture and gives us wonderful solution of cross chain platform. Through cross chain platform user can swap between different blockchains without the involvement of any third-party exchange. It is just the agreement between two trust parties. For example, you have seen the token swap between Litecoin and Decred.
Interoperability
If you think of fourth quarter of 2017, the BTC and ETHEREUM price was sky rocketed and due to that there was a huge rush in blockchain of btc and ethereum. So if you think of 10 years ahead, we cannot stick to those blockchain. We need to develop other blockchain and we can swap from one block chain to another without any third party intervention. So this is basically interoperability.
Good Projects running on cross-chain platform
Fusion
This basically solves the problem of interoperability. Multiple tokens can be mapped onto fusion blockchain by enabling the separation of ownership. Moreover, it is the inclusive blockchain that provides the architecture and infrastructure for fully fledged functions on blockchain.
AION
It is blockchain 3.0 which is a multi-tier system designed to address the problems of scalability and interoperability. As we all know that scalability is a major issues nowadays. As the blockchain network increases we nedd to take care of scalabilty also. So AION can address this issue.
WANCHAIN
It is the World’s first and only interoperable blockchain with secure multi-party computing. Wanchain 2.0 is live now. It is not merely a universal cross-chain protocol; it is a distributed ledger that records cross chain and intra chain transactions. This is not only providing smart contracts but also protects privacy.
ICON
It is also providing the interoperability of blockchain networks and develops standards for inter-blockchain networks. It comprises of financial institutions, insurance companies and hospitals and more. It shares a common goal to inteconnect with blockchain networks and develop global standards for inter blockchain network.
COSMOS
It becomes a hub of large number of projects and having biggest name in the world of interoperability. It is funded by non-profit registered firm in Switzerland called Interchain Foundation (ICF). Their ICO has already raised 14,000 bitcoin.
CONCLUSION
So we can say one of the major key area is interoperability and use of cross chain platform to swap the blockchain. It also helps in the scalability of a network.
Friends, If you can suggest some more powerful projects which might be missed by me, you can suggest in the comment section.
Warm Regards
Danny Crypto
@text2crypto