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What is cross-chain
Cross-chain is a technology that has the ability to transfer crypto tokens from one blockchain to another. It is a common means of transferring assets amongst blockchain networks. Hence, this system allows for an easy method to transfer assets data and functionalities between different networks. if you are familiar with the different blockchains such as ethereum, BSC, polygon, bitcoin and so on, you would see that sharing of data is made possible by the use of blockchain Solutions which Bridges the gap and allows for interopability between these blockchains. For example, if you want to transfer or send bitcoin to ethereum, it is done by engaging the use of wrapped BTC.
What is a multi chain?
Multi chain is the opposite of cross chain, just like I mentioned above cross chain basically employs the use of bridges or swaps to connect blockchains but multi chain occurs when transactions or data transfers are performed on multiple blockchains at the same time, this system makes it easier for users to communicate with the system no matter the platforms they use. Simply put, as the name implies multi chains operate on multiple blockchains as They explore several blockchain network to enhancen thesibility and functionality.
What I think cross-chain can do for Inleo and Hive??
There are many benefits that cross-chain and multi-chain can add to the inLeo and hive blockchain. One major benefits I think the cross chain approach brings to the hive platform is that, it would increase the accessibility of members or users to interact with one and other regardless of the blockchain they use. As a matter of fact, engaging in Cross-chain or multichain strategy can help to increase the userbase of the platform and also reduce congestion or friction, hence, members can explore different blockchains. It allows for the hive blockchain to attract developers to build on the ecosystem.
Another reason why I think the incorporation of cross-chain and multi-chain into the ecosystem of the hive and inLeo platforms is great, is the fact that it can boost collaboration and expand the growth of the system. Also, it can enhance liquidity based on the fact that the tokens which this platforms use can be bridged to other blockchains thereby increasing it market price value. By means of collaboration, these approaches would allow other blockchains want to work with the inLeo platform and create partnership that would Foster development and expand the frontier of the blockchain.
In conclusion, cross-chain strategy can visibly work on the inLeo platform the aspect of token interoperability could allow for Leo tokens (wleo, whive) to be bridged with other blockchain networks hands participating in different decentralized finance ecosystem for example ethereum, polygon, binance smart chain and so on. The defi platform in the inleo ecosystem could work together to incorporate cross chain activities that would make InLeo a multi-chain powerhouse through the cub finance and leothreads.
What do you think going cross-chain can do for Inleo and Hive?
This is a part of my entry for the #februaryinleo prompt as organized by the @leogrowth team with great initiative that members of Hive you can participate in this prompt and tackle them as you deem fit.
Note: these are my thoughts.
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