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Algorand ($ALGO), Bitcoin ($BTC) – Lisk One Step Closer to Implementing Its Blockchain Interoperability Solution

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At its blockchain developer event last June, LiskThe research team of spoke with the participants about the progress they have made in developing an interoperability solution that would allow applications on its blockchain to communicate with all other applications on its network. of blockchain.

As the official launch of the Lisk blockchain application platform approaches, the team is set to deploy a scalable interoperability solution within its ecosystem. Here’s what that means for developers building apps in the Lisk ecosystem as well as the future of blockchain technology.

Blockchain technology is full of potential, but the lack of interoperability makes it difficult to scale

Blockchain technology provides a secure way to digitally transfer assets, secure sensitive data, and track digital and physical items as they change ownership. Because it is distributed, blockchain data cannot be changed. Using it to store data or perform financial transactions is a way to protect against tampering and fraud.

However, to fully exploit the potential of this new technology, some experts say it must overcome a major obstacle: the lack of interoperability. There are tons of different blockchains from well-known networks like Bitcoin BTC/USD and Ethereum ETH/USD to lesser-known recent entries like Algorand ALGO/USD and Phantom MTF/USD.

Currently, apps built on one of these blockchains cannot exchange data with apps built on other unbridged blockchains. For end users, this means that crypto wallets and other apps built on Ethereum cannot connect to wallets or apps they use that were built on Fantom.

Achieving interoperability would make cross-chain communication and transactions possible

A few networks have started exploring interoperability solutions to address this issue and make navigating blockchain ecosystems as seamless to users as browsing the internet is today. So far, they have tended to involve cross-chain bridges that effectively lock a digital asset on one chain while simultaneously creating an identical asset on the new chain.

Other networks are developing interoperability solutions that work within those networks. For example, in the Polkadot system, parachain technology makes it possible to buy, sell and transfer digital assets within this ecosystem. However, it would use cross-chain bridges to transfer to other networks outside of this ecosystem.

Lisk aims to offer an open-source and interoperable blockchain development platform

While other networks, namely networks like Polkadot and Cosmos, have been working on interoperability solutions, Lisk has taken a slightly different approach, using sidechaining to develop Blockchain applications. This is where Lisk says its interoperability solution comes in.

Using a form of sidechain technology, Lisk offers an ecosystem consisting of a mainchain and sidechains. Lisk uses certificate-based interoperability, a more advanced interoperability solution.

Because they use their own protocols, there is less pressure on the main chain as transactions move through the ecosystem. In effect, the main chain simply validates and follows each side chain and relays messages from one side chain to the other. The actual processing happens inside the sidechains, allowing faster and more efficient processing without weighing down the main chain.

Additionally, there is no limit to the number of side chains that can be connected to this main chain, making it flexible and scalable to fit a large number of uses. Using the side chain also allows developers to be more flexible in implementing their own logic instead of relying on main chain logic.

The development of the Lisk interoperability solution is approaching the finish line?

With all the research done so far released, the team has officially completed its fourth milestone which is to write and release the core and support Lisk Improvement Proposals (LIPs) to develop the interoperability solution. Lisk. Now he is working on his next step to achieve interoperability within the Lisk network.

During this phase, the team tackles issues such as incentivizing the relay role, shortening the time to finalization in the consensus mechanism, and ensuring that end-user accessibility to the he Lisk ecosystem is as transparent and secure as possible.

Once this milestone is achieved, the team reports that it will work on Lisk Bridges that will extend the networked interoperability protocol to third-party blockchains, creating the universally interoperable blockchain solution that technology needs to achieve. its full potential.

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Featured photo by geralt on Pixabay

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