“Yahoo users will not be able to email users with Google (Gmail) email” – if tomorrow’s addresses looked like this, the Earth would stop. This title will never see the light of day for all the right reasons. However, blockchain technology and beloved son, decentralized finance (DeFi), are walking this rabbit hole.

Isolated blockchains without a window for external communication dominate the new space. The relationship is fundamental and synonymous with the primitive human quality of social life. Since the days of the exchange system, transmission and exchange have been the main practices on which the world is built.

The network between blockchain and the need for IBC
Currently, blockchain apps and giant DeFi are just one suite in the Balkans that has failed to reach its true potential. To solve this problem, blockchain networks must shake hands with other networks and open up a superior network of interconnected blocks.

The inter-block communication (IBC) protocol should facilitate this handshake. It sets up a platform that can transfer data across different networks and facilitate the transfer of assets and tokens across chains. And since IBC is a blockchain neutral protocol, it does not have its own network, and it offers an impartial solution to the entire world of blockchain solutions.

Large blockchains like Bitcoin and Ethereum are isolated without a transport layer. This limits their options. Imagine that Bitcoin can launch Ethereum-based smart contracts in an unauthorized manner. If this were the case, users could take advantage of the limitless functionality of the Ethereum smart contract along with the world famous Bitcoin (BTC) currency.

On the subject: the multi-chain approach is the future of the blockchain industry.

Ethereum’s scalability issues are also a testament to why individual blocks need inter-block communication. By making the networks compatible, transactions can be parallelized to avoid network congestion. With the help of IBC, Ethereum can quickly confirm transactions with less gas costs and attract more people to use the network and its applications.

In addition, blockchains that aim to be enterprise-class solutions need IBCs and interoperability to meet the needs of large customers. By enabling cross-network transactions, networks such as Ethereum and Bitcoin can gain institutional proliferation. How do you do that? So far, these networks are working with probable transaction behavior, i.e. block finality. But with IBC, rope and binding area can be used to provide trim.

With blockchain technology striving to update huge industries such as supply chains and healthcare, IBC brings a certain degree of reliability to the technology and its solutions.

Previous attempts to reach IBC have been uniformly fragmented
Blockchain connectivity and interoperability are not new concepts in the blockchain world. The work of realizing that this has been talked about for many years and there have been many projects working to connect to different blockchain networks. But the projects supporting interconnection were themselves fragmented because their approaches, designs, and use cases were different.

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Protocols such as Cosmos with Tendermint, Polkadot and Chainlink cores have epitomized IBC and interoperability in their solutions. The emergence and implementation of these solutions represents an important step towards an interoperable future.

Blockchain neutrality and the omnikeine chain – the way forward
From now on, exclusivity will be the biggest enemy of blockchain technology. In a time of decentralization and the first approach to society, exclusive networks are on a perilous path. It must support IBC protocols and provide large-scale solutions.

In addition to the IBC integration, there are two weapons that future protocols could equip it with – blockchain neutral and omniquine chain. This will remove the element of exclusivity and open up unlimited possibilities in the networks. It will also increase the viability and reliability of companies, corporations and possibly even governments to implement blockchain-based solutions.

The DeFi juggernaut spurred the growth of blockchains and cryptocurrencies in 2021. In the future, interoperability and IBC opportunities should be sought.

Source: CoinTelegraph

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