What is Blockchain interoperability and why is it important?
The future of the distributed web lies in the ability of blockchain networks to interact and integrate with each other. This is the concept of Blockchain interoperability.
The idea of decentralization of the internet and blockchain interoperability are closely connected. There are several ways how #MetaHash aims to use and integrate these concepts into the system. One of them is the usage of digital assets in the form of tokens in the #MetaHash network for sharing within the network and converting to the tokens (digital assets) of other networks. Interaction of blockchain systems is also among our goals and objectives.
Interoperability is the ability to freely share information across blockchain systems. In a fully interoperable environment, if a user from another blockchain sends you something on your blockchain, you will be able to easily read, comprehend, and interact with or respond to it with little effort. projects that want to implement interoperability in their system aim to create a platform that will enable various different blockchains to communicate easily with each other, without the need for an outside intermediary.
Blockchain technology has often been lauded as the “killer of intermediaries\3rd parties”, removing the need for any additional financial and/or banking services. That’s why many projects, among them #MetaHash, want to integrate blockchain interoperability into their network.
Followers of our blog already learned about the #TraceChain (an automatic self-learning signal routing protocol). But there is more to that, #TraceChain work also requires blockchain’s ability to exchange and use information. The concept is needed for:
- Transfers from #MetaHash directly to other networks;
- Usage of digital assets (tokens) of other networks in the #MetaHash network, i.e Bitcoin, Ethereum and ERC20;
- Conversion of assets into a #MetaHashCoin;
- #MetaHashCoins (#MHC) transfer to the Ethereum or Waves networks and transfer back through mirrored smart contracts.
#MetaHash also aims to achieve blockchain interoperability in the #MetaApps (decentralized applications in the #MetaHash network based on the #TraceChain protocol). This blockchain concept is characterized by the words: interaction, exchange, integration and decentralization. These 4 pillars are what #MetaHash stands for as well.
#MetaHash aims to provide Blockchain interoperability via #MetaChains (#MetaHash application storing the balance of all blockchain wallets). #MetaChains will be discussed in more details later.
The blockchain technology is getting more and more common. Masses already understand this technology, not all of its details thow. Blockchain interoperability concept is being developed by the IT specialists, but once, even the usual Internet was hard to understand for the people. For #MetaHash it is important that this idea is out there and that everyone can use the benefits that it will bring.