Charles Hoskinson, CEO of IOHK and founder of Cardano, recently sat down with Forbes to give an update on the progress in the crypto space. Interesting was Hoskinson’s prediction that blockchain interoperability would allow for an easy transition from one system to another.
Technical problems with circuit interoperability
In simple terms, interoperability refers to how two different blockchains can exchange information. The current problem is that interoperability is overwhelmed by technical complexity.
This means that it is difficult for an Ethereum smart contract to verify that a bitcoin transaction is sufficiently validated. To address this, developers have approached the problem from several angles, including decentralized exchanges, federated sidechains, and intermediary networks such as Cosmos and Polkadot.
To repair the rivalry, Hoskinson took the opportunity to bash Ethereum, claiming that the platform blocks users in its ecosystem. He believes that users and information should be seamlessly connected, so he focused on cross-channel interoperability with Cardano.
As Ethereum puts it: Hey, we’re open, we’re an open ecosystem. But by the way, we want to be like Microsoft, with Internet Explorer and ActiveX, and lock everyone into our ecosystem! Aren’t users supposed to be liquid? Shouldn’t the value of information be fluid? That’s why we focus on our communication protocols between channels, he said in an interview.
Hoskinson: Interoperability of cryptocurrencies will bring blockchain to the Internet
As developers work on interoperability solutions, Hoskinson predicts that the crypto industry is headed for a Wi-Fi moment. Wi-Fi allows anyone with an access code to connect to the router and access the Internet, regardless of the phone or computer’s operating system.
Hoskinson sees the same thing happening with blockchain in the next three to five years: Users can move seamlessly between different blockchains. However, as switching becomes easier, the number of users of expensive networks will decrease. Instead of paying excessive fees, users will simply switch to cheaper options.
I think what’s going to happen in the next three to five years is that our industry is going to converge on a Wi-Fi moment where everything works. And whatever ecosystem you’re in, you’ll find that it’s very easy to migrate from that system to another if you want to take a step back.
Interoperability is a natural evolution when building the Internet from the blockchain. But the great fear is that those who are not ready will be left behind.
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