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Updated: March 24, 2022 @ 12:49 pm
VICTORIA, Seychelles–(BUSINESS WIRE)–Mar 24, 2022–
Coinweb, a layer-2 blockchain interoperability protocol, announced today the addition of the Ethereum underlying chain to its expandable blockchain infrastructure, advancing the company’s vision for a decentralized world. This integration lays the groundwork for protocol-level unification of the Bitcoin-derived chains and the Ethereum family of chains.
Bitcoin and Ethereum hold the largest portions of capital in the cryptocurrency market. By integrating and unifying the chains and their derivatives, users will gain access to the two ecosystems’ combined capital and unlock previously untapped potential within the blockchain space. In addition to increasing the total available liquidity, the Ethereum family of chains consists of well over 150 individual chains, each with its own ecosystem and unique properties. Adding support for these chains will expand Coinweb’s consolidated solution space for decentralized application (dApp) developers.
“The Ethereum family of chains is made up of entirely different structures compared to Bitcoin-derived chains. To date, proof-of-concept has been delivered by managing cross-chain transactions across Bitcoin-derived chains, all of which have similar structures,” said Coinweb CEO Toby Gilbert. “Coinweb has now proven its compatibility with the two largest families of chains, whose structures are completely independent of one another. This achievement paves the way for the platform to carry on its aggressive drive to connect a significant number of chains to deliver real-world usage and adoption.”
The current projects built on top of the Coinweb platform will commence using the multi-chain broadcasting system, writing transactions to both Bitcoin-derived chains and the Ethereum family of chains, which can be viewed on the Coinweb explorer. Unlike cross-chain bridges, other interoperability solutions, and other current connection schemes, Coinweb’s unique, strong coupling of blockchains at the protocol level makes it possible to exchange information and create dApps between any combination of blockchains while still maintaining the same security properties as the underlying layers. Coinweb’s reactive smart contracts maintain gas balance while continuously monitoring each underlying chain for events that will trigger their execution, enabling larger volumes of computations and self-sustenance across chains.
“We have already reached a stage where information is one of the most valuable tradable assets. It is likely that large portions of the information generated in the future will be recorded on blockchains. In such a scenario, where everything from Internet of Things (IoT) device sensor data to individual player movements in the metaverse will be recorded, we are not talking about thousands but rather tens of millions of events per second,” said Co-Founder and Chief Technology Officer of Coinweb, Knut Vinger. “And this is likely to grow even more as we go further into the future. The only way to build a blockchain infrastructure capable of supporting this development is to create a platform that is able to scale horizontally over many individual blockchain systems without single-chain dependencies.”
Coinweb.io is a layer-2 cross-chain computation platform that began its journey in mid-2017. With an impressive line-up of team members and a board of advisors from the worlds of traditional technology, business and blockchain, Coinweb is solving some of the most critical problems that exist within Distributed Ledger Technology today.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220324005575/en/
CONTACT: Sean Lansing
KEYWORD: SEYCHELLES AFRICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY OTHER TECHNOLOGY NETWORKS BANKING
Copyright Business Wire 2022.
PUB: 03/24/2022 09:00 AM/DISC: 03/24/2022 09:02 AM
Copyright Business Wire 2022.
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