There is no doubt to the fact that blockchain technology has been one of the most innovative concepts to come out in the past decade. From being just a technology that underpins cryptocurrencies, blockchain has grown to be one of the building blocks of the internet of the future – an internet that we all deserve.
But, nothing is ever perfect. Blockchain keeps to this, but developers are still keen to ensure that this technology fulfills its potential. One important part of that is ensuring proper interoperability.
What Is Blockchain Interoperability?
The entire point of blockchain interoperability is to ensure that blockchain platforms have the ability to share and exchange resources among one another. These resources could be data, tokens, or even entire applications. With interoperability, resources and assets will be able to move from one blockchain network to another without so much as breaking a sweat.
In a completely interoperable system, blockchains that have once been disconnected and isolated will be able to plug to one another and combine for good. Interoperability also makes it possible to create new products and services that enjoy the benefits of different blockchain networks – all at the same time.
The Evolution of GameFi
GameFi is still one of the nascent applications of blockchain technology. However, it is a promising one nonetheless. With GameFi, developers are looking to create entire ecosystems where users will be able to play games and earn money. We’ve seen the rise of play-to-earn platforms like Decentraland and Axie Infinity. With GameFi, the goal is to help people make money while they enjoy some of their favorite games.
One of the most interesting GameFi projects right now is Meta DAO Guild – a platform that looks to solve some of the problems faced by the gaming and non-fungible token (NFT) space. Meta DAO Guild is looking to create a world where people will be able to get NFTs and participate in some of their favorite play-to-earn games.
The platform operates around Clans, which offer training and support to players to enjoy and onboard themselves into these games’ systems. To experience the best GameFi technology you check some GameFi technology games from Apps Blaze for Android.
Meta DAO Guild and other GameFi systems are operating in a field that will be pivotal to the future of GameFi. While GameFi is highly popular right now, there is no infrastructure that helps players to get settled in. This is what Meta DAO Guild is looking to solve.
But, even with these solutions available, GameFi still needs a lot of work if it is to become fully mainstream. And right now, blockchain interoperability will be a critical part of that.
One of the biggest benefits of blockchain interoperability is the fact that it will help to bring about a truly decentralized ecosystem. To be fair, most blockchain projects still prioritize decentralization – and they should. However, the ability to build out network interoperability among blockchains will come in handy when blockchain gets more mainstream.
Blockchain technology has the potential to transform businesses and even economies. But, this won’t happen if every blockchain is isolated and unable to connect with others. Instead of having a single blockchain that processes all of the transactions that govern thousands of decentralized applications (dApps), interoperability allows these chains to share the load.
Another huge benefit of interoperability is the chance to create an enabling environment for cross-industry collaboration. Today, several blockchains tend to be focused on one thing. Some are better suited for transactions than others, while some focus on business applications. However, the primary benefits of these blockchains eventually boil down to data verifiability and transparency.
When blockchains that are used by specific companies or industries become interoperable, independent business applications and markets that were thought to be separate would finally be able to transfer data and value more easily. This means that companies that wouldn’t typically interact with each other will finally be able to. They can share information, leverage each other’s strengths, and innovate better.
Growth For GameFi Platforms On The Horizon
Interoperability also helps GameFi for sure. Today, most GameFi platforms are built on specific blockchains, meaning that users on other chains might not be able to access them for now. Blockchain interoperability brings an end to this once and for all.
Right now, the blockchain space is growing. And with that growth comes some pains. We saw this with Ethereum, which has been struggling with transaction latency and rising gas fees for over a year now. This means that more developers are looking to build elsewhere – and users are moving from Ethereum. But, Ethereum still holds the lion’s share of innovative apps. Users who eventually leave will most likely be unable to access them anymore.
Interoperability ensures that you get access to your favorite GameFi platforms, regardless of where they are hosted. Over the long run, this allows GameFi platforms to grow and increase their revenues.
Can The Interoperability Issue Be Solved?
Now that we understand the importance of interoperability, it is worth asking what solutions are being implemented to bring it to life. Right now, products are being built to help connect more blockchains together.
From layer-two technologies to products like the Ethereum Virtual Machine (EVM), we already have services that focus on bolstering collaboration and interoperability among blockchains. However, it is important for these technologies to get the right adoption from the blockchains themselves.
In the same way, blockchains themselves will need to work on bolstering their performance. Ethereum has been saddled with scalability issues for the past few years, and the developers are now working on an Ethereum 2.0 upgrade that will improve its use. Other chains are also optimizing so they can maintain their user bases.
You can check and try some ethereum apps on Apktel which has no interoperability issue in blockchain technology.
Most insiders expect to see more interoperability as these blockchains themselves grow. So, for prospective decentralized application (dApp) developers, it will be critical to build for use across multiple blockchains. This way, your product can scale easily when blockchains become more collaborative.