Why Interoperability is Key for Web3
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Tech innovation across 2022 continues to revolve around Web3, the much-discussed evolution of the World Wide Web.
Decentralization is how Web3 differs from previous Internet iterations and one of the key reasons this dynamic ecosystem continues to mature.
In the Web 2.0 era, computers rely on HTTP stored in a fixed location to find information. With Web3, information can be stored in a variety of places, eliminating the need for massive centralized databases. As a result, Web3 applications run on trusteless and permissioness decentralized peer-to-peer networks.
These unique aspects make Web3 the so-called Internet of the future and the focus of massive amounts of attention from World Wide Web users, developers, and those within the crypto and blockchain spaces.
The Web3 Revolution Keeps Gaining Momentum
An Electric Capital report revealed Web3 developer growth had reached an all-time high in 2021. More than 34,000 new developers contributed code to projects within the space.
As of early February 2022, more than 18,000 monthly active developers were committing code to Web3 and open-source crypto projects, according to the report.
The frenzy around Web3 has attracted immense amounts of top talent to the space as projects look to innovate and propel the future of the Internet forward. For example, Web3 crypto project Helium offers a web service intending to compete with legacy giants like Verizon. Relying on blockchain technology and physical hotspots, Helium aims to allow users WiFi access, while hotspot hardware providers can earn the native HNT token.
Another project, Filecoin, has been deemed by some as a Web3 filing cabinet. The decentralized storage network rewards providers who offer storage space while allowing users to access a secure alternative to centralized cloud computing storage options.
While innovative Web3 projects have enjoyed massive attention and captured headlines, many worry about the reliance on legacy architecture that could stifle growth potential.
Interoperability Harnesses Collective Potential
As many blockchain networks are still siloed, interoperability between chains remains a roadblock unless individual protocols work to build bridges so users can share data.
Unsurprisingly, these types of solutions are not ideas as they are often expensive to maintain, challenging to build, and are still limited in scope. They can also become a bottleneck since the controlling entity still has the power to choose network connections and which tokens to support.
However, a growing number of projects understand interoperability is critical to Web3 success. The ability to send assets and data across various networks boosts liquidity and often makes the actual value of the data rise.
Interoperability is a key focus of Lycan Chain, an Ethereum Virtual Machine (EVM) compatible blockchain with a secure consensus mechanism.
Developers can rely on Lycan Chain’s unique proof-of-stake architecture to integrate dApps into the blockchain, thanks to the chain’s Web3 interoperability. The ability for developers to easily move dApps from Ethereum to Lycan Chain fosters innovation and mitigates hostility issues between protocols.
Users just need to stake the native Lycan coin to become a validator and do not need to go through a KYC process, ensuring the community remains decentralized and community-driven.
With a high throughput and fast transaction finality, Lycan Chain is well-equipped to support cutting-edge Web3 applications in the machine learning and artificial intelligence fields.
Interoperability is one of the key stepping stones to accelerate the adoption of Web3 and empower developers to step away from legacy architecture in order to more effectively innovate. Web3 is expected to keep scaling in notoriety as blockchain interoperability becomes a core focus of projects within the Web3 space.