What is cross-chain communication in web3?
Cross-chain communication is a technology that enables different blockchains or distributed systems to exchange data and value with each other. With cross-chain communication, web3 users and applications can access a variety of resources and services without being tied to a single network.
Why is cross-chain communication important?
Cross-chain communication is important for realizing the vision of web3. Web3’s vision is to create a decentralized, open, permissionless and secure web. However, currently, there are many different networks in web3 and there is no compatible and efficient communication between them. This leads to web3 being fragmented, isolated and limited.
Cross-chain communication is needed to make web3 more integrated, connected and rich. With cross-chain communication, web3 users and applications can use, exchange and combine assets, data and functions from different networks. This increases the potential of web3 and creates new possibilities.
How does cross-chain communication work?
Cross-chain communication works by using mechanisms that align or bridge protocols or standards from different networks. These mechanisms are usually common layers such as smart contracts or off-chain nodes. With these mechanisms, messages or transactions from different networks can be verified, secure and efficient.
What are some examples of cross-chain communication?
There are many examples of cross-chain communication. Some of them are:
- Polkadot: Polkadot is a cross-chain protocol that enables different blockchains to communicate with each other in a secure and flexible way. In Polkadot, each blockchain is called a parachain and they are protected by a decentralized security system.
- Cosmos: Cosmos is a cross-chain ecosystem that enables different blockchains to exchange value with each other. In Cosmos, each blockchain is called a zone and they are connected by a decentralized network of off-chain nodes.
- Ren: Ren is a cross-chain protocol that creates tokens that represent assets from different blockchains, enabling value transfer. In Ren, there is a pool for each asset that is managed by smart contracts and secured by off-chain nodes.
