As a seasoned analyst with over two decades of experience in the tech and finance industries, I must say that Sasha Ivanov’s vision for Units, a new blockchain protocol addressing layer-2 scalability and interoperability issues, is both intriguing and potentially transformative.
As a researcher delving into the realm of blockchain technology, I am eagerly preparing myself for what Sasha Ivanov, the visionary behind Waves, refers to as the climactic phase for layer-2 scalability. His latest innovation, a novel blockchain protocol dubbed Units, is at the heart of this endeavor.
During the Future Blockchain Summit in Dubai, Ivanov shared with CryptoMoon their approach to addressing the interoperability issue within the Web3 realm through the Units initiative. They plan to debut this project by the end of October.
The executive brought up some problems with the current state of blockchains. He explained:
“If you want to transfer tokens from one layer to the other layer-2, you need centralized bridges. And this is very wrong. […] This problem should be resolved.”
Over time, significant breaches have underscored the potential dangers linked to cross-chain connections. The Wormhole and Ronin bridge occurrences in 2022 resulted in a combined total loss of nearly $1 billion.
The importance of blockchain interoperability
He proposed that the problem should be fixed so that all systems can work together smoothly without relying on centralized connections.
“Interoperability is very important because otherwise, you don’t have a holistic, tightly connected ecosystem. It’s very disjointed.”
As a researcher, I’m proud to share that our team has devised and developed Units with the primary objective of addressing the interoperability challenge. Notably, we designed this protocol such that every blockchain produced within it is inherently interoperable by default.
He stated that if all connected layers share the same economic terms as the base layer, these layers will naturally be able to work together seamlessly, as there are no additional economic motivations needed.
ivanov pointed out that just like interactions with the fundamental layer, interactions between the various layers will occur under the same conditions. Consequently, these blockchains will function in a manner consistent with the base layer, thereby enabling them to work together seamlessly – this is what we refer to as interoperability.
Interoperability in decentralized finance
As a financial analyst, I’ve been pondering on the subject of Decentralized Finance (DeFi). I believe that if we don’t establish interoperability within this ecosystem, liquidity will become dispersed, leading to fragmentation. This lack of unity has already sparked the development of cross-chain bridges, but it’s crucial to acknowledge that these bridges come with inherent risks.
The executive believes that one solution would be to create a cross-chain decentralized application (DApp) that runs on top of the Unit’s base layer. Ivanov is hopeful that a project will soon create this.
After setting up the ecosystem, we plan to offer funding for projects within this ecosystem,” he clarified.
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2024-10-15 17:04