Interoperability here means the possibility to freely share value, ability to see and access information across all blockchain networks without the need for intermediaries. In an interoperable ecosystem, users interact and receive information with users from other blockchain networks without spending resources on translation or experiencing downtime. Benefits of interoperability include:
· Smooth information sharing across participating blockchains
· Easier execution of smart contracts across blockchains
· Sharing of blockchain solutions and cooperation on the ongoing development for enterprises
· The possibility for IT staff to develop a deep knowledge of a few prominent blockchain standards instead of having a basic knowledge of many protocols
· Opportunity to develop partnerships within the blockchain ecosystem.
A challenge to interoperability is the differences in blockchain networks such as consensus models, transaction schemes, and smart contract functionality.There are several standardization efforts to combat these challenges such as use of existing standards in new blockchain applications. For example, IBM and or development of a new standard from scratch. For example, the Enterprise Ethereum Alliance. Blockchain interoperability efforts can be divided into two groups: open protocols and multi-chain frameworks.
1) Open protocols: Standardized protocols that allow blockchains to communicate with each other without intermediaries or trust processes e.g Atomic Swap
2) Multi-chain frameworks: Blockchains can plug into a framework to become a part of the standardized ecosystem and transfer data and value between each other. With Multi Chain Frameworks, blockchains can plug and become part of a standardized ecosystem to be able to share information.They are more complicated. However, they facilitate open communication and transfer value and data between different blockchains.
SPORE NFT uses a multi-chain operability for easy minting and managing of NFTs on multiple chains as well as buying, selling or swapping items across many blockchains. The lack of interoperability is a significant limitations for DeFi adoption. By employing Unmarshal’s distributed network of blockchain indexers, the availability of customized data from different chains will be simple and uninterrupted. Cross Chain, technology is seen as the ultimate solution for enhancing interoperability between blockchains. Cross-chain Technology is an emerging technology that seeks to allow transmission of value and information between different blockchain networks.
The fact that the chains operate in isolation has mostly made it impossible for people to enjoy the full benefits the ledger technology. Cross chain, technology seeks to solve all these issues, by enabling interoperability between blockchains thus making it easy for them to communicate with one another and share information.
Interoperability of blockchains is of great importance, as it will go a long way in making it easy for people to transact on other blockchains seamless
About Spores
Spores network is a cross chain DeFi powered NFT market place that seeks to Define decentralized pop culture. It’s main aim is to build a full stack NFT platform consisting of an NFT meeting portal in the marketplace for trading NFT’s supported by cross-chain DeFi protocols which is user friendly. Spores is currently Asia’s top NFT marketplace. Spores seeks to Give creators the power to Create, exchange, and communicate their lifes work, supported by cross-chain interoperable and frictionless protocols on multiple major blockchains (Ethereum, BSC, Cardano, Solana, Polkadot, Avalanche, Cosmos), which solves the addressed limitations of the NFT industry.
