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How can cross-chain technology help blockchain projects?

Blockchain becomes one of many routine technologies and needs further development
Jun 14, 2019

Blockchain technology can be applied to various areas: workflow management, supply chains, public votings, and also as a technological base for the new type of money — the cryptocurrencies.

News on blockchain implementations appear almost every day. One day Lufthansa announces Aviation Blockchain Challenge for building transparent supply chain to speed up the process of spare parts shipping and exclude counterfeits. The other day Walmart supermarket starts to use blockchain for juice manufacturing, offering customers to see the whole production process from plantation to store shelf by simply scanning the barcode on the package.

Everywhere the blockchain makes life easier, more convenient, and more honest as well. This becomes possible due to the decentralized mechanics for reaching a consensus, when decision-making depends not on one person or a group, but on a multitude of unfamiliar and independent people — the node holders.

Concept of cross-chain
Concept of cross-chain

Unfortunately, blockchain possibilities are limited. The technology could become a universal solution if one particular blockchain system would be used everywhere. Instead of this, the number of blockchain platform keeps increasing and today we live in a world of many different decentralized systems, that are isolated from each other, and able to interact with the help of middlemen only. There are interesting, innovative, and even revolutionary developments and there are fraudulent projects, made just to make money and vanish. And if the first ones deserves more opportunities for interaction and more space for implementation, the second ones must be excluded from the market, as they cast a shadow over the whole industry. But what should be done? Today there is no definite answer in the industry.

Albert Einstein believed that the problem could not be solved if the same approach is used every time. If applied to the blockchain industry, the advice is to stop develop one “best and unique” blockchain and admit that today we live in a world of many interesting blockchain projects and each of them deserves a place under the sun. And it means we need a completely different approach to solve the problem of blockchains interoperability.

Here comes the concept of cross-chain, which includes many different approaches.

The most famous one is called the atomic swap which was first carried out in 2017 between Bitcoin and Litecoin. Other solutions are less known, perhaps, because of their limited use, or since they are not associated with the media personalities from crypto world: a parachain technology, cross chain smart contracts and a multi-signature wallets. The problems with these solutions is their semi-experimental nature, as some of them may require an increased technical qualification, while some cannot be used out of user-friendly platforms. And even eminent developers of atomic swaps face many problems that they are not shy of saying about in an interview.

roadmap
roadmap
EVEN’s roadmap The EVEN Foundation did not follow the path of other projects, but instead began to develop its own cross-chain interaction mechanics based on the technology of intermediate coins with a security deposit. Such an approach, which will be implemented on the EVEN Network platform as early as 2019, not only solves the main problem, but also provides conditions unattainable on any other platforms.

EVEN Network allows to:

  • conduct transactions between all existing and future blockchains;
  • maintain the characteristics and algorithms of other blockchains;
  • carry out all operations in a truly decentralized way.

At the same time, the EVEN Network ecosystem itself has a number of additional advantages, regardless of cross-chain technology. Firstly, it will provide a convenient tool for decentralized applications developers — EVEN’s Software Development Kit, secondly, it will present a simple and user-friendly interface for everyone to use.

The solution to the problem of blockchains interoperability can be the very factor to ensure world recognition of the blockchain technology and all its derivatives, primarily, the cryptocurrencies. This will mean, neither more nor less, a new economic era, which will be determined by genuine economic freedom and the broadest financial and working opportunities.

We develop the crosschain solution as an opensource product. Anyone who works on the decentralized application or on any blockchain or DAG platform can track the development of the project and use our products.