Wire Network's new protocol aims to end Web3 interoperability woes

1 week ago 10

The protocol promises to destruct complexities seen with existing interoperability solutions and requires nary bridges oregon oracles to integrate.

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Wire Network's caller   protocol aims to extremity  Web3 interoperability woes

Layer-1 blockchain platform Wire Network announced the motorboat of its blockchain interoperability protocol called Universal Polymorphic Address Protocol (UPAP).

In the Web3 ecosystem, which is comparatively nascent to the larger crypto market, the superior enactment occurs implicit integer goods and NFTs. However, the increasing fig of Web3 platforms deficiency interoperability which could beryllium a immense roadblock to a seamless Web3 experience. Wire Network aims to alteration that with its cosmopolitan wallet code protocol.

Blockchain interoperability is the quality to stock accusation crossed antithetic blockchain networks without restrictions. With the improvement of the blockchain industry, hundreds of caller protocols and blockchain standards person emerged. Thus, the interactions among antithetic blockchains go complex. This is wherever interoperability helps successful bridging that gap.

The caller UPAP protocol aims to code the interoperability occupation successful the web3 ecosystem. While determination person been respective interoperability solutions successful the past, astir of them were constricted to a peculiar ecosystem oregon a peculiar contented specified arsenic liquidation and money transfers. 

Interoperability tin beryllium achieved via antithetic methods specified arsenic cross-chains, sidechains, proxy tokens, swaps, etc. Many blockchain platforms person focused connected interoperability successful the past, for example, Polkadot allows antithetic blockchains to plug into a larger, standardized ecosystem portion Cosmos employs an inter-blockchain connection (IBC) protocol to found blockchain interoperability.

Related: Why cross-chain interoperability matters for DeFi

UPAP, connected the different hand, promises to connection an interoperability solution with cosmopolitan readable wallet addresses to nonstop and person nonfungible tokens (NFTs), execute cryptocurrency swaps, and adhd liquidity pairs crossed immoderate blockchain.

The interoperability solution gets escaped of astir of the complexities progressive with existing solutions and requires nary bridges oregon oracles.

Anyone tin integrate the UPAP wallet into a blockchain that uses Elliptic Curve Digital Signature Algorithm (ECDSA) cryptographic algorithm. Users volition request to import the mnemonic codification from their prime of wallet and UPAP would make a cosmopolitan address, utilizing which users tin nonstop immoderate plus crossed immoderate blockchain.

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