Coinweb, a layer-2 blockchain interoperability protocol, this week announced the addition of the Ethereum underlying chain to its expandable blockchain infrastructure. This integration lays the groundwork for protocol-level unification of the Bitcoin-derived chains and the Ethereum family of chains.
By integrating and unifying the chains and their derivatives, Coinweb said users will gain access to the two ecosystems’ combined capital and unlock previously untapped potential within the blockchain space. In addition to increasing the total available liquidity, the Ethereum family of chains consists of more than 150 individual chains, each with its own ecosystem and unique properties. Adding support for these chains will expand Coinweb’s consolidated solution space for decentralized application developers.
“The Ethereum family of chains is made up of entirely different structures compared to Bitcoin-derived chains. To date, proof-of-concept has been delivered by managing cross-chain transactions across Bitcoin-derived chains, all of which have similar structures,” said Coinweb CEO Toby Gilbert. “Coinweb has now proven its compatibility with the two largest families of chains, whose structures are completely independent of one another. This achievement paves the way for the platform to carry on its aggressive drive to connect a significant number of chains to deliver real-world usage and adoption.”
The current projects built on top of the Coinweb platform will commence using the multi-chain broadcasting system, writing transactions to both Bitcoin-derived chains and the Ethereum family of chains, which can be viewed on the Coinweb explorer. Unlike cross-chain bridges, other interoperability solutions, and other current connection schemes, Coinweb said its coupling of blockchains at the protocol level makes it possible to exchange information and create dApps between any combination of blockchains while still maintaining the same security properties as the underlying layers. Coinweb’s reactive smart contracts maintain gas balance while continuously monitoring each underlying chain for events that will trigger their execution, enabling larger volumes of computations and self-sustenance across chains.
“We have already reached a stage where information is one of the most valuable tradable assets. It is likely that large portions of the information generated in the future will be recorded on blockchains. In such a scenario, where everything from Internet of Things (IoT) device sensor data to individual player movements in the metaverse will be recorded, we are not talking about thousands but rather tens of millions of events per second,” said co-founder and CTO Knut Vinger.
“And this is likely to grow even more as we go further into the future. The only way to build a blockchain infrastructure capable of supporting this development is to create a platform that is able to scale horizontally over many individual blockchain systems without single-chain dependencies.”