The CosmWasm integration is the first of many other planned steps that ShareRing, a blockchain-enabled digital identity ecosystem, is taking in order “to move towards achieving the goal of providing frictionless access to goods and services.”
This integration reportedly “results in smart contract functionality, greater cross-chain interoperability, and more flexibility in building smart contracts on ShareLedger.”
Over the next 4 weeks, the ShareRing team will be releasing a series of updates discussing CosmWasm, Smart Contracts, and ShareLedger. This recent update is the first of six releases, and is a brief intro on ShareLedger integrating CosmWasm, and ShareRing’s journey to “a frictionless secure digital future.”
Web2 prioritized centralization, convenience and flexibility “when granting access to goods and services.” The landscape was “fraught with gaps in privacy, security, control, whilst also being fragmented.”
ShareRing moves “to position ShareLedger as the choice for Web3 developers to streamline access to goods and services, whilst reducing the friction that currently exists in a web2 landscape through leveraging verifiable credentials, NFTs, and Soulbound tokens.”
In progression towards their broader goal of decentralization “to enable frictionless access to goods and services, CosmWasm is that first step forward towards that vision.”
Now, not only can developers “build their immutable and irreversible smart contracts into ShareLedger, but CosmWasm also ensures reliability of chain agnosticism, greater interoperability between smart contracts since they can run on multiple chains.”
As reported last month, ShareRing app clients are reportedly able to swap their $SHR tokens between the BNB Smart Chain and ShareLedger (SLP3).
Previously, users had to go through “a 3-step process of swapping $SHR from Binance Chain (BEP2) to BEP20 (using Binance Wallet), then to ERC20 (using Multichain), and then finally into ShareLedger (ShareRing App).”
Through this tedious process, users reportedly “had to pay a higher gas fee in order to swap into ShareLedger.”
The newly released solution “allows users now to skip the ERC20 step and enjoy a more convenient 2-step process of swapping BEP2 (Binance Wallet) into BEP20, then into ShareLedger via the ShareRing app.’
Plus, this updated swap module is able “to increase transaction volumes, support both Ethereum (ERC20) and Binance Smart Chain (BEP20), reduce usage of centralized database for keeping transactional data, and improve overall performance.”
Benefits of this new feature include:
- Faster transactions
- Significantly cheaper gas fees (since most of the transactions will be made on
ShareLedger rather than on Ethereum) - Increased efficiency when swapping $SHR into SLP3
- Usage of EIP712 to sign and verify the approvals on smart contract side
As covered, ShareRing’s purpose is to remove “friction” throughout the world, and digital identities is a vehicle that can “help accomplish this.”
Tim Bos, CEO at ShareRing, stated (earlier this year):
“Over the years, there’s been a trend for large companies to host more and more data about you in their data warehouse, for the purpose of providing you with a ‘better service’. But as a user, you still need to give all of your personal information to a new company every time you sign up with them. And far too often, there’s a hacker that gains access to, and leaks (or sells) this information.”