We recently caught up with Ram Ramachandran, the CEO at Router Protocol, which supports building an interoperable Web3 with modular cross-chain infrastructure.
Ram Ramachandran commented on what can be done to help regain users’ privacy and security in Blockchain in 2024.
Ramani Ramachandran, CEO of Router Protocol, explained that privacy and security are crucial for all users leveraging blockchain or distributed ledger technology (DLT), considering the numerous hacks and financial losses that have plagued the sector in the past year.
To shed light on the importance of privacy and security we spoke at length with Ramani Ramachandran, CEO of Router Protocol. He discussed the path towards regaining users’ privacy and security in blockchain technology in 2024.
As noted by its developers, Router Protocol is a cross-chain solution that reportedly enables secure and efficient communication between blockchain networks. The L1 Router Chain uses Tendermint’s BFT consensus to address interoperability challenges while enhancing security and scalability through decentralization.
The Chain enables cross-chain meta transactions, stateful bridging, transaction batching, and batch atomicity, providing a modular framework for building cross-chain dApps in web3. The use cases range from cross-chain NFTs, cross-chain governance, and cross-chain stablecoins to cross-chain oracles and cross-chain marketplaces. Router’s CrossTalk library is an extensible cross-chain framework that enables seamless state transitions across multiple chains, supporting both stateful and stateless bridging.
Our conversation with Ramani Ramachandran is shared below.
Crowdfund Insider: In the current landscape, what challenges stand in the way of achieving privacy and security for users within blockchain technology, and how do you think they will be addressed in 2024?
Ramani Ramachandran: The biggest challenge in blockchain security is the lack of a fluid and simple user experience. Users must always be extremely careful, and this just makes the whole notion of cryptocurrency being used everyday extremely difficult. Right now, the best practice is to use multiple hardware wallets for safety with a handful of hot wallets, both to connect to different chains and click on links without too much risk. This not only makes the entire experience risky, but also extremely inconvenient.
When it comes to privacy the biggest thing standing in the way is legislation. There are many great privacy blockchains and tools available for those who care enough to learn about them.
Uncertain regulation stalls privacy based projects and makes it difficult to build in that specific niche. Hopefully we see clear regulation come out across major global markets over the next few years that allows privacy and decentralization to prosper.”
Crowdfund Insider: What specific tech advancements or strategies is Router Protocol implementing to enhance user privacy and security, in this upcoming year?
Ramani Ramachandran: Router Protocol is poised to make significant strides in enhancing user privacy and security in the upcoming year. Our roadmap includes the launch of Router Nitro mainnet, which is set to redefine the standards for cross-chain asset transfers with its gas-optimized bridge, offering a zero-TVL bridging environment to reduce honeypot risks. We are also introducing Intent-Based Adapters, enabling users to execute complex cross-chain workflows with simple commands. Another major advancement is the deployment of middleware contracts, designed to facilitate faster cross-chain communication by reducing the number of hops required.
Additionally, the development of Router Chain, a PoS-based blockchain, marks a shift from a proof-of-authority model to a more decentralized proof-of-stake approach, significantly enhancing the security of cross-chain messaging. With the completion of rigorous audits by Informal Systems and Oak Security, Router Protocol is reinforcing its commitment to establishing a secure, efficient, and interconnected blockchain ecosystem.
Crowdfund Insider: As interoperability has been gaining momentum, how do you anticipate it shaping the landscape in 2024?
Ramani Ramachandran: Cross-chain intents refer to the capability of blockchain networks and protocols to initiate and execute actions or transactions on other blockchain networks seamlessly. It allows users or applications on one blockchain to interact with and utilize services or assets on a different blockchain.
This functionality is crucial for building more complex and interconnected DApps and for enabling the exchange of assets or data between different blockchain platforms, ultimately enhancing the overall utility and versatility of blockchain technology.
We recently released our Cross-Chain Intent Framework whitepaper because we believe that interoperability is the most important aspect of the blockchain infrastructure. Our industry goes mainstream when all blockchains are connected and building off of each other.
Crowdfund Insider: What is the Cross-Chain Intent Framework you mentioned?
Ramani Ramachandran: Router Cross-chain Intent Framework (CCIF) aims to make cross-chain transactions simple and efficient, similar to how social media apps have streamlined digital communication. It allows users to easily perform complex blockchain operations like staking, lending, or swapping assets in just a few clicks.
Router CCIF has the potential to broaden the opportunities by enabling interactions across multiple blockchains, making activities like yield farming or trading NFTs on various platforms accessible to everyone, regardless of their technical expertise in blockchain.
Crowdfund Insider: Are there any other major themes you see playing out in 2024?
Ramani Ramachandran: Outside of infrastructure, I see gaming and NFTs or non-fungible tokens being very important. Both will onboard millions of users separately, and each get major benefits from utilizing cross-chain technology.
Triple A games have been in development for 4+ years now, while global corporations have already dipped their toes into the NFT space. We will see both these sectors of space take off during 2024 and 2025.