Sirwin
Sirwin

Cross-Chain Technology

By ZKernalz | Kernal | 17 Dec 2021


Having the ability to trade and exchange one token for another within seconds is impressive to say the least. We have developed hundreds of different blockchains that help facilitate these transactions efficiently. However, there are drawbacks of having multiple different blockchains that can only interact with tokens that are designed for that particular blockchain. Like how Ethereum (ETH), Bancor (BNT), and Basic Alternative Token (BAT) are all based on the ERC20 Ethereum blockchain. If you wanted to convert your invested capital from the Ethereum blockchain to the Binance blockchain you would have to withdraw your funds to a personalized wallet and then reinvest your funds into another token on the Binance blockchain. Up until now that is the basic method to expand your diversity of tokens. As we speak, technology is being created that would allow blockchain technology to be cross compatible. Meaning any token on any blockchain would have the ability to be exchanged no matter the tokens original blockchain protocol. Similar to all crypto, there involves risk and with this expansion the risk is likely to increase. Although, the utility of this technology would unleash a whole new world of cryptocurrency applications to the real world between day-to-day payments, defi, pooling, farming, staking, NFTs, and more. The idea of making all cryptocurrency universal to all blockchains would push the crypto community one step closer to becoming adopted as the way of the future. This would streamline raising capital funding ventures, participation in creating new technology for blockchains, as well as simplify the process and lower the barriers of entering the crypto world to the average person. Ultimately, cross-chain swapping between platforms will be the way of the future, establishing blockchain technology as potentially the greatest invention of the century with the possibilities of its use to be almost endless. -K

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ZKernalz
ZKernalz

Crypto advocate, construction worker, college student.


Kernal
Kernal

Hello to all of the ambassadors of our future selves. My name is Zac and I believe we have yet to reach a global understanding of what the technology we are developing at this very moment is capable of achieving. I have been studying data and testing strategies to uncover the full potential of how cryptocurrency technology will become recognized as a universal standard through the limitless applications they can bring to our daily lives. Follow me through the rabbit hole of crypto and see what unfolds. -K

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