Thu, 24 Mar 2022 20:24:37 +0000
Coinweb, a layer-2 blockchain interoperability protocol, announced today 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.
Bitcoin and Ethereum hold the largest portions of capital in the cryptocurrency market. By integrating and unifying the chains and their derivatives, users will gain access to the two ecosystems’ combined capital and unlock new potential within the blockchain space.
In addition to increasing the total available liquidity, the Ethereum family of chains consists of well over 150 individual chains, each with its own ecosystem and unique properties. Adding support for these chains aims to expand Coinweb’s consolidated solution for decentralized application (dApp) 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. 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.”
– Coinweb CEO, Toby Gilbert
Current projects built on 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 current connection schemes, Coinweb’s unique coupling of blockchains at the protocol level makes it possible to exchange information and create dApps between any combo of blockchains plus maintain the security properties of the underlying layers.
Moreover, 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.
To learn more about the specifics of Coinweb, check out the project’s whitepaper.