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With the growing number of cryptocurrency projects emerging, it makes sense that for anyone to survive, it must either be totally revolutionary, or it must be able to communicate with other projects. Multichain functionality would seem a future necessity, and a desirable trait for a project to embrace for its own long term viability.
Cosmos, a blockchain network that aims to be “The internet of blockchains”, launched the Inter-Blockchain Communications protocol (IBC) back in 2021. The protocol, which allows independent blockchains to communicate with each other via a trustless relay, set the foundations for Cosmos’ latest addition: Interchain accounts.
This new feature is the reflection of a recurring trend in the crypto space which promises to create a larger ecosystem in which networks can communicate seamlessly with each other. While multichain projects are nothing new to the crypto space, most of them rely on cross-chain bridges that are built by third parties.
These bridges have served their purpose so far but unfortunately, they often lack in terms of security, scalability, and performance, in addition to being specifically developed for a given project.
The failings of cross-chain bridges have resulted in a fragmented blockchain ecosystem that prevents developers from truly harvesting the potential of the technology. Historically, blockchains developers have seen themselves forced to expand their technical knowledge to create custom solutions that allow their projects to support multiple networks, increasing costs and development efforts… or pay a large sum of money for one that does the job poorly.
As web3 development continues to gain momentum, being able to operate across networks has become more important than ever. An example of a project that is looking to meet this demand by creating the infrastructure required for web3 is Ankr.
With a focus on multichain capabilities, this project has established strong partnerships with networks like Binance Smart Chain, Polkadot, Polygon, Fantom, and Avalanche to create a globally distributed network of the nodes.
In fact, Ankr has already developed nodes for over 50 PoS blockchains, which is changing how developers can access a multichain foundation for their applications. With node infrastructure, staking, and DeFi capabilities, Ankr has created one of the most comprehensive multichain ecosystems in the blockchain space.
As developer interest in web3 continues to soar, Silicon Valley companies like Google and Amazon have experienced an exodus in their workforces as workers choose to transition to crypto, blockchain, and web3. This migration of talenFuture Is MultiChaint has truly benefited companies in the web3 ecosystem, as it has transformed the niche into a vibrant space in which innovation is the law of the land.
Take the example of Ankr’s recently-appointed Chief Marketing and Business Development Officer (CMBDO) Greg Gopman.
The MIT and University of Florida graduate is no stranger to Silicon Valley, which has been the bastion of the tech industry for decades. After leaving Twitter, Greg became a prominent blockchain figure for his work with tech startups, founding organizations like VR World (one of the biggest VR Arcades in the world), and his successful entrepreneurship efforts.
Despite having a promising future in the world of “traditional” tech, Greg was seduced by the world of crypto. This interest quickly led to Greg being one of the leaders in the shaping of the blockchain, web3, and metaverse ecosystems, eventually leading to him being the co-founder of the Akash Network, one of the first decentralized computing services.
He would later become head of product for Ethernity Chain and create Mewn, his own blockchain consultancy, most well known for helping Kadena grow from ~100M to a market cap of over $4 Billion.
Greg’s history is far from the only one in the blockchain space, as thousands of developers have found the space to be fertile ground for their own creativity and passion. However, just like with crypto in the financial world, web3 has a big entry barrier that needs to be addressed: easy-of-use.
While for crypto this implies making the use of crypto as close as possible as fiat, in the case of web3 it is all about interoperability… This means multichain functionality is not an option but a necessity.
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