Inter-blockchain communication

Inter-blockchain communication, also known as cross-chain communication, is the process of allowing different blockchain networks to communicate and exchange information with each other. This is a crucial aspect of blockchain technology, as it allows for the creation of a decentralized ecosystem where different blockchains can interact and work together. There are several technologies being developed to solve this issue. Here are the most promising projects:
Atomic Swaps
One key difference between inter-blockchain communication and traditional communication between different networks is the use of atomic swaps. Atomic swaps are a type of smart contract that allows for the direct exchange of cryptocurrencies between different blockchain networks without the need for a third party intermediary. This allows for seamless and secure transfers of assets between different blockchain networks.
Modular vs Monolythic Blockchains
Another important aspect of inter-blockchain communication is the use of modular vs monolithic blockchains. Modular blockchains, also known as sidechains, are separate blockchain networks that are connected to a main blockchain. This allows for the creation of specialized blockchain networks that can perform specific tasks without clogging up the main blockchain. An example of a project utilizing modular blockchains is the Cosmos Network (ATOM), which uses the Tendermint Byzantine Fault Tolerant consensus engine to connect multiple independent blockchains, called "zones," into a single decentralized network, called the "hub." Celestia is another project that is utilizing modular blockchains to create a decentralized network of interoperable blockchains with better scaling.
Monolithic blockchains such as Ethereum, on the other hand, are single, all-encompassing blockchain networks that are not easily scalable or adaptable.
One project that is working on enabling inter-blockchain communication is Chainlink, a decentralized oracle network that connects smart contracts to real-world data. Chainlink recently introduced the Chainlink Community Improvement Proposal (CCIP) which allows for the submission and voting on proposals for improving the Chainlink network. This allows for a decentralized, community-driven approach to the development of the Chainlink network.
Another project that is focused on enabling inter-blockchain communication is CoinWeb. CoinWeb is a blockchain interoperability platform that allows for the creation of a decentralized internet where different blockchain networks can communicate and exchange information with each other. This allows for the creation of a seamless and decentralized ecosystem where users can access a wide range of services and applications without the need for central intermediaries.
In conclusion, inter-blockchain communication is a crucial aspect of the development of a decentralized ecosystem. By allowing for the communication and exchange of information between different blockchain networks, projects like Cosmos, Chainlink and CoinWeb are helping to pave the way for a more open and decentralized future.
A great quote by Harry Alford reflecting how inter-blockchain is greater than the sum of its parts:
"In Web2, the bigger network wins. In Web3, whoever builds the biggest network together wins."
More on Proof of Reserves in the next article.
Sources, and interesting articles if you want to gain deeper knowledge:
https://influencermarketinghub.com/influencer-marketing-benchmark-report/
https://thesocialshepherd.com/blog/influencer-marketing-statistics
https://influencermarketinghub.com/influencer-marketing-roi/
https://finance.yahoo.com/news/influencer-marketing-platform-market-size-153000046.html
https://www.thinkwithgoogle.com/intl/en-154/marketing-strategies/video/video-trends-and-culture/?