Li Jiang, primary running policeman at Consistency, believes that a bridge attaching all existing blockchains is vital to onboard the initial 1 billion customers on Internet 3.
“We think that the future is multichain and cross-chain, that you must have the ability to relocate properties very easily from one chain to one more, with good costs, with great rates as well as very quick,” he informed Cointelegraph in an exclusive interview.
Consistency is a layer-1 blockchain protocol that focuses on producing bridges with all major blockchains as well as becoming a “unifying Web3 platform” by 2026.
Jiang recognizes that blockchain technology is not fully grown enough to onboard such a large amount of individuals as a result of scalability restrictions.
“Today, no one can sustain a billion individuals, no chain, no ecosystem,” he stated.
Consistency is dealing with these limitations by leveraging proof-of-stake and also sharding innovation. That, as Jiang explained, allows Harmony to accomplish high levels of decentralization, scalability and also security at the same time.
“We have two-second finality. While that’s virtually the fastest in the sector, we did that without trading off on decentralization or security.”
According to Jiang, layer-1 services such as Harmony will show extra effective than layer-2 methods built on Ethereum in the development of a cross-chain web, as a result of their greater adaptability.
He additionally believes that the future of Web3 is not a winner-takes-all sort of circumstance: Numerous layer-1 methods with their own special value proposals will certainly have the ability to exist side-by-side.
“The chains that will certainly expand are the ones that are fantastic at growing their indigenous tasks,” he pointed out.
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Sourced From: cointelegraph.com/news/a-unifying-web3-platform-will-onboard-1-billion-users-by-2026-says-harmony-coo!.?.!Published Date: Fri, 04 Feb 2022 17:30:00 +0000 #cooli #iskey #decentralizedinternet