{"id":539782,"date":"2023-01-17T03:44:08","date_gmt":"2023-01-17T00:44:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/opinion-the-inter-blockchain-communication-protocol-will-end-ecosystem-maximalism\/"},"modified":"2023-01-17T03:44:08","modified_gmt":"2023-01-17T00:44:08","slug":"opinion-the-inter-blockchain-communication-protocol-will-end-ecosystem-maximalism","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/opinion-the-inter-blockchain-communication-protocol-will-end-ecosystem-maximalism\/","title":{"rendered":"# Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a243f8138a67\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a243f8138a67\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/opinion-the-inter-blockchain-communication-protocol-will-end-ecosystem-maximalism\/#%E2%80%9D_Opinion_The_Inter-Blockchain_Communication_Protocol_will_end_ecosystem_maximalism_%E2%80%9C\" >&#8221; Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Opinion_The_Inter-Blockchain_Communication_Protocol_will_end_ecosystem_maximalism_%E2%80%9C\"><\/span>&#8221; Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>When I entered crypto, I succumbed to the contest between blockchain ecosystems, believing one had to be \u201cbetter\u201d than others. I have since realized the future of cryptocurrency is bringing with it a variety of platforms that will excel at different things. With the Inter-Blockchain Communication Protocol (IBC), I\u2019ve left behind the days of thinking chains have<em> <\/em>to compete and embrace a connected interchain future. Let me explain.<\/p>\n<p>Solana, Polkadot, etc. \u2014 what do they have in common? They are individual state machines, each trying to achieve something only one has done before: create a sustainable, robust ecosystem of developers, investors and, most importantly, users. <\/p>\n<p>So far, Ethereum shows no signs of slowing. Since beginning the summer of 2020 with an 8% share of the total crypto market, Ether (ETH) has since captured nearly 20% of the market and has remained there.<\/p>\n<p>There is a reason why the first sentence of many pitches for layer-1 solutions includes the term \u201cEthereum Killer.\u201d It\u2019s the Moby Dick of crypto \u2014 the liquidity king. And so, many projects take on the challenge of improving upon Ethereum, to \u201cbuild it better.\u201d Unfortunately, the first thing is often a \u201cbridge.\u201d Bridges have exposed users to many risks and resulted in a large number of problems. However, most people are blissfully unaware they are exposed to exploits during the process of bridging and for the entire time that bridged assets are held. Most are also unaware they are holding nothing more than an IOU.<\/p>\n<p><em><strong>Related:\u00a0zkEVM could be the end<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> for blockchain infrastructure<\/strong><\/em><\/p>\n<p>The original token that represents everything they bought sits on its original chain. Meanwhile, they\u2019re trading the equivalent of a piece of paper.<\/p>\n<p>There are obviously exceptions to the rule. At most, good bridges can decrease risks, but the baseline stays the same. Bridges range from centralized to \u201csemicentralized,\u201d and there is one thing they can never do: actually move an asset to a new chain. Why? Because the two individual networks that the blockchain assets are bridged between have absolutely no way of communicating with one another. They speak different languages because most chains were never designed to communicate with one another.<\/p>\n<p>The existence of bridges is a symptom of a \u201cme vs. you\u201d mentality, where chains try to get each other\u2019s liquidity.<\/p>\n<p>The four most expensive decentralized finance hacks in 2022 were all bridge exploits: Ronin, the BNB Smart Chain bridge, Wormhole and Nomad. Combined, users lost more than $2 billion. That\u2019s about the same amount users lost as a result of the FTX collapse. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/8d955295-226b-4c5f-a472-532968a235bf.jpg\"><figcaption style=\"text-align: center;\"><em>Inter-Blockchain Communication packet lifecycle. Credit: ibcprotocol.org<\/em><\/figcaption><\/figure>\n<p>So, what if we change the \u201cme vs. you\u201d mentality to \u201cus vs. centralization\u201d? What if we could come together and decide on communication standards? <\/p>\n<p>While this may not seem radical for some, it\u2019s novel for crypto. This new system has a name: the Inter-Blockchain Communication Protocol, or IBC. <\/p>\n<p>IBC is a standard for messaging and interacting between different blockchains at the protocol level. It\u2019s the product of years of work on the idea that different blockchains should retain their sovereignty.<\/p>\n<p>Allowing users free flow between diverse blockchains creates higher capital efficiency and faster innovation. In a way, it mirrors a pure capitalist system in which money finds its way to the preferred destination easier, safer and quicker. You can compare it to the Schengen area in philosophy.<\/p>\n<p>While IBC is currently a product that only exists in Cosmos, teams like Composable Finance and PolymerDAO are working on bringing it to Kusama, Polkadot, Near and more in the future. <\/p>\n<p><em><strong>Related:\u00a0Programming languages prevent mainstream DeFi<\/strong><\/em><\/p>\n<p>Is IBC perfect? Of course not. It\u2019s only a year old. But its existence is priceless because it shows what the future of crypto could look like. With IBC, it\u2019s possible to move beyond ecosystem wars to create an interoperable, fluid network of different solutions to face a shared challenge: building a permissionless, noncustodial future for all.<\/p>\n<p>IBC is a glimpse into the future of blockchains where ecosystems complement each other and allow users to try out \u201ccompetitors\u201d frictionlessly so that users can decide which products they want to use without restrictions. <\/p>\n<p>We can move beyond the playground fights of trying to destroy each other\u2019s sand castles. Instead, let\u2019s use our shovels to build safe roads together.<\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Valentin Pletnev <\/strong>is the co-founder and CEO of Quasar Finance. At 23 years old, he has had experience in a variety of blockchain and emerging-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>-focused fields. He was accepted to Draper University in 2018.<\/div>\n<\/div>\n<p class=\"post-content__disclaimer\"><em>This article is for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/opinion-the-inter-blockchain-communication-protocol-will-end-ecosystem-maximalism\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism &#8220; When I entered crypto, I succumbed to the contest between blockchain ecosystems, believing one had to be \u201cbetter\u201d than others. I have since realized the future of cryptocurrency is bringing with it a variety of platforms that will excel at different things. With the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":539783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/0b594cb1-8b26-408a-946a-32c807501877.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,138455,127130,75168,92498,78261,20093,70759,4965],"class_list":["post-539782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-kusama","tag-near-protocol","tag-polkadot","tag-solana","tag-tech-analysis","tag-cosmos","tag-tech","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=539782"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/539783"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=539782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=539782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=539782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}