Blockchain is the technology behind Bitcoin, Ethereum, and many other types of cryptocurrency. It is a distributed ledger that allows transactions to be recorded securely without the need for a third party or central authority.
Over the past few years, we have seen an explosion in new blockchain projects being launched. However, an important question remains: will each new project be built on its own unique monolithic blockchain infrastructure? Or will these projects adopt an interoperable model where they can share a common infrastructure?
In this article, I will examine how blockchain networks & applications have evolved and how I think they will develop in the future.
The Multichain Era Has Begun
When I think about the future of blockchain, and more specifically, the future of DApps, I see one thing: multichain. It is becoming increasingly clear that the future of blockchain will no longer be monolithic, like Bitcoin or Ethereum. Instead, we should expect to see a range of public, private, and hybrid blockchains built on different technologies to serve specific use cases. Every layer 1 and layer 2 solution will add another dimension to the network over the existing ones.
Multichain systems allow users to choose the networks they want to be a part of and use at any given time—and even across different types of applications.
If you think about it, mainstream adoption requires:
- scalability
- interoperability
- high-security standards
- usability and ease-of-use
- active dev community
If you can’t get all those right in one project, then you need multiple projects working together so that users can select which ones meet their needs at any given moment or situation. And one blockchain cannot get all of those right.
Why Hive DApps Should Go Multichain?
Consider "Interoperability" as a growth hack. Dapps built on Hive should not rely on one chain. If we open doors to more communities, they would eventually come back to Hive or at least know that it exists. The following projects powered by Hive are already doing it right:
- Splinterlands - It connects to Ethereum, BSC, WAX, and many other networks.
- LeoFinance - Through Multi-Token-Bridge (MTB), LeoFinance has bridged Hive to Ethereum, Polygon & BSC.
- PsyberX - They have created an Avalanche Bridge so that users can farm LVL on DeFi platforms.
Adding support to another chain will create more opportunities and endless possibilities. This trend is only going to increase, as we move into a world where blockchains are used for everything from day-to-day operations and solving complex problems.
Developers will have to specialize in building on top of existing infrastructure rather than starting from scratch each time they design a new application or protocol. This shift will lead us toward mainstream success while preserving the core benefits of decentralization: trustlessness and censorship resistance.
We are entering a world where there is no single blockchain that can do everything. Instead, we will see many different chains working together behind the scenes. What do you guys think about this? Please comment below!
Posted Using LeoFinance Beta
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As you stated,it's more beneficial for Hive DApps to go multichain as it helps market to the outside people not on Hive.
I am sure many people have realized the benefits of Hive through interacting with Hive DApps like Splinterland and Leofinance on other chains.
So going multi chain should be a priority by the devs here.
Posted Using LeoFinance Beta
Yes. We might also need smart contracts like EVM chains to add more depth to the base layer.
I think they should go multi-chain. It exposes them to more people and people can choose the chain they like the most to interact with. However, I think the core of the apps tend to focus on one chain and the others tend to be more of a front-end for sales or etc.
Posted Using LeoFinance Beta
That's right. Hive is perfect for transaction-intensive apps like social & games. Fast & Feeless.
Yay! 🤗
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We at Aureal are also going multichain. Surely one blockchain cannot get everything right. Would love to understand how @leofinance and @splinterlands are doing this.
Posted Using LeoFinance Beta