Cryptocurrency1 hour ago (Jul 04, 2021 05:20AM ET)
Trustless bridges may be the key to blockchain interoperability
Crypto and blockchain enthusiasts take pride in belonging to a community that is working on the future of financial systems. Yet, the community is innately fragmented thanks to multiple blockchains working independently of each other. The dream of mass adoption of blockchain and decentralized finance faces a major hurdle: a lack of interoperability.
Meanwhile, decentralized applications (DApps) — the fruits of decentralization — are being held up. DApp developers face difficulties while transacting between different blockchain networks, and the reason behind this is they are stuck in the Ethereum ecosystem. Despite having the best infrastructure, Ethereum is losing its foothold.Stephen Tse is the founder and CEO of Harmony.one. He was previously a researcher at Microsoft (NASDAQ:MSFT) Research, a senior infrastructure engineer at Google (NASDAQ:GOOGL) and a principal engineer for search ranking at Apple (NASDAQ:AAPL).