A closer look at Lisk’s scalable and decentralized interoperability solution
Advocacy for blockchain interoperability is growing. Today’s blockchains are more than just a store of value or simply infrastructure for decentralized communication. Each blockchain network has its own community and culture and offers a focused solution to users’ needs. Notably, Lisk is working hard to drive interoperability in the blockchain world.
- Why is blockchain interoperability important?
- What is cross-chain technology?
- What’s special about Lisk’s interoperability solution?
- What’s next?
Why is blockchain interoperability important?
As the number of blockchain users and projects continues to rise, there is a growing realization that a one-chain-for-all solution will fail to address all needs. As a result, new blockchains continue to enter the space to relieve the pressure on Ethereum and tackle the unfulfilled needs of users.
It is clear that the multi-blockchain ecosystem is growing at an unprecedented pace. However, if most blockchains operate in self-contained, isolated ecosystems, this will severely limit the full potential of the blockchain ecosystem as an organic whole.
Allowing interoperability between various chains has therefore become urgent. In response, cross-chain technologies have been developed to facilitate interaction between blockchains and optimize the existing ecosystem.
What is cross-chain technology?
Cross-chain technology enables interoperability between independent blockchains. It supports the exchange of assets and information between different networks.
Obviously, there is no single solution for cross-chain technology. Various networks take different approaches to implementing the concept. For example, Cosmos has rolled out an Inter-Blockchain Communication (IBC) protocol to facilitate communication between chains. Polkadot developed the Inter-Chain Messaging Protocol as a solution. In addition, another key provider of interoperability solutions that we have to mention is Lisk.
What’s special about Lisk’s Interoperability Solution
Web3 is the future of the internet, and it will have distinctive blockchains that are interconnected and complement each other. Interoperability is key to this multi-chain world to provide users with a seamless Web3 experience.
Lisk’s research-driven approach to interoperability
As the multi-chain ecosystem evolves, interoperability solutions will vary, with each service provider having a more tailored and targeted approach to blockchain interoperability.
It is worth noting that Lisk’s blockchain interoperability solution is based on rigorous and comprehensive research. This provides a solid foundation and scientific premise for Lisk to roll out a concrete approach to interoperability.
To facilitate user understanding of the entire interoperability solution, the team organized it around eight roadmap objectives. Each roadmap objective defines a crucial aspect of the solution:
- Define Cross-chain Messaging Protocol
- Define Sidechain Registration and Lifecycle
- Define State Model and State Root
- Introduce Token Standards for the Lisk Ecosystem
- Update Lisk-BFT for Interoperability
- Update Block Header Format
- Introduce Alternative Validator Selection Mechanism for Sidechains
- Enhance Signature Scheme
Follow this link to have an in-depth look at every aspect of the Lisk interoperability solution.
Lisk’s seamless cross-chain communication
Ultimately, blockchain technology will facilitate a wide range of industry-specific user scenarios, equipping them with decentralization and data transparency. This means that individuals, communities, and institutions could interact and exchange information across various platforms and networks.
The Lisk Interoperability Solution is designed to fulfill such needs of information exchange between different platforms. To make it possible, cross-chain update transactions (CCU) come into play.
Cross-chain update transactions serve as vehicles for transmitting information between chains. They carry information about state changes from the sending and receiving chains. In particular, they contain a certificate from the sending chain. CCUs can also include cross-chain messages and hence works like an envelope for messages from one chain to another.
Simplified blockchain application development with Lisk sidechains
The building of the Lisk sidechain network is in full swing. Ultimately, it will allow developers to quickly build blockchain applications on Lisk. However, we can first take a look at how it will work when completed.
Moreover, in terms of development, a blockchain application on a sidechain is different from a dapp; the former is more similar to building a regular web application. But, most importantly, these applications can be designed with the optimal characteristics for the specific use case while requiring lower transaction fees.
For these blockchain applications to perform within Lisk’s ecosystem, the sidechain will go through a registration process and connect to the Lisk mainchain. As a result, it becomes part of the Lisk ecosystem, achieving interoperability.
The development of Lisk‘s network and ecosystem is unfolding in an orderly manner along its roadmap.
During the ongoing Sapphire phase, Lisk has completed many milestones for interoperability within its network. In the next phase, Diamond, Lisk will potentially extend its interoperability to other protocols such as Ethereum, Polkadot, Cardano, and Cosmos (list of protocols to be finalized).
The following articles will help developers gain an in-depth understanding of Lisk’s interoperability solutions.
- Lisk Interoperability Solution Published
- Blockchain Interoperability Solutions – Examples
- The Lifecycle of a Sidechain in the Lisk Ecosystem
To learn more about Lisk, you can also check out the following channels:
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