Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Industry leaders reply to Vitalik Buterin's views on cross-chain ecosystems

3 min reading

"Interdependence between chains could create a domino effect that impacts multiple ecosystems if a single chain were to be attacked, but that certainly isn't a reason to stop working on cross-chain innovations," said Komodo's CTO, Kadan Stadelmann.

Vitalik Buterin, the co-founder of Ethereum (ETH), expressed his dissatisfaction last week about the development of cross-chain bridges, due to security concerns as a result of their interdependence. However, developers working on cross-chain innovations widely overlooked his doubts in the following days. Kadan Stadelmann, chief technology officer of atomic swap blockchain Komodo, replied to Vitalik's criticism in a message:

"What we ultimately need is true decentralization. For example, instead of relying on one or two trusted bridges that have a single point of failure, it would be better to work towards a future where we have numerous bridges that are secure, trustless, and censorship-resistant."

Erik Ashdown, the head of ecosystem growth at Covalent, a data analytics and blockchain indexer, agreed:

“Vitalik is a smart cookie who’s clearly done his thinking about the state of bridges. However, his saying that bridges are a bad idea and won’t work is the equivalent of the Bitcoin community in 2015 saying Ethereum and smart contracts were a bad idea.”

Stadelmann went on to say that "cross-chain interoperability is the future," and both multi-chain ecosystem networks such as Polkadot (DOT) and Cosmos (ATOM), and also atomic decentralized exchanges, have the potential to undermine Ethereum's economic scale. Stadelmann backs up his point by noting high gas fees on the blockchain as a reason why people would choose other options.

However, there are certain unaddressed concerns with cross-chain blockchains. According to Ashdown, an instance of a smart contract's compatibility is when a token is transferred over one network and does not have the identical contract address as a token sent across another network. Anyone transferring a token across another network will be unable to connect with the tokens sent from the primary network.

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyo.news/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.