Definitely, blockchain in itself is a fascinating technology promised to a bright future. But what good does it make if it isn’t able to communicate with external networks?
In essence, that is the current situation in the crypto space, with most projects working autonomously and isolated from the others, just like a myriad of autarkic universes.
But picture the following: just like Lucy accessed extraordinary abilities when she managed to access 100% of her cerebral capacities (Steven Spielberg reference), imagine what could be achieved if we managed to connect all the existing blockchains together in order to create an all-encompassing data network.
Certain projects are working towards this objective, some of which showing very promising advancements – we’ll cover three of them in this article.
Polkadot (DOT) is now a famous project in the cryptocurrency landscape, known even to those unfamiliar with that field.
Polkadot’s popularity can in part be explained by the project’s co-founders, Gavin Wood , who are all renowned personalities within the crypto community. Notably, Gavin Wood also co-founded Ethereum alongside Vitalik Buterin and invented Ethereum’s programming language, Solidity.
And in fact, Polkadot was initially developed using Solidity, but soon transitioned to another new and specifically-dedicated language known as Substrate.
Polkadot is the leading project in the still-niche field of blockchain interoperability. Its ecosystem consists of two main networks, the Relay Chain and the parachains, which allow Polkadot’s network to process a significant 1,000 transactions per second (TPS). Polkadot’s ecosystem also possesses a series of bridges that make it compatible with numerous third-party blockchains.
As of now, DOT, Polkadot’s ecosystem currency, features a market cap of over $20 billion, making it one of the largest projects in existence by market cap.
Over the last 24 hours, DOT lost upwards of 8%, now trading around $21 per coin. No one can assert with certainty whether the market has bottomed yet or not, but DOT certainly offers attractive long-term value at this price.
Launched in 2016, Cosmos (ATOM) is another leading project in the field of blockchain interoperability. Cosmos aims at connecting together the hundreds of isolated blockchains currently in existence, enabling them to communicate together.
Because of that, some now refer to Cosmos as a Blockchain 3.0 project, highlighting Cosmos’ dedication to developing a next-generation blockchain and revolutionising the current landscape.
On top of enhancing blockchain interoperability, Cosmos also aims at improving scalability by offering significant transaction speed throughout its networks compared to more mainstream blockchains like Ethereum (ETH) or Bitcoin (BTC). The Cosmos network can process an impressive 10,000 TPS as of today.
Besides, Cosmos’ flagship organization, the Interchain Foundation, announced a major upgrade in February 2022 that would allow a particular blockchain to manage accounts on other networks, enabling users to exchange and stake tokens easily across different blockchains. Major projects like Terra (LUNA) have already adopted this update.
ATOM is definitely a cryptocurrency you want to have on your watchlist in the months and years to come!
Quitriam Finance (QTM)
Quitriam Finance caught our attention for a number of reasons, but chief amongst them is the project’s ambition to connect different blockchains at once through its ecosystem. Indeed, Quitriam Finance will deploy Quitriam Swap, a multichain decentralised exchange (DEX) that will bridge the Ethereum and (likely) the Polygon (MATIC) and Binance Smart Chain (BSC) networks.
This initiative will benefit investors who will then enjoy ultrarapid transactions (allegedly 50,000 TPS) for near-zero transaction fees.
Another project with very similar ambitions and also conducting its presale round currently is Calyx (CLX) – CLX will provide fast and cheap trading for those who are tired of the slow and costly networks whilst not compromising on security. In addition to this they also aggregate liquidity from a vast amount of sources, this gives traders excellent leverage to get the best out of their swaps.
QTM is currently priced at $0.000011 per token, making it an affordable, under-$1 token that is accessible to everyone. QTM’s presale is in its first stage for now, meaning that its price will slightly increase in the following stages until QTM will officially be listed on an exchange.
Give Quitriam Finance’s whitepaper a read!
Learn more about Quitriam Finance
Learn more about Calyx