Blockchain Interoperability Alliance (BIA) - Defining Blockchain 3.0
Explains the alliance, its members and its purpose to evolve blockchain technology and interoperability as the next wave of protocols
As distributed ledger technology (DLT) takes the world by storm, it is only fitting that start ups with similar ideas for the future work together and join forces to best achieve common goals. The goal here is to promote the interconnectivity amongst different blockchains without the need to constantly exchange coins or tokens using exchanges.
Aion, Wanchain, and ICON have all come together to form the Blockchain Interoperability Alliance (BIA), with the common goal of promoting cross blockchain transactions and interconnectivity. The alliance sets to establish a common standard for inter-chain communication. Each member looks to establish themselves as dominant players in different regions. Aion is focused on the North American market, Wanchain is ready to disrupt China, and ICON is focused on the South Korean market.
Aion is a 3rd generation blockchain designed to bridge and connect other blockchains, as well as, manage i’s own robust applications. ICON was created to hyperconnect the world, which is actually it’s slogan. ICON aims to be the largest decentralized network for many different industries, ultimately interconnecting independent blockchains without an intermediary. Wanchain is a distributed financial platform that enables private, cross-blockchain smart contract execution that aims to unite the world’s isolated digital assets Wanchain seeks to create a new distributed financial infrastructure, connecting different blockchain networks together to exchange value with the goal of uniting the world’s isolated digital assets.
The alliance was formed to tackle a few major issues prevalent today. Ideally, the goal is to eliminate the reliance on centralized intermediaries, tackle the scalability problem that current protocols like Bitcoin and Ethereum have experienced with network congestion, bridge public and private blockchains, and lastly, build application specific networks that can communicate with other blockchains.
Since Bitcoin, introduced the concept of a decentralized network, and Blockchain technology back in 2009, there are now hundreds of private and public blockchains all segregated from each other. There is no common communication or means of transacting between all these different networks in existence. Currently, the challenge with decentralized networks and platform based protocols is that each network is governed by its own set of standards and economics. Think of Bitcoin, Ethereum, and Neo for example. Each uses its own currency, has its own set of rules for development, and you cannot currently move currencies between different blockchains. What if you could communicate and transact seamlessly among all these networks? Interoperability and cross chain transactions are definitely the next wave and evolution of blockchain technology. I call it Bitcoin or Blockchain 3.0
BIA seeks to usher in the next wave in Blockchain evolution and focuses on the much needed and sought after interoperability functions. This is definitely an element and focus that I believe is required if we are to ever see mass adoption by public companies.
“ICON project was first started by the request of our enterprise blockchain clients to interconnect with other blockchain networks. The goal of this alliance is to create a globally accepted standard for connecting blockchains and to bring innovations together,” said JH Kim, Foundation Council, ICON
“We believe that collaborating across projects will help set best practices for blockchain interoperability and encourage broader market adoption across enterprises and the public,” shared Matthew Spoke, Founder, Aion.
“The Blockchain Interoperability Alliance will play a crucial role in increasing the connectivity of our digital assets and our lives,” said Wanchain President Dustin Byington.
If you are forward looking and trying to find the next wave of technology that will supercede the current wave of isolated decentralized network projects, I would encourage you to take a deeper look at Aion, ICON, and Wanchain. They are focused on building for the future and the current down trend in the markets could be a great time to buy low.
Disclaimer: The content in this post is for informational purposes only and does not constitute financial advice. Please do your own research (DYOR) before investing in cryptocurrencies.