What if accessibility was not an issue and direct communication was possible via a global trusted network?
The World Economic Forum is going as far to predict that 10 percent of the global gross domestic product will be stored on the blockchain in less than 10 years. In terms of today’s global gross domestic product that would be $7.8 trillion.
Why Connecting All the Blockchains Is the Final Step for Mass Adoption
Today, the internet spans across the entire world, and information that used to be accessible only locally is now accessible from anywhere, even from the moon. Once the average user accesses the internet through his or her communication channel with the ISP in order to gain information from the internet, the user does not have to worry about how the information is retrieved exactly.
What if there was a way to connect literally any blockchain, without creating a new larger blockchain, like some companies have suggested?
Adoption of this system will be seamless, fast and will bring great benefits to all of its participants, just like the internet did. Some of the benefits of COMIT include, but are not limited to,
- open source infrastructure;
- true instant, frictionless and cheap payments for users all over the world;
- true global access without limitations to any asset or business process connected to a blockchain;
- cryptographically secure, trustless global transactions network;
- new business opportunities for companies;
- new and recurring revenue streams for banks and other liquidity providers; and
- rapid adoption based on existing networks build with new, cheap and secure infrastructure.
- According to our research, over 95 percent of all the blockchains (especially the large important ones) can be connected.
Why do we need a Multi-Chain Fabric?
A future of multiple blockchain networks is increasingly likely. A Web 3.0 architecture of buzzing public blockchains, private consortium ledgers, anonymous zero knowledge proof chains and all the countless applications running on top of each of them. Not one chain to rule them all, but a world of diversity where individual chains serve specific use cases and specifications.
Polkadot passes the $140M mark for its fund-raise to link private and public blockchains
Polkadot is the interchange and translator between multiple blockchains which creative people developing on the Ethereum blockchain have been looking for in order to build a wealth new projects and infrastructure.
Aa bank could fork Ethereum, customize aspects of it and then use Polkadot to connect it to it with Ethereum’s public blockchain.
How can I create connected multiple blockchains?
With Ethereum alone it's not possible (yet), unless you implement a custom solution.
You should look into:
- raiden network: is a lightning network style transaction channel network which allows payments to be securely routed across multiple peer-to-peer payment channels.
- polkadot project: is a multi-chain framework that supports interoperability between wildly different chains with different properties including encrypted proof-of-authority chains suitable for internal enterprise networks. Both a proposed to work with Ethereum but still in development. That's the closest I could think off.