When it comes to blockchain adoption growth, scalability is one of the most important priorities. Scalability issues, slow speed, and a poor user experience were important issues that hampered the early mass adoption of the internet (Web1.0). The blockchain world is addressing the challenges created by many deficiencies in the growing blockchain ecosystem.
The Blockchain industry is catching the attention of many firms and investors, but in order for it to continue to grow, concerns affecting the mass adoption of DeFi and other crypto goods must be addressed. Multi-chain platforms are one approach that can aid in the scalability of crypto products.
What Are Multi-chain Platforms?
Multi-chain platforms are a series of Bridges that connect existing blockchain ecosystems, to improve the limitations caused by the older decentralized technology. Multi-chain technologies are used to improve existing blockchains rather than replace them. The user-base of popular blockchains are overloaded, multi-chain platforms help to improve upon legacy technology. In this article, we’ll look at some leading Multi-chain platforms in 2022 and how they help to improve existing infrastructure.
SkyLaunch
SkyLaunch is a multi-chain launchpad platform that works with a number of EVM chains. SkyLaunch will first start on Ethereum, Polygon, and Binance Smart Chain, with intentions to expand to more chains in the future. SkyLaunch would also establish a governing council to conduct due diligence and fully check projects listed on the site. The Governance Council would be composed of unbiased blockchain experts who would protect investors against fraudulent projects and serve as a second line of defense. Synergia Capital VC Fund is a prominent SkyLaunch investor. This reputable investment fund contributes to the provision of funding for high-quality projects with the best chance of success on the platform.
SkyLaunch is an IDO platform that aims to move away from the traditional paradigm of IDO launchpads as merely a fundraising model by offering all essential support, tools, and resources for projects listed on its site before and after the IDO. Instead, SkyLaunch’s business model is more akin to an IDO accelerator, as it was established to assure that projects would be successful once their IDO round was over.
Cosmos
Cosmos, often known as the “internet of blockchains,” is a network of interoperable blockchain ecosystems that may share and exchange tokens. The purpose of the Cosmos ecosystem is to address existing blockchain concerns such as Governance, Scalability, and Seamlessness by giving developers with the tools needed to establish a “community of blockchains” with varied use-cases and also enable multiple blockchains to connect with each other.
Popular blockchains, such as Bitcoin, were not designed and built in such a way that they can send and exchange data with other blockchains. Furthermore, the Inter-Blockchain Communication Protocol (IBC) is a component of the Cosmos network that allows blockchains to communicate with one another. Over 20 blockchain networks are currently connected to the IBC protocol. Every month, the network records about 2 million cross-chain transactions, according to Map of zones. Atom is the native token that fuels the Cosmos ecosystem and serves as a voting mechanism in governance.
Near Protocol
Near Protocol is a multichain Proof of Stake (POS) platform that focuses on developers and user accessibility. The Near ecosystem is utilizing sharding technology to address the scalability issues that older blockchains such as Ethereum are experiencing, which are mostly caused by high transaction traffic on these blockchains. Innovative projects, such as the Near protocol, are addressing these difficulties by building a whole new blockchain, based on a different architecture.
The NEAR token powers the Near ecosystem and serves as a voting mechanism in community governance. Near ecosystem’s Proof of Stake method, which is known to be a fair and transparent staking technique. The Near ecosystem’s most essential feature is its usability for both developers and users. To maintain its status as a “user-centric” platform, the Near ecosystem provides easy onboarding for users, familiar usage styles, and user experience.
Conclusion
Multichain platforms will undoubtedly aid DeFi and other crypto products in reaching the next level of general usage. We are going to enter an era in which blockchains are interoperable rather than constructed in silos, which will benefit the whole blockchain sector. Innovative projects such as Skylaunch provide crypto functionality across many blockchains, assisting in the mainstream acceptance of crypto products.
