Working together towards a common standard
The ability for independent blockchain protocols to communicate in a decentralized and scalable way has been identified as a key obstacle and opportunity for mainstream adoption of both public and private blockchain networks.
Multiple projects have launched in the recent months to focus on building a solution to this problem. While each project has their own initial use cases, approaches and design, we are all working towards a common goal — connecting blockchain protocols.
As we go forward building our protocols, testing designs and hypotheses it is essential that we collaborate together to ensure that the solutions we are building are being developed with interoperability between each other protocols in mind. To facilitate this collaboration, Aion, ICON and Wanchain have come together to launch the Blockchain Interoperability Alliance. This alliance will focus on developing a common set of standards for blockchain interoperability to ensure our shared vision of a global ecosystem of connected blockchains is achieved.
The Alliance’s first priority is to share and collaborate on research and design for cross-chain transactions and communication.
“We believe that collaborating across projects will help set best practices for blockchain interoperability and encourage broader market adoption across enterprises and the public” Matthew Spoke, Founder, Aion.
“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” JH Kim, Foundation Council, ICON
“The Blockchain Interoperability Alliance will play a crucial role in increasing the connectivity of our digital assets and our lives.” — Dustin Byington, President, Wanchain
The Blockchain Interoperability Alliance was announced at Consensus: Invest in New York City.
The Aion network is a multi-tier blockchain network designed to support a future where many blockchains exist to solve unique industry problems and to power the services of the modern world. Aion will become the common protocol used for these blockchains, enabling more efficient and decentralized systems to be built. The Aion protocol enables the development of a federated blockchain network, making it possible to seamlessly integrate dissimilar blockchain systems in a multi-tier hub-and-spoke model, similar to the internet. For more information, please visit aion.network
ICON is an interconnecting blockchain network that connects independent blockchains without additional intermediaries. Various blockchains can communicate with each other on the ICON platform. By connecting separately existing blockchains, ICON aims to become the largest blockchain network in the world. For more information, please visit icon.foundation/en/.
Bitcoin was the first natively digital asset; many more are following. The trend towards ‘digitizing’ assets leads to a fundamental change in the financial services industry. However, there is a problem. Currently many of these digital assets are isolated on their respective chains and their true potential is not being realized. Wanchain was founded by the technical cofounder of Factom, Jack Lu, with the goal of uniting the world’s isolated digital assets and transforming the digital economy. After all, connection changes the nature of digital assets and unlocks their hidden potential to transform the financial services industry. For more information visit wanchain.org” For more information, please visit www.wanchain.org.