Updated: May 27, 2022 12:09 IST
New Delhi [India], May 27 (ANI/ATK): The use of cryptocurrencies is growing worldwide and blockchains are becoming increasingly saturated. This has led to the need for new technologies which can process more transactions in less time as well as provide more flexibility for users and developers.
Tokens such as Sanzooz Finance (SZFT), Polkadot (DOT) and The ATOM Hub (ATOM) have presented some new solutions to remediate the problems of interoperability for blockchains to better interact with one another.
Sanzooz Finance (SZFT) – A financial ecosystem to maximise interoperability and scalability
Sanzooz Finance (SZFT) is a token in development that will be released in 2022.
It will first be based on the Binance Smart Chain (BSC) and a multi-chain functionality will be added as the project progresses. The Binance Smart Chain provides developers with a lot of flexibility which will allow for the creation of a bridge system for more interoperability.
Sanzooz Finance (SZFT) will allow users to implement their ideas and inventions as blockchain assets by using smart contracts to create various financial tools and opportunities.
Sanzooz Finance (SZFT) will in this way enable users to create fictitious assets that will be collateraliSed by the Sanzooz Network Token. These artificial assets will enable users to link the price of a non-crypto asset to a so-called artificial asset, in turn facilitating trading of that asset.
Sanzooz Finance, therefore, allows people with unique ideas and inventions to create their own blockchain assets.
Users can convert assets directly through smart contracts, eliminating the need for counterparts, which is common in smart contract interaction.
This procedure is simple and secure because the fictitious assets will be collateralized into the Sanzooz Network Token (SZFT).
Polkadot (DOT) – Pioneering interoperability
DOT is the native coin of the Polkadot chain, a revolutionary protocol aimed at facilitating smart contract communication between blockchains.
The importance of interoperability and communication between different crypto protocols is at the heart of the Polkadot (DOT) vision.
This is due to the revolutionary technology developed by the team of one of Ethereum‘s co-founders, Gavin Woods.
Polkadot‘s chain technology also enables it to provide high-end blockchain technology to its users, allowing it to provide unparalleled scalability by spreading transactions across multiple parallel blockchains.
The Cosmos Hub (ATOM) – Mother of blockchain interoperability
Cosmos (ATOM) is a cryptocurrency well-known for its interoperability, scalability, and community-empowering approach.
Cosmos (ATOM) brings together all of the isolated blockchains in the world and seeks to connect them as one.
Because of these characteristics, Cosmos (ATOM) has been labelled as Blockchain 3.0 thanks to its unique, ground-breaking features.
The team behind it has been working hard to improve its scalability by ensuring that large transactions are processed quickly and for the most competitive rates, unlike Ethereum (ETH) or Bitcoin (BTC) which respectively have high transaction fees and processing time.
Cosmos (ATOM) is on track to meet its interoperability goals, thanks to a recent announcement by the Cosmos (ATOM) community regarding the access it is providing to other blockchains to easily access and manage other networks.
This announcement also implies that Cosmos (ATOM) users can now easily stake their tokens across their preferred blockchains.
ATOM has a stable position in the top 50 cryptocurrencies in terms of market capitalisation, standing at around USD 3 billion. It can at the moment operate more than 10,000 transactions per second while keeping low transaction fees, a revolution in the crypto industry.
As more and more cryptocurrencies emerge and new concepts such as the NFTs and metaverses dominate talks about the future of crypto, technologies and blockchains which will facilitate communication and exchange across blockchains will surely be instrumental.
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