The number of blockchain networks is rapidly increasing as established blockchains face limitations in scalability and use case support. Projects are turning to alternative blockchains to benefit from faster transactions and lower costs. However, this has resulted in a fragmented landscape with no single blockchain platform for every use case. Interoperability between blockchains has become imperative to allow safe interaction and frictionless sharing of data. Blockchain networks like Cosmos, Polkadot, and Horizen have made progress in achieving interoperability through protocols like IBC, Substrate, and Zendoo. These protocols enable the exchange of data and assets across multiple blockchains. Chainlink, on the other hand, focuses on enabling smart contracts to interact with real-world networks through oracle services. Blockchain interoperability is crucial for the success of decentralized applications (dApps) as it allows them to interact with multiple networks and tap into real-world data, ultimately driving wider adoption of crypto.
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