During the Dcentral Miami event, held from the city of Miami, the CEO and founder of Axelar, Sergey Gorbunov, Michael Huynh, director of operations and Chjango of Cosmos and Osmosis were in a talk talking about the interoperability of Blockchain or block chains.
Chjango is a cryptocurrency evangelist and host of the Interchain.fm podcast that also covers cutting-edge cryptocurrency projects that present major issues through Blockchain technology. During his participation, he expressed that he dabbled in Bitcoin a long time ago for ideological reasons. For, he saw that the traditional financial system was, in his words, “failing in many different ways.” So, he saw Bitcoin as a kind of solution to that and to the cryptocurrency as a whole.
For his part, the other expert panelist who shared the stage during this talk, Sergey Gorbunov, an assistant professor at the University of Waterloo and who was on the founding team of Algorand, commented that he has also been working in the crypto space for years.
Osmosis by Cosmos
He commented that he has been working for years on various protocols. He helped design and build an external blockchain before working at Axelar. For his part, he also said that he was one of the first constituents in Cosmos. He said that he recently started working on the project called Osmosis, which he called “A compilation in the cosmos system.” He explained that it is an advanced AMM protocol built with the Cosmos SDK that allows developers to design, build, and implement their own custom AMMs.
“Heterogeneity and sovereignty are two central principles of the Cosmos ecosystem. And, Osmosis takes these two values and extends them to the core features of this AMM protocol.
Blockchain Interoperability Panel at Dcentral Miami
Interoperability in blockchains
They also addressed the issue of the importance of the interoperability of Blockchain or blockchains. They explained during the presentation that Axelar is a kind of interoperability network, therefore, they develop similar protocols to facilitate the connection of the blockchain. They also design a protocol to be as independent of the chain as possible. So, it is easier to incorporate new chains that are capable of transferring assets and information.
They added that, in Osmosis you can control the application, the layer and the blockchain. And, doing so can do things like change the way meempool works, add new types of crypto to the blockchain, or even change the blockchain fees. “These are some of the things that can be done.” They pointed.
Why is interoperability so important?
Now, why is interoperability so important? basically because you need to connect to a bunch of different chains and bring assets to the Osmosis chain. Interoperability is essentially the ability to view and access information through various blockchain systems.
The biggest challenge for interoperability between blockchains has to do with the fact that there are many blockchain systems that do not speak the same language. For starters, many complex platforms in use come with different levels of smart contract usage. The transaction scheme, as well as the consensus models in these projects, also differ greatly for any form of interconnection to occur.
Therefore, the success of blockchain technology will come down to how different blockchain networks can interact and integrate. Finally, they commented that Osmosis is designed to be cross-chain native. Since it contains built-in IBC, something they called “Blockchain Communication”, it was a kind of protocol that they developed while Cosmos was working.
The Dcentral Miami was filled with many panels full of great information that connected with an entire decentralized finance community. Which addressed topics such as Blockchain Gaming, Metaverse and the Play-2-Earn economy.