Blockchains must evolve towards interoperable asset transfer standards By Cointelegraph


Inter-chain asset transfer has been around for several years. The concept developed almost as soon as several blockchains were developed and started to be adopted. In its initial application, transfers focused on exchanges between native chain assets and tokens, which later led to several decentralized exchanges. While asset swapping has its uses, the pure transfer and movement of assets and other data easily through blockchains without changing their identities is equally important and is becoming more and more common.

Currently, 400,000 (BTC), and increasingly, exist and are used in transactions outside the Bitcoin blockchain. A good amount of ether (ETH) has also been ported to other networks. Some of them are called Wrapped tokens to differentiate them from the same asset when they exist on their native network. The transfer of native assets from older, more established blockchains to newer ones is done through so-called bridges.

Ken alabi holds a PhD in Engineering from Stony Brook University, a Masters in Computer Aided Engineering from the University of Strathclyde, and is a computer professional, programmer and published researcher with several reviewed publications by peers in various fields of technology. The author has also published articles on blockchains, decentralization of business processes similar to blockchain technology, and interoperability of blockchains.

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