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The viability of blockchain technology depends on how efficiently different blockchain networks connect and interact. Demand for blockchain interoperability has increased due to issues users face while using traditional crypto exchanges. The cross-chain technology can eliminate the need for a central intermediary while facilitating the seamless exchange of coins and data between two or more blockchains.
Some newly introduced blockchain-based platforms are trying to facilitate the cross-chain bridging of tokens. They could draw thousands of traders and investors if they succeed to connect popular blockchains. Here are three coins that are working to solve issues of scalability and interoperability: Supontis Token (PON), XRP (XRP), and Chainlink (LINK).
Supontis Token (PON) is a new Binance Smart Chain based platform that acts as a bridge between different blockchain networks. This bridge assures quick and easy transfer of data from one blockchain to another. It improves the interoperability of blockchain networks without compromising security and decentralization.
A team of skilled developers has collaborated to make the Supontis platform a reality. They worked hard to develop this bridge to enable the transfer of all kinds of cryptocurrency tokens on different blockchain networks.
As this platform initiates the transfer of an asset, it locks the original value of the asset in the main chain and generates an equal amount of assets on the new chain. This platform does not send the main asset anywhere. It only creates new tokens of the same value on another blockchain to complete the transaction.
Since Supontis platform is based on the Binance Smart Chain, it will facilitate faster and cheaper transactions. Every crypto trader will pay fewer transaction fees than other mainstream networks. Besides, Binance smart chain makes it much safer and more reliable to execute multiple transactions.
Supontis will operate as a decentralized autonomous organization (DAO). Users will need its native token PON to access this platform and use the services it offers. The PON token will also offer governance and staking facilities.
XRP is a digital payment network that has become popular as a payment settlement asset exchange. Many people have used this platform and admired its ability to process transactions within a few seconds. Its native token XRP acts as an intermediary to facilitate cryptocurrency exchange on the network. It is a temporary settlement layer that allows instant transactions while consuming less power than Bitcoin and Ethereum blockchains.
XRP might act as an international currency in the future that could be used to exchange various crypto and fiat currencies. XRP transactions take just a few seconds to process. Transaction charges are always much lower than what popular cryptocurrency exchanges charge.
Chainlink (LINK) was introduced as a decentralized oracle network. This platform has decentralized the process of transferring data on and off blockchain networks by using hybrid smart contracts. Smart contracts are digital agreements that execute when the required conditions are fulfilled.
People use a smart contract for everything from generating new cryptocurrencies, DeFi, to blockchain-based assets. Smart contracts have always relied on external information sources to function properly. Chainlink has made it possible to establish seamless connectivity between external data sources and blockchains. Therefore, now smart contracts can be executed faster and more efficiently.
The LINK Token is Chainlink's native crypto asset. This platform uses its native token to reward operators who fetch data from off-chain sources and convert that data into the required format.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
