Sandeep Nailwal, the founder of Polygon, delineates two pivotal elements for Web3’s enduring success in contrast to the present internet landscape. Nailwal underscores the significance of unlimited scalability and the capacity for blockchains to communicate, emphasizing the essential need for individuals to have the freedom to choose from diverse decentralized profiles.
Sandeep Nailwal of Polygon delineates the prerequisites for Web3.
In a recent X (formerly Twitter) post, Nailwal underscores the significance of user-centric design and interaction to enhance usability. He also emphasizes the importance of blockchain networks seamlessly interacting, known as interoperability. Nailwal further explains that Polygon is actively working on establishing a network of aggregated blockchains.
Simultaneously, DCinvestor, addressing his 236,900 X followers, stresses the critical role of Layer-2 introduction in the forthcoming years for the success of blockchains. He points out that while bridging and interoperability solutions still require refinement, neglecting to address them could pose risks in the long term.
Recent data from Spherical Insights indicates that the global blockchain interoperability market is projected to surpass $1.98 billion by 2030.
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Interoperability in Blockchain: A Central Focus for Banks
Blockchain interoperability has emerged as a prominent discussion point within the industry recently.
In September 2023, Ramani Ramachandran, CEO of Router Protocol, shared with BeInCrypto that the industry’s inclination towards enhancing interoperability, particularly with Bitcoin through advancing Layer 2 solutions, underscores the widespread aspiration for a more interconnected blockchain ecosystem. Notably, major banks worldwide are showing keen interest in cross-chain interoperability, particularly for facilitating tokenized asset transactions.
The Australia and New Zealand Banking Group (ANZ), a major Australian bank, has declared its adoption of Chainlink’s cross-chain interoperability protocol (CCIP).
ANZ Portfolio Lead Nigel Dobson further elaborated that cross-chain interoperability is a significant and widely discussed topic among major banks globally.