When I entered crypto, I succumbed to the contest between blockchain ecosystems, believing one had to be “better” than others. I have since realized the future of cryptocurrency is bringing with it a variety of platforms that will excel at different things. With the Inter-Blockchain Communication Protocol (IBC), I’ve left behind the days of thinking chains have to compete and embrace a connected interchain future. Let me explain. Solana, Polkadot, etc. — what do they have in common? They are individual state machines, each trying to achieve something only one has done before: create a sustainable, robust ecosystem of developers, investors and, most importantly, users. So far, Ethereum shows no signs of slowing. Since beginning the summer of 2020 with an 8% share of the total crypto market, Ether has since captured nearly 20% of the market and has remained there. There is a reason why the first sentence of many pitches for layer-1 solutions includes the term “Ethereum Killer.” It’s the Moby Dick of crypto — the liquidity king. And so, many projects take on the challenge of improving upon Ethereum, to “build it better.” Unfortunately, the first thing is often a “bridge.” Bridges have exposed users to many risks and resulted in a large number of problems.
Full Opinion: The Inter-Blockchain Communication Protocol will end ecosystem maximalism.