Multichain Compatibility Could Safeguard Web3 from Collapse

The nascent Web3 space is expected by many to eventually replace the World Wide Web and become the next iteration of the internet. Powered by blockchain technology, Web3 will provide users with ownership and control over their data by espousing the principles of privacy preservation, trustlessness, interoperability and decentralization.

However, to minimize the risk of Web3 collapse, players in the burgeoning space will have to invest in robust multichain compatibility. Multichain compatibility is a key foundational element that will ultimately be critical to Web3’s sustained growth, adoption and interoperability, especially as blockchain interoperability continues advancing and Web3 companies create decentralized applications (dApps).

Without robust multichain solutions, users would not be able to move assets from one blockchain to another, essentially reversing one of the main principles of Web3, interoperability. Crypto bridges originally facilitated this interoperability by enabling the movement of assets from one chain to another, allowing users to benefit from multiple blockchains without being limited to a single chain.

Despite the utility they offer and their importance to Web3’s growth, crypto bridges are susceptible to security breaches and often put user data at risk. In 2022, a vulnerability in the Wormhole network allowed hackers to steal millions of dollars by exploiting smart contract vulnerabilities in the network’s crypto chain.

This incident and others solidify the need for multichain compatibility that doesn’t rely on crypto bridges and has significantly fewer security risks. An efficient framework for interoperability coupled with scalability tech support would also help to mitigate the scalability problem that typically affects blockchain networks.

Proper scalability tech support will support the deployment of many existing multichain solutions and prevent the congestion and security risks that occur when networks experience higher volumes and slow down. Web3 companies could deploy cryptographic technologies called zero-knowledge (ZK) proofs to help users verify the authenticity of other users’ statements. Furthermore, ZK proofs could facilitate this activity without releasing any user information other than the statement’s validity.

While the actual processes behind this statement verification technique are extremely complex, significant advances in computational capabilities and power mean Web3 companies can feasibly deploy ZK proofs to boost multichain interoperability. With this technology, companies in the Web3 space will be able to use multichain solutions that verify and protect the data integrity of all Web3 transactions across different networks, allowing users to enjoy robust multichain interoperability without sacrificing the security of their data.

ZK proofs will also protect against the security vulnerabilities seen in crypto bridges by keeping users’ underlying data private and significantly minimizing the risk of data leaks and fraud exposure.

The matter of multichain compatibility is likely an issue of concern to enterprises such as Horizon Fintex that are leveraging Web3 technologies in their products, and a resolution of this issue could potentially resolve some of the headaches they may be having.

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