Coinweb adds Ethereum Underlying Chain to its Blockchain Infrastructure
Coinweb, a layer-2 blockchain interoperable standard, revealed this week that its extensible blockchain architecture now includes the Ethereum underlying chain. This inclusion establishes the framework for the Bitcoin-based chains and the Ethereum group of chains to be unified at the network level.
Coinweb claims that by combining and uniting the chains and their derivatives, users would have access to the combined capital of the two ecosystems and unleash hitherto untapped possibilities in the blockchain realm. The Ethereum series of chains comprises of over 150 different chains, and each has its own environment and distinctive characteristics, in addition to enhancing overall potential liquidity. Coinweb’s unified solution area for decentralized app creators will be expanded by including support for these networks.
Coinweb CEO Toby Gilbert said “When compared to Bitcoin-derived networks, the Ethereum group of chains has fundamentally distinct architecture. Until date, proof-of-concept (PoC) has been accomplished by coordinating cross-chain trades among Bitcoin-derived networks with comparable architectures.”
“Coinweb has already shown its interoperability with the two biggest groups of chains, each of which has its own architecture. This accomplishment allows the platform to continue its offensive approach to link a vast group of chains in order to offer real-world use and acceptance.”
The multi-chain broadcasting technology will be used by existing Coinweb platform applications to write trades to both Bitcoin-based chains and the Ethereum group of chains, which can be seen on the Coinweb observer.
Coinweb claims that its integration of blockchains at the covenant level allows it to transfer data and making dApps between any combo of blockchains while preserving the comparable security characteristics as the core layers, with exception of cross-chain bridges, rest of the interoperability remedies, as well as other prevailing link strategies.
Coinweb’s responsive smart contracts preserve gas equilibrium while continually tracking each underpinning chain for occurrences that may trigger its implementation, allowing for greater computational volumes and chain self-sustainability.
Co-founder and CTO Knut Vinger said “We’ve already arrived at a point when knowledge is among the most precious commodities. Blockchains are anticipated to preserve a considerable amount of the data generated in the long term. We’re not talking about hundreds, but tens of millions of transactions per second in such a situation, where collectively from Internet of Things (IoT) gadget sensor info to individual player moves in the metaverse would be logged.”
“And it’s just going to become bigger as time goes on. Sole way to establish a blockchain framework that can accommodate this growth is to design a platform that can extend horizontally across several blockchain networks without relying on a specific chain.”