ShareRing Integrates Digital Identity Blockchain Platform CosmWasm October 14, 2022 October 14, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 14, 2022 by Kelly Cromley

ShareRing Integrates Digital Identity Blockchain Platform CosmWasm

The CosmWasm integration is the first of many further planned steps that ShareRing, a blockchain-enabled digital identity ecosystem, will take to “advance toward accomplishing the aim of offering frictionless access to products and services.”

According to reports, this connection “results in smart contract capability, increased cross-chain interoperability, and better freedom in creating smart contracts on ShareLedger.”

The ShareRing team will release a series of improvements on CosmWasm, Smart Contracts, and ShareLedger during the next four weeks. This most recent update, the first of six, is a quick introduction to ShareLedger’s integration of CosmWasm and ShareRing’s path towards a “frictionless, secure digital future.”

When offering access to products and services, Web2 emphasized centralization, ease, and adaptability. The environment was “riddled with privacy, security, and control flaws, as well as

ShareRing seeks “to establish ShareLedger as the option for Web3 developers to simplify access to products and services, while minimizing the friction that presently exists in a web2 world”
CosmWasm is the first step toward their larger objective of decentralization, which is “to allow frictionless access to products and services.”

Now, not only can developers “create their immutable and irreversible smart contracts into ShareLedger, but CosmWasm guarantees chain agnosticism and enhanced interoperability across smart contracts since they may execute on various chains.”

  • ShareRing app users may apparently exchange their $SHR tokens between the BNB Smart Chain and ShareLedger, as reported last month (SLP3).
  • Previously, users were required to exchange $SHR from Binance Chain (BEP2) to BEP20 (using the Binance Wallet), then to ERC20 (using Multichain), and ultimately to ShareLedger (ShareRing App).
  • Users apparently “had to pay a higher petrol cost in order to switch into ShareLedger” due to this cumbersome procedure.
  • The newly published method “allows users to bypass the ERC20 phase and enjoy a more easy 2-step procedure of exchanging BEP2 (Binance Wallet) into BEP20 and subsequently into ShareLedger through the ShareRing application.”
  • In addition, the upgraded swap module may “raise transaction volumes, support both Ethereum (ERC20) and Binance Smart Chain (BEP20), eliminate the need of centralized databases for transactional data storage, and enhance overall speed.”
  • Benefits of this new feature include:

  • Faster transactions
  • Significantly cheaper gas fees (since most of the transactions will be made on ShareLedger rather than on Ethereum)
  • Increased efficiency when swapping $SHR into SLP3
  • Usage of EIP712 to sign and verify the approvals on smart contract side
  • As said, ShareRing’s mission is to eliminate “friction” around the globe, and digital identities may “help achieve this”

    Tim Bos, CEO of ShareRing, commented (earlier this year): “Over the years, there has been a tendency for major organizations to store more and more information about you in their data warehouse in order to provide you with a ‘better service.’ But as a user, you must still provide all of your personal information whenever you sign up for a new service. And all too frequently, a hacker acquires access to this information and discloses (or sells) it.”

    AuthorKelly Cromley

    Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.