Waves to Roll Out Blockchain Agnostic Interoperability Protocol
Waves, an open-source blockchain platform, is introducing Gravity Hub, a blockchain neutral covenant for fixing the interoperability problem. The said solution will also function as a data oracle, passing info from the external world to the blockchain.
Sasha Ivanov, founder of Waves platform and Waves Enterprise, revealed the latest venture on December 11 at the Waves Meetup event in Berlin.
Gravity Hub, despite being a blockchain, will not own any native cryptocurreny or tokens. However, it can interact with other blockchains, such as Waves or Ethereum. Sasha Ivanov elaborated on the relevance of the blockchain neutral protocol as follows:
“The inability to share information across different blockchain networks, without restrictions has been a major hindrance to the development of the blockchain space.
This has to be addressed one way or another, because we see that blockchain will now be developed within individual companies, individual ecosystems, and there will be a need for interaction. This solution makes mass adoption possible and let the industry evolve further.”
As per Sasha Ivanov, Gravity Hub will facilitate interoperability at the covenant stage and at the decentralize application stage, permitting dApp to pass a request to a dApp on a totally distinct blockchain.
The nodes of Gravity Hub will be able to obtain block headers from the Ethereum blockchain and forward them to Waves blockchain.
If info related to the Ethereum block header is present on the Waves platform, the fees will prove that a specific transaction has been carried out on Ethereum.
Token ports will be utilized for moving tokens between blockchains, The Hub will also be linked to user chains, and Waves blockchain engine, referred to as Waves Matter, “can be assembled in any configuration for different purposes.”
As nodes will be segregated into main core and several must have and extra plugins, users will have the choice to select “smart contract languages, consensus algorithmic modules, types of cryptography and other functionalities” for their custom built chains.
Any member in the Gravity Hub’s ecosystem will be able to seek oracle data from any information platform with APIs varying from ERP to Google systems. Notably, yesterday, Waves and Rosseti, national energy grid operator of Russia, are trialing a blockchain system for payments in the retail power industry.
In September 2019, Waves migrated to a self-regulatory monetary protocol, permitting the community to decide the reward size for block generation and overall token supply.
At the time of writing this article, Waves token has gained 17% to trade at $0.6268.