Blockchain Interoperability Alliance

From P2P Foundation
Jump to: navigation, search

= "research for a common goal of developing inter-operational standards for interchain network and protocol architectures".

URL = https://icon.foundation/contents/icon/bia?lang=en

Description

1.

"In December of 2017, ‘BIA(Blockchain Interoperability Alliance)’ which functions as a linkage between independent blockchain networks has been formed.

ICON, AION, and Wanchain, as the leading parties in this alliance, have collaborated their efforts and have shared their research for a common goal of developing inter-operational standards for interchain network and protocol architectures.

The true potential of decentralized system lies in the fact that it can be infinitely expanded once the problems regarding scalability and inter-communication between blockchains are resolved." (https://icon.foundation/contents/icon/bia?lang=en)


2. by Vakeesan Mahalingam

"The alliance was formed to tackle a few major issues prevalent today. Ideally, the goal is to eliminate the reliance on centralized intermediaries, tackle the scalability problem that current protocols like Bitcoin and Ethereum have experienced with network congestion, bridge public and private blockchains, and lastly, build application specific networks that can communicate with other blockchains.

Since Bitcoin, introduced the concept of a decentralized network, and Blockchain technology back in 2009, there are now hundreds of private and public blockchains all segregated from each other. There is no common communication or means of transacting between all these different networks in existence. Currently, the challenge with decentralized networks and platform based protocols is that each network is governed by its own set of standards and economics. Think of Bitcoin, Ethereum, and Neo for example. Each uses its own currency, has its own set of rules for development, and you cannot currently move currencies between different blockchains. What if you could communicate and transact seamlessly among all these networks? Interoperability and cross chain transactions are definitely the next wave and evolution of blockchain technology. I call it Bitcoin or Blockchain 3.0

BIA seeks to usher in the next wave in Blockchain evolution and focuses on the much needed and sought after interoperability functions. This is definitely an element and focus that I believe is required if we are to ever see mass adoption by public companies." (https://cryptovest.com/features/blockchain-interoperability-alliance-bia---defining-blockchain-30/ )

More information

"My guests today are the founding members of the Blockchain Interoperability Alliance. We have Dustin Byington, the President of WANCHAIN, Min Kim, the Co-Founder of ICON, and Matthew Spoke, the Founder of AION. On the show, we’ll talk about the Blockchain Interoperability Alliance, why these 3 projects feel so strongly about interoperability, how the blockchain landscape might look in the future, and more."