There is nothing like “one chain to rule them all”, but a range of many blockchains co-exist with different specific use cases. Bitcoin and Ethereum run on single-chain networks but they would have to implement new technology or second layer solutions to function properly at scale. We cannot scale our project if we only stuck with Ethereum, and because of high Ethereum gas fees.
So it’s clear that going multi-chain could be one way to tackle the Ethereum high gas fee issue & a successful way for Project Hydro’s growth and adoption. That’s why we are going to be a multi-chain platform, and the whole Hydro ecosystem will be supported on different blockchains.
You guys can say that this is our first step towards blockchain interoperability and by going to multi-chain reduces business risk as well.
To become a multi-chain platform, we are considering the below Blockchains to start within 1st phase which will take 6 months to complete:
- Binance Smart Chain
- Moonbeam (Polkadot Parachains)
- Plasm (Polkadot Parachains)
Let’s discuss first about Blockchain generations and then Blockchains that we are going to adopt.
As of now there are three generations of Blockchains exist. Remarkably, all three generations are continuing to move forward and create their own space in the crypto industry and are attempting to emerge as winners in the very overlapped space.
The three blockchain generations that currently exists are:
- 1st generation blockchains — Bitcoin, Litecoin
- 2nd generation blockchains — Ethereum, NEO, ICON
- 3rd generation blockchains — Cardano, Zilliqa, EOS, Nano, IOTA
There is no 4th generation of blockchain exist yet but will most likely be when the 3rd generation meets AI (Artificial Intelligence). The 4th generation of Blockchain will solve the problems of the previous generations of blockchain with the help of AI, ML, Sharding, and many other modern technologies.
Binance Smart Chain (BSC)
BSC (Binance Smart Chain) is a Parallel Binance Chain which enables creation of Smart Contracts. It is an Ethereum Virtual Machine-compatible as well. The main goal of Binance Smart Chain is to bring interoperability and programmability to the Binance Chain.
Benefits of BSC:
- A growing digital asset ecosystem powered by Binance DEX.
- Low-cost transaction fees that reach as low as 1 cent.
- High performance network with a capability of generating a block every 3 seconds.
- Cross-chain DeFi mechanisms that improve DeFi interoperability.
- A supportive ecosystem that bootstraps many DeFi projects.
- An ecosystem which is widely expanded to the millions of users across Binance DEX and Binance.com.
- Major network collaboration with BSC.
Moonbeam (A smart contract parachain on Polkadot)
Moonbeam is a smart contract parachain on Polkadot. Solidity written smart contracts are directly compatible with Moonbeam’s EVM. Applications built on Moonbeam benefit from the interoperability within the Polkadot ecosystem, as well as interoperability with Ethereum with additional features such as on-chain governance, staking, and cross-chain integrations.
Benefits of Moonbeam:
- Smart Contracts will work right away with minimal configuration changes.
- Support EVM compatible Smart Contract Languages like Solidity, Vyper.
- Use Ethereum-based tools like MetaMask, Remix, and Truffle.
- Built-in integrated assets like ERC-20s and DOT, and infrastructure services like Chainlink and TheGraph.
Plasm (A smart contract platform on Polkadot)
Plasm Network is a smart contract platform on Polkadot. This platform is also multi-virtual machines scalable and supports layer 2 like Rollups as well. It provides developers a platform that can be used to build any kind of applications on the Plasm Network without having to consider its scalability.
Benefits of Plasm:
- Decentralized open source product.
- Brings vertical layer2 off-chain scalability into Polkadot.
- Support Polkadot Relaychain.
- Ethereum compatible smart contracts can be deployed with Metamask and Remix.
- Multi-Virtual Machine scalable smart contract platform.
- Rewarding Plasm Network’s DApps developers.
- Support On-Chain Decentralized Governance or DAO.
Algorand is the world’s first pure proof-of-stake, permissionless and open blockchain protocol. A transparent system of decentralized projects and applications in which everyone can achieve success. It has a fast transaction time by enabling fast transaction finality through cryptographic sortition.
Benefits of Algorand:
- Algorand Smart Contract (ASC1): A trusted, seamless solution with scalable, cost-effective and faster performance.
- Algorand Standard Assets (ASA): provide a mechanism that allows users to represent any type of assets like system credits, loyalty or in-game points, and stablecoins.
- Atomic Transfers: Secure way to simultaneously transfer a number of assets as in batch operations among a number of parties.
- Rekeying: Allow changing of Private Spending key without the need to change Public Address.
Cardano is a proof-of-stake blockchain platform. It combines innovative technologies to offer unmatched security and sustainability to decentralized applications, systems, and societies.
Benefits of Cardano:
- Proof-Of-Stake And Ouroboros: The first peer-reviewed, verifiably, and most environmentally sustainable Blockchain Protocol.
- The Highest Standards in Development: Developed using evidence-based methods which helps the project remain adaptable and responsive to emerging requirements and new innovations.
- Unparalleled Security: Provably secure against bad actors and Sybil attacks. Every interaction and transaction is immutably and transparently recovered, and securely validated.
- Incentivized Participation: An incentive mechanism that rewards users for their participation either as stake pool operators or stake delegators.
- Scalable and Sustainable: Can scale to global requirements with minimal energy requirements.
In the future as projects grow, Project Hydro will adopt more Blockchains.