Blockchain technology has revolutionized the concept of managing digital transactions by introducing decentralization and transparency. As more and more blockchain networks enter the landscape, the issue of interoperability among them is one of the critical concerns.
That is where the concept of blockchain interoperability comes. Interoperability of blockchain is a method that addresses the operational capacity of various systems, platforms, or applications to exchange and utilize information. Interoperability in blockchains is the ability to link multiple blockchains. This allows them to transfer value, data, and operations between networks.
What is Blockchain Interoperability?
First let’s get into what does the term interoperability mean? Blockchain Iinteroperability means that multiple blockchains can communicate with each other. They can exchange data with little or no outside help. Blockchain integration is improving the system's usability and functionality. It allows various systems to work together via blockchain.
The Importance of Blockchain Interoperability
It solves the problem of segmented blockchains that exist and work autonomously without being connected to other systems and networks that transfer data and values. Interoperability can expand blockchain applications, improve their performance, and inspire new cross chain solutions. This is even more crucial for applications such as decentralized finance, supply chain, and other players that require connected systems.
Challenges in Blockchain Interoperability
Despite its importance, here are some blockchain interoperability challenges;
Diverse Protocols: Each of the blockchain forms has working protocols, consensus mechanisms, and languages that are incompatible with the same nature of other blockchains.
Security Concerns: One of the greatest difficulties that has to be faced is the security of transactions, irrespective of the different networks that may be involved.
Standardization: This has to be done by providing standardization for interoperability, thereby causing compatibility problems among the blockchains.
Scalability: The solutions concerning scalability interoperability and sustainability of blockchains should accommodate more and more transaction requests on as many networks as possible without a decrease in efficiency.
Existing Blockchain Interoperability Projects and Protocols
Several blockchain interoperability protocols and projects are working towards achieving blockchain interoperability solutions;
Polkadot: A system for inter-connected blockchains so that multiple blockchain systems can send messages and value reliably.
Cosmos: A network of multiple distributed ledgers that select a set of consensus algorithms based on Byzantine Fault Tolerance for one or many blockchains.
ICON: Interlink is a blockchain protocol that targets connecting individual blockchains that possess a compatibility system.
Wanchain: An endeavor that focuses on linking different accounts and creating a bridge between different blockchains.
Introducing ARMswap: A Next-Generation Blockchain Interoperability Platform
ARMswap is a next-generation platform for securely bridging and swapping tokens. One major benefit of ARMswap is that users can swap and bridge tokens across over 31 blockchains.
How Secure is ARMswap?
ARMswap cares deeply about the security that its users witness as they access their services. Cryptocurrency security in ARMswap is powered by Hardware Security Modules (HSMs) and physical devices that secure cryptographic keys used in cross chain transactions. This makes it possible for the transaction keys to be securely isolated and protected, adding a powerful layer of security to the ARMswap platform. Here’s how HSM ensures security:
Key Protection: HSMs securely store cryptographic keys making it nearly impossible for unauthorized access.
Transaction Verification: Each transaction undergoes verification by the HSM to confirm authenticity.
Isolation: HSM operates separately from the primary system to safeguard the platform’s security even if the platform is compromised.
Fees and Transactions on ARMswap
ARMswap is integrated with 11 blockchains through its third-party provider, Changelly, which charges a standard fee of 0.4%. For the other 20 blockchains on ARMswap, users have to pay a fee of 0.35%. These competitive fees, along with the minimal transaction time, make ARMswap one competitive platform to swap and bridge assets across 31 chains.
Bridging Back from Any Chain on ARMswap
The most remarkable element of ARMswap is the ability to bridge back from any supported chain. A user can interact with the wallets and connect to the ARMswap application. Identify the source chain and target chain and then bridge back the tokens to their initial chain. This flexibility is very useful, especially for those users who want to transfer their assets from one blockchain network back to another.
Why Choose ARMswap for Blockchain Interoperability?
Following are the reasons to choose ARMswap for Blockchain Interoperability;
Fast Transactions and Scalability
ARMswap's design ensures fast and scalable transactions, allowing users to complete transactions in the shortest time possible.
Security and Trust
With HSM based security protocols, ARMswap offers a secure platform for cross chain transfer.
Community Engagement and Incentives
ARMswap encourages an active community through incentive programs. Users can earn rewards by contributing to liquidity pools and participating in the ARMswap MVP program.
Real-Time Data Integration
ARMswap provides accurate and real-time data on token prices and transactions, fostering trust and enabling informed decisions.
Custom Pool Creation
