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The Role of Cross-Chain in DEFIT’s Future

Cryptocurrency
14.05.2021
138
The Role of Cross-Chain in DEFIT’s Future

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In the midst of the exponentially growing Blockchain and DeFi ecosystem, one particular challenge has become prominent: the creation of the siloed networks.

The blockchain world has gained the attention of a lot of companies resulting in a flooded market of blockchain projects. Further, these blockchain projects have their own set of unique properties such as block size, consensus algorithm, language, hashing algorithm, and cryptographic standards. Different applications are being built on different blockchain projects.

The Need for Cross-Chain Interoperability

Due to the differences in fundamental properties, these blockchain platforms are unable to interact with each other directly. This means that an application on Blockchain A can not directly share data with an application on Blockchain B. In order to share data, a third party has to be introduced to act as a medium of exchange.

However, having a third party defies the very reason for having a Blockchain-based system in the first place as the integrity of data is lost.

This is where cross-chain or Blockchain interoperability comes into the picture.

In the current ecosystem where Blockchain-based decentralized applications are still far from mainstream adoption, the need for interoperability is not clear. The reason behind this is that the applications, at an individual level, fulfill the demand for integrity, security, and decentralization.

However, the existing Blockchain system will not withstand a growing user base that requires simplified user experience and access to multiple applications without losing Blockchain benefits.

Especially in the health and fitness industry, where the health status of a person is required to be used in different applications. For instance, the daily activities of a person can be used by the insurance company to incentivize a healthy lifestyle, or the blood oxygen level records of a person can be used by doctors to maintain a complete health record and prescribe medicines accordingly.

Therefore, the need for Blockchain interoperability or cross-chain application is paramount in the health and fitness industry to create a sustainable ecosystem.

Role of DEFIT in the Sustainable Future of the Fitness Industry

DEFIT by 360Wellness recognizes the need for cross-chain interoperability in the future of DeFi-based fitness applications. Therefore, being a one-of-a-kind health and fitness decentralized application, DEFITs future includes the implementation of cross-chain interoperability.

The current dApp ecosystem is heavily dependent on the Ethereum Blockchain which has caused a lot of network congestion, leading to ridiculously high transaction or gas fees. Alternatives such as Binance and Polkadot have emerged to counter the high fee and facilitate a smoother experience for the user including faster transactions.

The thing to consider here is that Ethereum has already gained popularity and become the first choice for decentralized applications. The only possible solution is the implementation of a dApp on Ethereum and allowing the same dApp to be used by users on Binance or other Blockchains.

The DEFIT team is prepared to implement a BEP-7 token for the application to accommodate its use on Binance Smart Chain and similarly different implementations for different blockchains. Here, the ERC20 token on Ethereum can be interchanged with the BEP-7 token on Binance without any hassle. Furthermore, financial activities such as staking and swapping can be done on the Binance ecosystem too.

With the implementation of a Polkadot substrate, the DEFIT team can open doors to numerous potential cross-chain implementations as any blockchain can be created as a substrate in Polkadot.

The possibility of a cross-chain solution of DEFIT allows the application to be a future-ready solution, to face the high transaction fee issue, and to provide more accessibility and accommodate faster transactions. Therefore, the role of cross-chain in DEFIT’s future allows DEFIT to become the new normal of our digital health and fitness industry.

Author:cryptonews

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