A MULTICHAIN APPROACH IS THE FUTURE OF THE BLOCKCHAIN INDUSTRY
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A multichain approach is the future of the blockchain industry
Multichain solutions will change the blockchain space from an “interesting new technology” to an essential, high-growth industry.
The blockchain industry market size was estimated by some to reach more than $21 billion by 2025. The market capitalization of the cryptocurrency market as a whole already reaches over $1.9 trillion. An ecosystem that was once defined by its tight-knit community and exclusivity now reaches governments, businesses, institutional investors and individuals who are all becoming more positive about the evolving space.
With this new popularity, a crossroads has emerged. We have reached the stage of adoption where the amount of users utilizing decentralized technology has exceeded the functionality of the technology itself. This has resulted in regularly congested networks and a demand for solutions.
Many of the roadblocks we are experiencing could easily be solved with scaling solutions such as bridges, parachains and other features that create seamless transitions for Web 3.0 users and depend solely on a shared vision of a multichain approach to the next wave of blockchain adoption.
A multichain future
Taking charge of the existing blockchain complexities will be absolutely critical to transition blockchain to a high-growth industry.
Imagine major layer-one blockchains like Ethereum as a city. They are congested and more expensive, but you get certain benefits. On the other hand, layer-two blockchains and sidechains are more like the suburbs. They are less congested and may offer lower security. If there were a proper means of fast transportation between these communities, users could enjoy the best of all worlds.
To prepare for the mass adoption of Web 3.0, which will see an influx of over a billion users, we must be ready to adopt a multichain approach, bringing with it the elimination of complex transactions and ensuring a frictionless experience for end-users.