Interoperability

What is Interoperability?

It is possible to see and share data across different blockchains thanks to blockchain interoperability, also known as cross-chain interoperability. The ability to transfer assets across several blockchains without the need for a centralized, custodial exchange is one of the obvious advantages of blockchain interoperability.

A blockchain's development depends on interoperability because it allows users to conduct transactions across various platforms. Although there are some blockchain interoperability options, more must be developed to link different blockchains like Bitcoin and Ethereum.

One common alternative is wrapped tokens, commonly referred to as proxy tokens, with wrapped bitcoin (WBTC) being the most well-liked one. Wrapped tokens, on the other hand, require a reliable custodian to retain user cash or a safe mint/burn system to guarantee a steady supply of the cryptocurrency.