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The Web3 world is marked by its decentralized and interconnected nature. One of the key challenges in this emerging landscape is achieving interoperability between various blockchains and Web3 applications.Interoperability is the ability of different systems to work together seamlessly, and in Web3, it&#39;s essential for the efficient transfer of assets and data across diverse platforms. In this newsletter edition, we&#39;ll delve into the concept of Web3 interoperability and its implications.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fa4fe1c6d72c4ae78743a12b96e3524f.jpg" />Why Interoperability Matters:In Web3, at least for now, there&#39;s no one-size-fits-all blockchain or application. Different blockchains serve different purposes and have unique features. For example, Ethereum is popular for smart contracts, while Polkadot focuses on cross-chain communication. Achieving interoperability is crucial for several reasons, a few of which include:<ol><li>Asset Transfer: It enables the transfer of assets (cryptocurrencies, tokens, NFTs) between different blockchains, making it easier for users to manage their digital wealth.</li><li>Cross-Platform Functionality: Interoperability allows decentralized applications (dApps) to work across multiple blockchains, providing users with a broader range of options.</li><li>Scalability: Interoperability can improve the overall <a href="https://defi-planet.com/2022/02/what-is-the-blockchain-trilemma/" rel="noopener noreferrer nofollow">scalability</a> of the Web3 ecosystem, as it reduces the strain on any single blockchain.</li></ol>How Interoperability Works:There are several approaches to achieving interoperability in Web3:<ol><li><a href="https://defi-planet.com/2022/03/an-overview-of-cross-chain-bridges/" rel="noopener noreferrer nofollow">Bridges</a>: These are smart contracts or protocols that facilitate the transfer of assets between two blockchains. They basically lock up assets on one chain and release equivalent assets on another.</li><li><a href="https://defi-planet.com/2022/06/an-overview-of-blockchain-scalability-solutions/" rel="noopener noreferrer nofollow">Sidechains:</a> These are secondary blockchains connected to the main blockchain. They can have different rules and features, but they&#39;re interoperable with the primary chain.</li><li>Cross-Chain Platforms: Projects like Polkadot and Cosmos aim to create an interoperable ecosystem where multiple blockchains can communicate with each other.</li></ol>Challenges and Developments:Interoperability is still a work in progress. Some challenges include security concerns, consensus mechanisms, and governance models. Nevertheless, the Web3 community is actively working on solutions. Below are some we’ve featured on DeFi Planet:<ol><li><a href="https://defi-planet.com/2021/08/polkadot-what-you-need-to-know/" rel="noopener noreferrer nofollow">Polkadot</a>: Polkadot&#39;s parachain architecture is a promising approach to achieving interoperability. It allows different blockchains to connect to the Polkadot network and communicate with each other.</li><li><a href="https://defi-planet.com/2022/05/an-overview-of-the-cosmos-ecosystem/" rel="noopener noreferrer nofollow">Cosmos</a>: The Cosmos Hub and its Inter-Blockchain Communication (IBC) protocol enable blockchains built on the Cosmos SDK to connect and transact.</li><li>Interoperability Projects: Several projects are working exclusively on bridging different blockchains, creating a network of interoperable chains. This article provides a comprehensive and in-depth coverage of blockchain interoperability and composability. It&#39;s definitely worth reading for anyone interested in exploring this topic further.</li></ol>The Future of Web3 Interoperability:As Web3 continues to grow and evolve, interoperability will without a doubt become increasingly important. Users will expect a seamless experience when interacting with various blockchains and dApps, and projects that can facilitate this will likely play a crucial role in the future of the decentralized internet.Web3 interoperability is an exciting frontier, promising to unlock new possibilities in the world of decentralized technology. It&#39;s a space to watch as it unfolds and matures, ultimately making the decentralized future more connected and accessible.Catch up on our published articles for the week!NEWS●  Sam Bankman-Fried Convicted of Fraud in FTX Collapse, May Face 110-Year Prison Term &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/sam-bankman-fried-convicted-of-fraud-in-ftx-collapse-may-face-110-year-prison-term/" rel="noopener noreferrer nofollow"> Read more</a>.● JPEG’d Issues Warning to NFT Enthusiasts As Phishing Attacks Surge on Crypto Platforms &amp; Communities &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/jpegd-issues-warning-to-nft-enthusiasts-as-phishing-attacks-surge-on-crypto-platforms-communities/" rel="noopener noreferrer nofollow"> Read more</a>.●  Hong Kong’s HKMA Release Report on Successful First-Phase CBDC Pilot Trials &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/hong-kongs-hkma-release-report-on-successful-first-phase-cbdc-pilot-trials/" rel="noopener noreferrer nofollow"> Read more</a>.●  Singapore’s MAS Collaborates with Global Regulators for Cross-Border Digital Currency Development &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/singapores-mas-collaborates-with-global-regulators-for-cross-border-digital-currency-development/" rel="noopener noreferrer nofollow"> Read more</a>.●  Kasikornbank (KBank) Acquires Majority Stake in Thai Crypto Exchange Satang Pro for $103 Million &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/kasikornbank-kbank-acquires-majority-stake-in-thai-crypto-exchange-satang-pro-for-103-million/" rel="noopener noreferrer nofollow"> Read more</a>.● Zodia Launches Crypto Custody Services in Hong Kong to Meet Institutional Demand &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/zodia-launches-crypto-custody-services-in-hong-kong-to-meet-institutional-demand/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Security Challenges in Web3 Gaming &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/security-challenges-in-web3-gaming/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Cross-Border Transfers in Africa: The Blockchain Advantage &gt;&gt;&gt;<a href="https://defi-planet.com/2023/10/cross-border-transfers-in-africa-the-blockchain-advantage/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Valuable Lessons From the SBF-FTX Case for the Cryptocurrency Industry &gt;&gt;&gt;<a href="https://defi-planet.com/2023/11/valuable-lessons-from-the-sbf-ftx-case-for-the-cryptocurrency-industry/" rel="noopener noreferrer nofollow"> Learn more.</a>Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/10292bbef87d4efa8415917486d6d4b0.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #74 | Web3 Interoperability: Bridging the Gap Between Blockchains 🧩🌐

DeFi Planet

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