Different blockchains exist around the world with each of them having its role, mechanism, and transaction methods. They, however, find it difficult to share data between themselves. Taking some steps back, it would be beneficial to recap a little on the essence of blockchain technology.
A blockchain is a sequential time-sensitive stream of data that is verifiable by a consensus of computers called nodes that make up its network. Each data record is called a block which is linked to each other and secured using cryptography. Cryptography ensures each new data record is unique and not tampered with.
Each coin has its blockchain like Bitcoin and Ethereum. What each blockchain network does is ensure that each transaction is secure and unique. Challenges come up with the exchange of currencies from one blockchain network to another making the process difficult and incurring extra charges when trying to convert assets from, for example, Ethereum for bitcoin. This process is not only tedious but also time-consuming and costly.
The cost of transactions and the time it takes to finish a single transaction, which goes up to several seconds in some blockchains itemizes some of the challenges facing blockchains. The complexity of this process increases when a transaction is made from one blockchain to another.
In the financial world, for cryptocurrency to survive, the issues of cross-chain transactions must be solved. When we talk about cross-chain transactions, we refer to transactions from a blockchain of one type of cryptocurrency to a blockchain of another type of cryptocurrency.
In cross-chain transactions, multiple parties exchange assets across multiple blockchains. It enables easy-swap or exchange of tokens between two unique blockchains networks. The users can easily swap tokens directly without the use of a centralized medium facilitated by a smart contract.
With cross-chain transactions, there is an assurance of improved privacy, reduction in trading fees, and reduction in time spent in a transaction.
Blockchain developers have for some time now been thinking of ways to resolve the situation. Atomic swaps were introduced, making it easy for transactions to be made in a trustless manner and it also ensures the outcome of the transaction is secured.
With the cross-chain communication technology between the two blockchains, an atomic swap is possible, making it easy to directly exchange Ethereum for bitcoin or tokens on one blockchain network for tokens on another blockchain network.
This illustration shows how different blockchains can communicate and transact with each other.
The issue of their inability to communicate with each other necessitates the need for inter-blockchain operation and communication, introducing the use of cross-chain technology.
Cross-chain technology is used to promote and facilitate communication between different blockchain networks. Different blockchain networks can communicate with each other and tap into the strength of other blockchain networks in a decentralized method. Several protocols have been created to meet this need but it has proven difficult due to their inability to exchange native tokens.
By standard, cross-chain technology facilitates blockchain interoperability, where data and transactions on each blockchain can communicate with one another. By so doing, the siloed nature of blockchains is disrupted to create an intertwined distributed ecosystem.
Individual blockchains are faced with problems of scalability and trying to solve them. It may take a while before it is fully resolved. The ClassZZ main net is hereby introduced to solve these issues.
In our previous article, we described the ClassZZ network as a blockchain main net that seeks to provide unbounded scalability using cross-chain transactions, where users can get native tokens from one blockchain to another.
The ClassZZ network and the Te Waka protocol promise to carry out cross-chain transactions in a total trustless, permissionless and decentralized manner. Our focus would be on describing how the ClassZZ intends to carry out secure cross-chain transactions.
ClassZZ solves issues relating to scalability, time, and cost by designing and activating a decentralized platform. By using the Te Waka protocol, all cross-chain transactions are settled already on another blockchain. Hence, the transaction themselves can be settled in a highly parallel manner.
The ClassZZ main net uses sharding and the Te Waka protocol to achieve unbounded scalability through the present capsule protocol. This will enable Te Waka to process cross-chain transactions between high throughput networks like Ethereum layer 2 with plenty of room for redundancy.
ClassZZ aims to easily facilitate the swap and exchange of native tokens on different blockchain networks. These exchanges are facilitated by smart contracts. The essence of the introduction of the ClassZZ blockchain main net is that the main use case is in the cross-chain protocol of native tokens. Users would hold CZZ tokens on the main net as a store of value while making transactions using mainly mapped tokens which will leverage on the throughput of other networks, and shards of the Class ZZ network.
The designers of ClassZZ main net are focused on building a universal platform that assures the provision of secure services that facilitates and enables easy interactions and transactions across multiple blockchain network platforms.
By encouraging cross-chain transactions, ClassZZ main net promotes blockchain interoperability, which allows different blockchains to speak and communicate with one another.
The benefit of this is that with ClassZZ, there is increased efficiency, reduced fragmentation, and users are allowed to transact between blockchains. The cross-chain technology enables blockchain interoperability, thus, making it possible for cross-chain transactions to take place.
For ClassZZ, the aim of using the cross-chain technology is to make provision for easy transfer of the same tokens across different blockchains. This is what the trustless and universality features of the Te Waka protocol represent. This is done in a decentralized manner on a permissionless public chain.
To summarize, the cross-chain transaction is a great way to promote and make provision for blockchain interoperability where different blockchains can communicate and transactions can be done on and through them without a centralized platform. The use of blockchain technology is majorly based on the underlying advantages, capabilities, and functionalities embedded in it.
Blockchain developers continue to leverage the features of blockchain technology to come up with different blockchain projects that aim to solve the challenges associated with the technology. Newer protocols also exist to tackle the challenges of blockchain technology.
We know that with the increase in the use of blockchain technology, there are issues of transactions between blockchains and issues of scalability. With these issues, the full potentials of blockchains cannot be maximized and the benefits not harnessed.
A major way to tackle the challenges associated with blockchain technology is to allow interoperability between blockchains. Decentralization is also a key feature to introduce. This is what cross-chain technology aims to solve. The cross-chain protocols are to be compatible with other blockchains as they aim to augment connectivity. This means financial transactions can be enabled between different blockchain networks.
The ClassZZ main network seeks to leverage the foregoing discussion to ensure that users’ transactions are secured, save time and cost in a decentralized system. The main net uses the Te Waka protocol which is a decentralized cross-chain protocol for native tokens that facilitates cross-chain transactions.
With the Te Waka protocol, cross-chain transactions are made easy. Cross-chain inputs on other blockchains are settled already, making it easy for native tokens to be exchanged securely between blockchains, transaction fees will be reduced substantially through such an ecosystem, and downtime will become zero.