Sifchain is committed to creating a blockchain and cryptocurrency world where any asset across the globe can move freely between different blockchains and do so quickly and at the cheapest price possible.
Thanks to the project’s new partnership with Nervos, that reality is getting closer and closer. The Nervos Network aims to create an all-encompassing build architecture that allows dApp developers to build once and reach all of the users, everywhere.
What the Partnership between Sifchain and Nervos Means for Blockchain Users
If there is one thing that has become an absolute certainty over the last number of years, it’s that the path to blockchain interoperability runs through building bridges between blockchains. It sounds like a simple concept but it’s an area of cryptocurrency that is still lacking.
Fortunately, Sifchain and Nervos see the value in that. Sifchain’s focus on Omni-EVM will allow them to generate bridges to Ethereum compatible blockchains within a matter of days. And with Omni-EVM, comes the ability to be able to easily and securely spin up a bridge between Sifchain and Nervos. That’s right! Any blockchain that can interact with the Ethereum Virtual Machine (EVM) can now be bridged. And one of those bridges is between Sifchain and Godwoken, the Nervos EVM Layer.
Given that Ethereum still accounts for more than 20% of all the capital invested in cryptocurrency projects today and dominates so many different facets of the crypto world (DeFi, NFTs, smart contracts, the metaverse etc…), this is a huge development.
Moving Further into the Cosmos
The Cosmos ecosystem is currently responsible for no fewer than 42 different tokens. Software developers love the Cosmos software development kit. That’s part of the reason why not only are there so many different projects living on Cosmos, several of them have multibillion-dollar market caps.
These projects now have a new possible destination. The entire Cosmos ecosystem can now move freely on the Nervos blockchain, meaning any project living on Cosmos can be used by any project living on Nervos. Everybody wins.
Interoperability at Its Finest
Want to move your assets from Ethereum to Sifchain? What about from Sifchain to Nervos? Nervos back to Sifchain and back to Ethereum?
This new partnership will allow users to do all of that. This agreement between the projects does have the potential to offer users interoperability at its finest on a scale that few other projects can offer.
Everybody in the industry knows that innovators need to continue to blur the lines between different blockchains and tokens so that anybody holding a valuable digital asset can transfer and use those assets in any way they like. Nervos is committed to pushing a new wave of interoperability with a suite of developer tools on the Nervos blockchain, and to creating the future blockchain infrastructure. The project challenges Satoshi Nakamoto’s views on reaching consensus, as outlined in the original Bitcoin whitepaper. It recognizes the challenges currently facing smart contract platforms, including issues surrounding fees and the scalability of transactions.
Nervos also aims to mitigate the desire on the part of miners to behave as selfish actors engaging in 51% attacks and other harmful activities that centralize control and act against what the original goal of the public and permissionless blockchain is supposed to be. It tackles issues plaguing both Layer 1 and Layer 2 solutions.
A Quick Overview of the Nervos Network
The Nervos Network positioning paper expresses the belief that Layer 1 solutions are supposed to be built as stores of value. But the economic model used by Nervos is based on state storage, not transaction fees. The Common Knowledge Base (CKB) described above is a Proof-of-Work based, multi-asset, store of value blockchain with its programming and economic model designed around the state.
It’s going to be the first layer 1 solution built specifically to support layer 2 solutions. The CKB will:
Complement layer 2 protocols with a focus on security and decentralization rather than overlapping layer 2 priorities like scalability.
It models ledger around the state instead of accounts. State objects can be referenced by transactions and passed between different layers.
It acts as a generalized verification machine instead of a computation engine. This means it can act as the cryptographic court that verifies off-chain state transitions.
It allows developers to add custom cryptographic primitives meaning that CKB is future-proofed and can verify proofs generated by a wide variety of layer 2 solutions.
Sifchain and Nervos Present an Exciting Future for Interoperability
Since its initial fundraising in 2019, the team at Nervos is proving that it’s committed to developing a public blockchain the way it’s supposed to be. The fact that the team is actively looking to work with Sifchain makes both projects a winner. Cosmos and Ethereum users will benefit from this as well.
It’s a win, win, win, win for everyone involved.
The future is now for Sifchain, Nervos, and interoperability.
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