More than 10 years have passed since the blockchain appeared in the world of technology and finance. Since then, around the technologies, applications, and cryptocurrencies that were based on a decentralized registry, a huge dedicated community has emerged, which not only enjoyed all the advantages of the blockchain but also tried in every possible way to improve and develop it. Today, there are thousands of projects that differ significantly from each other and offer different functions, capabilities, and benefits.
But with the growth of the blockchain community and the emergence of many new blockchains, a problem arose: people from different blockchain ecosystems were cut off from each other. If you use the Ethereum blockchain and your friend prefers LN, then, unfortunately, you cannot interact with each other. The problem of cross-platform and interoperability is very complex, since decentralized networks operate on different consensus protocols and have different network principles.
But not so long ago, a solution appeared on the market — Libonomy, a new platform that interconnects different protocols under one ecosystem. It’s a team led by three Swedish entrepreneurs – Richard Haverinen (CEO), Fredrik Johansson and Therese Johansson. The three co-founders have an extensive history in running businesses and building many startups, they are life-long friends. With shared ideology in their minds, together they have spent the second half of last decade accumulating knowledge about decentralized technology and building an intelligent team around them, the result of their actions – Libonomy.
Thanks to AI, Libonomy is autonomous and versatile, because the self-learning technology can adjust the block size, network bandwidth and other parameters, depending on the user’s requests. It is planned that the Libonomy platform will be used to create dAPPs, smart contracts, cross-blockchain transactions and launch DEXs.
Although the project is still in development, an update was recently released that adds a link between Libonomy and the Bitcoin blockchain. Now, Bitcoin transactions can be executed from the Libonomy blockchain wallet using the BTC Relayer technology! The developers have tested this feature and reported positive results.
BTC Relayer is the communication bridge between the Bitcoin-network and the alliance-chain in the cross-chain ecosystem. BTC Relayer is responsible for forwarding BTC cross-chain transactions to the alliance-chain. This is the first step in the cross-chain. Main functions include two parts:
- The first part is to monitor the Bitcoin-network, which forwards BTC-transactions, that will be crosschained to other chains, to the consortium-chain.
- The second part is to monitor the consortium-chain and broadcast the transactions to the Bitcoin-network.
To learn more about the technology, you can explore the Libonomy repository on GitHub
In the coming year, the Libonomy team is implementing wider interactions with Ethereum, Bitcoin, Poly Network, Cosmos and other blockchains. Thus, we can now observe the development of a completely new interoperability format within the blockchain industry. Perhaps, after the full release of the Libonomy ecosystem, the world of decentralized technologies will face major changes for the better.