Union's innovative permissionless protocol is revolutionizing interoperability within major blockchain ecosystems, ensuring seamless connectivity. Since Bitcoin's inception in 2009 and the subsequent surge of innovations, the web3 industry has confronted numerous hurdles. Apart from regulatory challenges, enhancing user experience, and mitigating malicious activities, blockchain engineers are actively addressing scalability and interoperability issues.
Interoperability is pivotal for the growth of the industry. The World Economic Forum's 2020 whitepaper emphasized the necessity of avoiding platforms that impede future collaborations. Picture having a Gmail account but being unable to email a Yahoo account; such a lack of interoperability would have hindered the internet's progress. Similarly, blockchains must embrace interoperability for advancement.
Cosmos has emerged as a frontrunner in this domain with its Inter-Blockchain Communication (IBC) protocol, enabling sovereign chains to connect and interact without sacrificing independence. As per Map of Zones, 91 zones are linked via IBC, facilitating over $2.1 billion in transactions in the last 30 days.
Notably, IBC isn't confined to Cosmos chains. The protocol has expanded to EVM-compatible chains like Ethereum, Polygon, and Avalanche. However, most existing bridging solutions are centralized, necessitating user trust.
Union, supported by Composable Finance, Consensys, Tokensoft, and Polygon Labs, introduces a permissionless bridging protocol that links blockchains and rollups sans reliance on trusted third parties, employing advanced zero-knowledge (ZK) cryptography.
Union has already interconnected several ecosystems and recently formed a partnership with Polygon Labs. This collaboration leverages Polygon’s AggLayer to enable asset transfers and message passing between the Polygon ecosystem and IBC-enabled chains, effectively bridging Polygon and Cosmos.
Union founder and former CTO at Composable Finance, Karel Kubat, clarified that Union's bridging protocol transcends Cosmos and Polygon. “It’s not just a Cosmos to Polygon bridge but anything that’s IBC-enabled," encompassing Scroll, Arbitrum, Berrachain, Movement Labs, and M2. These can link to Ethereum via Union, tapping into its extensive liquidity.
Karel underscored the drawbacks of current centralized solutions, where each new chain must seek permission from the bridging protocol. Union enables chains to establish a channel with Ethereum without permission, fostering a future with myriad interconnected chains.
Karel cited dYdX, a major decentralized exchange, as an example. It originated as a smart contract on Ethereum before transitioning to a sovereign Cosmos app chain. “We all embraced crypto for sovereignty,” he remarked. Successful smart contracts contemplate migrating to their Layer 2 or app chain, indicating a sizable market for Union. "It’s any existing app on Ethereum and Solana that could benefit from this move."
Union’s IBC to Polygon bridge is slated for completion by year-end, marking a significant stride in establishing a permissionless, interconnected blockchain ecosystem. Follow Union on X for updates on their progress and witness how this groundbreaking protocol shapes the future of blockchain interoperability.
To sum up, Union's protocol is poised to revolutionize the blockchain landscape by facilitating permissionless interoperability across major ecosystems, ushering in a more interconnected, scalable, and sovereign future for digital assets, in alignment with blockchain's founding vision.
May 2024, Cryptoniteuae