One Master Blockchain: ICOs Discuss New Protocol

One Master Blockchain: ICOs Discuss New Protocol

 

Leading blockchain firms Aion, ICON and Wanchain have announced a formal partnership that will be known going forward as the Blockchain Interoperability Alliance (BIA), a body dedicated to developing a standardised protocol of communication among independent blockchains. 

“Blockchain-equivalent of TCP/IP”

Anticipating a blockchain-based future, the BIA group is creating an “interoperability” set of standards which will allow independent Blockchains to communicate with each other.

Blockchain Interoperability Alliance will play a crucial role in increasing the connectivity of our digital assets and our lives; we are witnessing the Blockchain equivalent of TCP/IP,” stated Dustin Byington, president of WanChain in a press release. 

The development, which is still in its inception stage, is being heralded by some commentators as the equivalent of TCP/IP for the Blockchain which created the ability for disparate intranets to communicate with each other and laid the eventual foundation for the entire internet itself. 

The Blockchain of Blockchains

Dubbed the Blockchain of Blockchains, the specific details for the eventual set of standards will not be available for some time as the BIA begins its consultations. The initiative, however, has identified the current absence of interoperability across independent blockchains as a barrier to future mass adoption. 

Whilst the nature of an eventual Blockchain Interoperability Standard is currently no more than the object of speculation, it is understood that it is likely to include four core criteria for any Blockchain to satisfy before becoming eligible to join the Blockchain of Blockchains:  the blockchain must incorporoate a double-spend solution with time-locking, multi-signature asset lock-down as well as a Hash256 cryptographic interface. 

J. H. Kim, a council member for the ICON foundation, one of the three founding partners of the initiative, described the ultimate goal as creating a “globally accepted standard for connecting blockchains, and to bring innovations together.”

Establishing the necessary standards should allow for the creation of future products and services as well as digital assets which are blockchain-agnostic, as some prepare the groundwork for the next stage of Blockchain Revolution.