Waves Answer for Blockchain Interoperability

Waves Answer for Blockchain Interoperability

The Waves platform have released details of the Gravity Hub project as their solution for interoperability across multiple blockchains and dApps. If successful, it is believed such a development would remove a major hurdle for the industry by allowing individually created blockchains and their proprietary ecosystems to interact with one another.

Gravity Hub will operate without a native token and instead utilise token ports to bridge between any participating blockchains. In addition to the interoperability protocol, an inclusive data oracle will provide any necessary information from outside of the blockchains.

Speaking about the Gravity Hub initiative at yesterday’s community meet-up in Berlin, Waves’ founder and CEO Sasha Ivanov said, “We want to make all chains interacting with each other and external world through Gravity Hub.”

National and Multinational

Initially viewed as a Russian-based alternative to Ethereum, the Waves platform launched in a successful initial coin offering (ICO) in 2016 that raised around $18 million. It has continued to attract investment and last year secured a further $120 million in funding.

At a national level, Waves recently announced a pilot project with Rosseti – Russia’s largest electrical grid company – for testing the application of blockchain technology in the retail electric energy sector.

The Gravity Hub project though is wider reaching and is not concerned with borders or boundaries. Waves’ media post refers to the possibility of “Ethereum or any other blockchain” connecting to the Hub which “…will assume interoperability at the protocol level, as well as at the decentralised applications level, allowing a dApp to send a request to another dApp on a different blockchain.”

In order to join the connected network, a user will need to install a Gravity Hub node and lock in an as yet undefined sum of money on any of the supported public blockchains. By performing as a node the user will be enabled to collect revenues from data requests on the network.