Is Coinweb The King Of Blockchain Interoperability, Scalability, and Security? Skip to main content

Is Coinweb The King Of Blockchain Interoperability, Scalability, and Security?

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Coinweb is the king of blockchain interoperability, scalability, and security. It sits and works on top of various major layer 1 blockchains like Bitcoin, Ethereum, Litecoin, Cardano, and many others. Thus, Coinweb is a layer 2 platform where you can build your own dApps that interact, migrate and/or communicate with all the blockchains it sits on. 

According to their website, "Coinweb is unifying blockchains, closing the gaps between solutions and integrating new technical advancements to the space."

What is scalability?

In cryptography, scalability is the ability of a platform to properly handle a growing amount of work and number of users without slowing down or failing. When CryptoKitties was introduced to the Ethereum network, it exposed the lack of scalability in the Ethereum blockchain. 

This forced developers of the Ethereum platform to make some huge changes to it so that it could handle large amounts of work at a higher speed without failing. 

Because Coinweb sits on many different blockchains, if the blockchain your dApp is using becomes slow or expensive, your dApp can be automatically or manually moved to a fast and cheap blockchain immediately without the users noticing or knowing about it.

What is interoperability?

In cryptography, interoperability is the ability of blockchains to share, exchange, and make use of information. Since a blockchain is a ledger, the current situation as of now in September 2022 is that the information on the Bitcoin ledger cannot be shared with Ethereum and the information on the Ethereum ledger cannot be exchanged and used on the Cardano blockchain.

Some crypto projects tried to introduce interoperability by building bridges. The bridges were not secure and hackers got in and stole a lot of money and ran away. Bridges are not safe.

Coinweb is not a bridge. It is a "cross-chain computation platform. It's a secure, fast, reliable connected solution to the biggest issues facing blockchains today."  

Instead of building a bridge between blockchains, they use a unique in-chain architecture which is secure, fast, scalable, and reliable.

What is security?

In cryptography, security is that state of being free from dangers and threats especially from hackers, artificial intelligence, malware, viruses, and quantum computers in the hands of bad people.

The bridges you read about everyday losing money to hackers and scammers, are not secure. 

Being secure does not mean that bad people never try to hack or damage. They try every second all over the world but they fail because the network is secure and has no bugs in it. 

The Coinweb team started building it in 2017 and up to now in September 2022 they are still building. They plan to release the main net of the project to the public in the early months of 2023. They are taking their time to make sure the platform is highly secure.

Conclusion:

Although there are so many crypto projects these days, some of which are trying to do the same things or competing against each other, Coinweb will be on top of them all because it solves the biggest problems facing the blockchain and crypto industry today.

DISCLAIMER

(1) All content found in my articles, including text, images, audio, or other formats were created for informational purposes only and is not financial advice.  The Content is not intended to be a substitute for professional financial advice. 

(2) Some of the links on my blog are affiliate links, and at no additional cost to you, I will earn a small commission if you decide to make a purchase. Please understand that I have experience with all of the companies, and I recommend them because they are extremely helpful. By using my affiliate links, you are helping me keep this blog up and running.

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  1. bloock.comSeptember 16, 2022 at 3:41 AM

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  2. guruApril 21, 2023 at 5:12 AM

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