The executives at Korea Blockchain Week predict that the future of blockchain will be characterized by interoperability and the demise of “chain tribalism.” They argue that the proliferation of numerous blockchain solutions, along with the development of secure cross-chain interoperability protocols, will eliminate the need for projects to be tied to a specific blockchain. Vance Spencer, co-founder of Framework Ventures, highlights Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as an example of a solution that allows users to have assets on one chain and interact with contracts on another through cross-chain messaging. Brandon Truong, a core contributor to ZetaChain, notes that their platform operates similarly to CCIP but also allows for programming interoperable smart contracts. He believes that interoperability will become the standard, leading to less “chain tribalism” and more emphasis on utility. Additionally, upcoming products like MetaMask Snaps will enable developers to launch apps that expand the functionality of the crypto wallet and work with multiple blockchains.
During a panel discussion at Korea Blockchain Week, Georgios Vlachos, co-founder of Axelar, suggests that there will eventually be “hundreds of chains” processing significant economic activity. He argues that multiple blockchains are necessary because a single blockchain cannot handle the volume of transactions needed to become a foundational architecture for Web2. Currently, blockchain bridges are primarily used for sending assets between networks, but they are susceptible to hacks. Ramani Ramachandran, founder and CEO of Router Protocol, believes that these bridges will be replaced by more secure cross-chain solutions. Router Protocol plans to launch a solution that sources liquidity from multiple wallets, allowing users to move funds between chains through a peer-to-peer transfer system facilitated by a middleman. Sergey Nazarov, co-founder of Chainlink, emphasizes the importance of cross-chain interoperability for the industry’s legitimacy and the seamless use of Web3 apps across different blockchains. He believes that the banking system will play a significant role in the adoption of Web3 and that connecting banks to public blockchains will bring more value into the industry. However, there are technical and legal barriers that need to be overcome for this integration to occur. Overall, the executives at Korea Blockchain Week envision a future where blockchain interoperability is the norm, leading to increased utility and real-world use cases.