Fibswap: The Most Promising Solution for Cross-Chain Communication
With the growing popularity of cryptocurrency trading, it’s time to break free from the constraints of blockchain protocols. In fact, today’s fast-paced world necessitates increased scalability, security, and communication between chains. To get around all of the limitations of blockchain systems, interoperability is required.
The introduction of cross-chain bridges or blockchain bridges has been seen as a solution to interoperability issues. However, involving a third party is not an option for achieving a positive solution. Custodial bridges and wrapped bridges are thus not an absolute solution since they depend on a third party.
However, crypto trading is possible without the involvement of a third party, and a good example is the Atomic swap.
Automatic exchanging with Atomic swap
When it comes to exchanging tokens, atomic swap, also known as atomic cross-chain trade, has eliminated the need for third-party entities. Two parties can swap tokens from two separate blockchains using this automatic exchange contract. The technology allows for no counterparty risk and trustless transactions without traders having to know each other.
Atomic swap also failed to solve interoperability because shifting Native assets between chains is not possible. However, the IBC protocol has increased the likelihood of finding the most viable interoperability solution.
What is IBC protocol?
Inter-Blockchain Communication or IBC Protocols facilitate communication and trading between independent blockchains. IBC was launched by Cosmos in 2021. This protocol allows messages to be shared among autonomously distributed ledgers. It was created with the intention of connecting independent blockchains. Using the IBC protocol heterogeneous chains can also communicate with each other and exchange tokens trustlessly.
What makes the IBC protocol more interesting is the unique way in which it connects chains. Instead of direct communication, the blockchains have to send packets of information via dedicated channels using smart contracts to connect with each other. The protocol achieves interoperability within the Cosmos ecosystem and adheres to the Tendermint’s consensus protocol.
Osmosis, a decentralized exchange built on Tendermint, lets token holders benefit directly from IBC. After all, it enables easy token exchange across multiple chains.
Can the IBC protocol be a potential interoperability solution?
IBC was launched by Cosmos with the goal of forming a network of autonomous chains. Simply put, it’s an “internet of blockchains” that enables decentralized communication. Independently constructed blockchains can use IBC to trade data, primarily tokens, with one another.
Cross-chain bridges may not be safe to rely on since their structures may not be capable of providing security and consistency. However, the data security of the IBC protocol is ensured. A trustless relayer sends the data through a dedicated channel, which is subsequently authenticated once it reaches the destination chain.
It’s also possible to build up a wide range of cross-chain applications using the IBC protocol. Cross-chain smart contracts, messaging, NFT transfers, oracle data feeds, and other features may be included in the app.
Limitation of IBC protocol
When looking at the IBC protocol system, it’s easy to imagine that it will be the ultimate solution to interoperability. However, because it only works within the Cosmos ecosystem, it has several limitations. Within Cosmos, this protocol has made it easier to trade assets between different blockchains, but not outside of this ecosystem. It’s clear that this isn’t the final word on interoperability.
However, Fibswap may still offer a viable solution to interoperability, as it has the vision to be a cross-chain dex for many blockchains, whether or not they are EVM(Ethereum Virtual Machine).
Fibswap: in brief
Why does Fibswap appear to be the most promising interoperability solution?
Fibswap is an Interoperable Multichain Bridge System that uses a smart algorithm to allow cross-chain token trading of true native assets, unlike bridges which use wrapped tokens. Buying and trading tokens from other chains is not an issue, whether it’s ETH to BSC or Polygon to Fantom. All of its facilities are accessible via a user-friendly smartphone app.
Swapping tokens through multiple chains is nothing new but with Fibswap it is possible in under a minute. This user-friendly platform is helpful not only for experienced traders but also for beginners, after all, the process of swapping tokens between chains is a simple task.
Above all, this decentralized exchange is absolutely safe for swapping tokens with complete control over the private keys due to its use of private pools
With Fibswap Dex, interoperability and communication between chains are no longer a problem. With platforms like FibSwap allowing for fast cross-chain swapping and low transaction fees, DEXs may see a significant shift. Without question, it has set the standard for interoperability solutions.