Why do we need cross-chain technology? Why is blockchain 3.0 necessarily linked to cross-chain technology? Probably because, in the future, it will serve as foundation for blockchain 4.0, which will provide the architecture for cross-chain operations between different economic systems.
The existence of multiple blockchains makes the need for cross-chain solutions crucial. The creation of InterValue paves the way for the future of the blockchain industry. Cross-chain technology is not just about the connection and transfer of value, but it is also about the connection and transfer of data and value.
In today's blockchain world, most blockchains are not equipped with cross-chain solutions. Cross-chain is a complex process that requires independent verification of the nodes within the blockchain. It requires decentralized input and verification of the information within the external ecosystem.
InterValue is a self-evolving ecosystem that draws on the benefits of the existing Blockchain 3.0 projects. It is committed to building the infrastructure of the Blockchain 4.0 era, leveraging on the strengths of IOTA and Byteball that use the DAG data structure and the Hashgraph project which is currently under development.
InterValue designs and implements a new consensus mechanism based on HashNet to solve various problems in the existing blockchain infrastructure. Besides, it adopts an innovative two-layer consensus mechanism with anti-quantum attack characteristics.
W Finance interviewed the InterValue team to know more about InterValue’s cross-chain solutions. As a blockchain project aiming to enable value transfer, InterValue it provides solutions to allow its users to interact and connect with other blockchain projects. It achieves value interconnection by building bridges between different blockchain projects, that currently look like “dispersed islands” with no interconnections.
Based on this, InterValue introduced its advanced cross-chain mechanism and ambitious application scenarios to W Finance.
InterValue is a multi-layer public blockchain that can horizontally expand the performance of its main network and other “side” blockchains. Can you briefly introduce InterValue’s application scenarios?
InterValue application scenarios mainly include digital currency applications, financial applications, and non-financial applications. Digital currencies mainly involve the issuance of third-party assets, crowdfunding, financing and so forth. Based on the InterValue public chain, third-party assets can be issued. At the same time, digital currency asset related applications such as crowdfunding and financing can be performed on-chain.
Financial applications refer to industries that are closely related to the traditional financial industry, such as asset management companies and related investment consulting companies. Various financial applications such as cross-border payment, supply chain finance, and digital bills can be deployed on InterValue’s blockchain. At the same time, asset virtualization, asset securitization, bank credit, supply chain finance, and insurance business can have their own applications on InterValue.
InterValue enables direct transactions between multiple points and processes all the information. It can improve efficiency, save transaction costs, and cast credit, which is crucial for the development of non-financial applications. Some fields where these non-financial applications can be developed include, among others, healthcare, Internet of Things, IP copyright, culture, entertainment, public services and education.
The vision of the blockchain distributed storage mechanism is to establish a global network of coexistence and inclusiveness, which is also the responsibility of the public blockchain. As the cornerstone of the next-generation “Global Value Internet”, how does InterValue achieve “value interconnection” through multi-chain convergence?
“Value interconnection” has two main aspects. InterValue allows “value interconnection” between users and various external blockchains, but also by changing the current blockchain landscape that consists of multiple “dispersed islands".
InterValue uses HashNet-based relay cross-chain communication and multi-chain convergence technology to provide cross-chain communication and multi-chain convergence services. The relay chain consists of relay nodes that provide cross-chain services. The cross-chain communication and multi-chain fusion function modules are implemented as separate relays, maintaining the independence of cross-chain operations and preserving the multiple functions of InterValue’s native blockchain.
InterValue's cross-chain relay service is expected to solve the current problem of the "dispersed island" landscape. It can help reduce the difficulty of cross-operations between different blockchains and enable blockchain technology to quickly help serve various applications.
Many current blockchain projects focus on how to increase transaction capacity and speed, ignoring the problem of “platform lock-in” problem. InterValue has been striving to solve this major problem. How can you simply describe nterValue's full-node adapter multi-chain technology?
The InterValue multi-chain full-node adapter is a module in the cross-link relay node. InterValue connects different blockchain infrastructures through multi-chain fusion adapter technology, and triggers the transfer process on other blockchains through those multi-chain fusion adapter module.
The multi-chain fusion adapter is deployed as a cross-chain communication module on the relay node, and the fusion module triggers the transfer operation on the destination playing the role of the transfer agent. In the early stage of InterValue’s development, Bitcoin and Ethereum will be supported for cross-chain asset exchange and transfer. The InterValue cross-chain fusion function uses InterValue's client wallet (INVE wallet) as a unification portal. INVE users only need to link their accounts om other blockchain platforms to allow cross-chain management and operations.
With the gradual development of blockchain technology in the past few years, the demand for breaking cross-chain communication barriers has kept increasing. Besides, the demand for coordinated cross-chain operations has become stronger and stronger. How does InterValue solve the problem of blockchain network interoperability?
The basic idea behind InterValue’s cross-chain technology is to use relay chain technology to implement cross-chain communication as a single layer of the overlay. InterValue's cross-chain communication mainly includes three modules: the verification module, the sensing module, and the fusion module.
The main function of the verification module is to verify the authenticity of the data from the original blockchain.
The sensing module is responsible for collecting valid cross-chain communication requests from the original blockchain. The sensing module sends the requests to InterValue’s main chain verification module after collecting the cross-chain transaction requests.
The fusion module implements the gateway function between the original blockchain and InterValue, and implements two queues in each fusion module to process the transactions that incoming/outgoing from InterValue’s blockchain.
Cross-chain asset transfers have previously been performed through centralized exchanges. However, decentralized exchanges will directly be able to realize asset transfers by using InterValue’s cross-chain technology in the future. Can you briefly explain how InterValue processes cross-chain asset exchange?
From the user's point of view, cross-chain asset exchange only requires selecting the two currencies that need to be exchanged, and then inputting the destination blockchain address and the asset amount of the two currencies in the multi-currency wallet of the INVE (for example scan code identification or manual filling). After the asset exchange request has been submitted, it will be handled by the InterValue cross-chain service relay chain. The user only needs to wait for the process to be completed. During the asset exchange process, users can view the progress in real time, or they can choose to abandon the asset transfer.
Can you further explain InterValue’s cross-chain asset transfer process? What impact will Intervalue's multi-chain convergence technology bring?
From the user's point of view, cross-chain asset transfer only requires selecting the destination blockchain and asset quantity to be transferred on the INVE wallet. After submitting the asset transfer request, it is handed over to the InterValue cross-chain service relay chain, and the user only needs to wait for execution. During the cross-chain asset transfer process, users can also view cross-chain transfer progress in real time or choose to abandon asset transfer.
Relying on InterValue cross-chain communication and multi-chain fusion technology, the “platform lock-in” situation faced by many blockchains can be solved. The InterValue relay cross-chain service is constantly innovating bringing improvements to the application and technical systems, with the following characteristics:
(1) Low access barriers: InterValue relay cross-chain service is almost possible for any blockchain. As long as the transaction information can be queried through open channels, it can be quickly accessed.
(2) High-security performance: during the cross-chain transaction process, if the relay node is malicious or the user is lost due to non-human factors, anyone can immediately discover the malicious or failed behavior and submit evidence. The relay chain can recover losses through a consensus penalty/compensation mechanism, which avoids the centralization risks brought by traditional third-party organizations.
(3) Fast transaction speed: cross-chain communications are made through the relay node service, which supports multiple relay nodes to process cross-chain transactions in parallel, which greatly improves efficiency. Under normal circumstances, trading efficiency is only subject to the slower recognition of the two related chains.
(4) Good user experience: For InterValue users, cross-chain asset exchange or transfer can be realized through a simple interface in the multi-currency wallet. It does not require cumbersome transaction registration, pending order, and matching. All transaction behaviors and statuses in the cross-chain transaction process can be viewed in real time, and the process is transparent to the user.
The current blockchain technology has many bottlenecks in terms of performance, capacity, privacy, isolation, and scalability. If we compare the public blockchains landscape to the local area network, cross-chain technology will bring the blockchain into the Internet era.
Cross-chain solutions are crucial because they enable users to navigate between different blockchains and to use more Dapps by erasing the barriers caused by platform lock-in. From a business perspective, different blockchains need to compete, but from a technical point of view, only the alliance of blockchains with cross-chain mechanism can win the battle in the future.
InterValue's cross-chain mechanism effectively solves the problem of competition and cooperation between chains. InterValue is expected to be the blockchain of the "Global Value Internet era". Its cross-chain mechanism undoubtedly shows its forward-looking business vision and admirable technical strength.