Interoperability aids with the issue of assets and data linking between chains in blockchain technology. It is now simple to trade data and value between two parties using the same blockchain platform, such as Bitcoin, Litecoin, or Ethereum. Data and value exchange between two parties using distinct blockchain platforms, on the other hand, cannot be said to be the same.
As a result of the growing diversity of blockchain networks utilised by businesses around the world, digital transfers are becoming increasingly more complicated. Interoperability is supposed to alleviate these concerns by making it easier for parties to trade across multiple blockchains.
Vitalik Buterin discussed the future of multi-chain ecosystems and expressed doubts about cross-chain ecosystems when he tweeted a link to a Reddit article this morning.
Cross-chain exchanges are difficult, according to Buterin’s thinking, because of the “basic security restrictions of bridges.” Direct-chain storage (e.g., Ethereum, Solana) provides some security against 51-percent attacks, according to Buterin. Even if hackers can filter or reverse transactions, they will not be able to propose blocks that will take away a person’s crypto.
Cross-chain bridges, on the other hand, do not have the same level of security, according to Buterin. If an attacker deposits ETH on a Solana (SOL) bridge in order to gain Solana-wrapped Ether (WETH), then reverses the transaction on the Ethereum side. As soon as the Solana (SOL) side verifies it, other players who have money locked in the SOL-WETH contract would suffer catastrophic losses, as the wrapped tokens are no longer backed by the initial on a 1:1 ratio.