The blockchain industry market size was estimated by some to reach more than $21 billion by 2025. The market capitalization of the cryptocurrency market as a whole already reaches over $1.9 trillion. An ecosystem that was once defined by its tight-knit community and exclusivity now reaches governments, businesses, institutional investors and individuals who are all becoming more positive about the evolving space.
With this new popularity, a crossroads has emerged. We have reached the stage of adoption where the amount of users utilizing decentralized technology has exceeded the functionality of the technology itself. This has resulted in regularly congested networks and a demand for solutions.
Many of the roadblocks we are experiencing could easily be solved with scaling solutions such as bridges, parachains and other features that create seamless transitions for Web 3.0 users and depend solely on a shared vision of a multichain approach to the next wave of blockchain adoption.
Scalability: The Ethereum challenge
Today, nearly all DeFi projects are being built on the Ethereum blockchain, making it the standard default blockchain for many decentralized applications (DApps) and protocols. However, scalability on Ethereum has presented many challenges. The pain points that have delayed adoption include costly gas fees, a complicated onboarding process and unnecessary repetition and obstacles for developers aiming to create new DApps and accompanying products.
Continue reading: https://cointelegraph.com/news/a-multichain-approach-is-the-future-of-the-blockchain-industry
With this new popularity, a crossroads has emerged. We have reached the stage of adoption where the amount of users utilizing decentralized technology has exceeded the functionality of the technology itself. This has resulted in regularly congested networks and a demand for solutions.
Many of the roadblocks we are experiencing could easily be solved with scaling solutions such as bridges, parachains and other features that create seamless transitions for Web 3.0 users and depend solely on a shared vision of a multichain approach to the next wave of blockchain adoption.
Scalability: The Ethereum challenge
Today, nearly all DeFi projects are being built on the Ethereum blockchain, making it the standard default blockchain for many decentralized applications (DApps) and protocols. However, scalability on Ethereum has presented many challenges. The pain points that have delayed adoption include costly gas fees, a complicated onboarding process and unnecessary repetition and obstacles for developers aiming to create new DApps and accompanying products.
Continue reading: https://cointelegraph.com/news/a-multichain-approach-is-the-future-of-the-blockchain-industry
