What's the benefit of blockchain being interoperable?

buwaytress

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Quote from: Samarkand on February 09, 2018, 07:11:56 AM

Quote from: Trofo on February 08, 2018, 03:08:28 AM

Another point is wallets. If blockchains are interoperable you could store as many currencies as you want in single wallet and exchange them on the fly from one to another. Sounds good to me

I´m not really sure if interoperability of blockchains is a requirement for this.

There are already wallets like Jaxx that support a lot of different cryptocurrencies:
https://jaxx.io/features.html

It sounds like a good point to me but not for storing multiple currencies, instead just having 1 crypto, say Bitcoin, that I could always use to send to someone else only willing to get paid in alts.

I could stick to using Jaxx or Coinomi or Exodus to store multiple crypto, but I'd still have to manage individual coins and private keys or worry about finding another "home" if the wallet stops supporting one of my coins (Like how Exodus dropped Dogecoin mid last year). Not to mention that I don't actually have the same confidence in those wallets - none of the ones I know are open source.

If true interoperability exists... then I could presumably just only own Bitcoin and still access alt-only services. If that's how it works, great!

Samarkand

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Quote from: Trofo on February 08, 2018, 03:08:28 AM

Another point is wallets. If blockchains are interoperable you could store as many currencies as you want in single wallet and exchange them on the fly from one to another. Sounds good to me

I´m not really sure if interoperability of blockchains is a requirement for this.

There are already wallets like Jaxx that support a lot of different cryptocurrencies:
https://jaxx.io/features.html

Quote

Jaxx is your wallet for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash,
Zcash and a long list of other blockchain assets and cryptocurrencies.

I see another benefit for individuals, who need or want to disguise the origin of their coins.
If blockchains are increasingly interoperable it should get a lot easier to mix coins by simply
making a few transactions around a few different blockchains. This would be particularly attractive
if the cryptocurrencies with a focus on privacy would be part of the interoperable blockchains.

Jaephoenix

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I think you should take a look at arcblock. I may not know much but I know arcblock brings a lot to the crypto table. It boasts a lot. Including interoperability of blockchains, hosting dApps, quick, effective and efficient services. You should get used to arcblock because you would be hearing more of it in years to come

Trofo

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Another point is wallets. If blockchains are interoperable you could store as many currencies as you want in single wallet and exchange them on the fly from one to another. Sounds good to me

aleksej996

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Do not trust the government

I believe that is the main idea, yes. For two coins to be exchangeable without trust in any two parties.
I guess the idea is to be able to exchange coins automatically and quickly, so you can use both without having to choose between them.

I assume the idea is that people don't want to build competing separated networks, but instead join them together so that adoption of one would benefit all.

justone123

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So yeah what are the features of the interoperability? Everyone is saying it's important for the blockchains to be interoperable, but what's the main focus.

I am too dumb to imagine, unfortenately.

Is it that there will be conversion/or decentralized swap(exchange) between say Bitcoin and Cardano or Bitcoin, or what will the interoperability be used for?

To be able to exchange coins/tokens from one blockchain to another? Is that the main point? If someone accepts Bitcoin and you only have another coin(say ethereum), so there will be a decentralized order book which will exchange my ethereum for bitcoin and forward to the sellers address?

Or what is the vision for interoperability?

Topic: What's the benefit of blockchain being interoperable? (Read 219 times)