Your Guide to Blockchain Interoperability

date_range October 25, 2021
person Miriam
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When you send an email from a Gmail to a Yahoo address or a message from an iPhone to a Chromebook, there is a mysterious force enabling this incredible feat which we all take for granted. Meet interoperability, the invisible integrator that allows our digital world to function.

Interoperability is really quite simple, it’s the ability of different hardware and software to exchange information freely without restriction. We use interoperability every day without even noticing, but without interoperability, everyone would need to use products built by the same provider in order to communicate.

When it comes to blockchain, interoperability get’s a bit more complicated, especially since we haven’t yet reached this level of development in the decentralized sphere. But don’t worry, because we are here to explain, as simply as possible, what blockchain interoperability is, and why it matters so much.

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Understanding Blockchain Interoperability 

Blockchain interoperability translates to the ability of multiple blockchains to communicate with one another.  Until blockchain is an integrated system that can work seamlessly within itself, it will not be adopted widely. In other words: the widespread adoption of blockchain and decentralization is directly contingent on its interoperability.

Blockchain interoperability is currently at the very beginning stages of development and adoption; we are moving in the right direction, but there is still a long way to go.

Magic Square and Interoperability

Magic Square, the first app store for crypto, is an emerging force for blockchain interoperability. Magic Square has implemented cross-chain bridges, integrated DeFi, and Self-Sovereign Identity (SSI) technology in order to bring you an interoperable blockchain experience.

Cross Chain Bridges

Magic Square has implemented Bridges using deBridge technology in order to allow you the freedom of mobility across blockchains and protocols.

Bridges allow:

  • cross-chain interoperability, compatibility, and composability of smart contracts
  • cross-chain swaps
  • bridging of arbitrary assets
  • interoperability and bridging of NFTs

Essentially, bridges warp coins and tokens to be translated and transferred between blockchains, giving your assets mobility across chains. With bridges, you can use your bitcoin on Axie Infinity without trading it for Ethereum.

Integrated DeFi

Popular and community-vetted DeFi services are built into the app pages featured on the Magic Store including:

  • AMMs
  • staking
  • loans
  • insurance

So, on Magic Square, you can access DeFi services directly from within the app pages themselves, without even navigating away to external websites. What’s more: the DeFi services featured on each app page are directly related to the specific app and support the app’s native currency and protocol, so using the best, most relevant DeFi solutions simply couldn’t be easier.

SSI

Magic Square lets your control third-party access to your personal information with Self-Sovereign Identity (SSI). With SSI, each app must request permission to access your information, and you can revoke permissions with the swipe of your finger. SSI is interoperable because it works across all apps, protocols, and borders.

Final Thoughts

It is clear that Magic Square is a driving force for the integration and interoperability of the decentralized space. Stay tuned and join our community for feature updates and project developments.