Abstract
Blockchain technology is facing several severe issues today – mostly privacy, scalability and interoperability. While scalability solutions are currently being developed, Chryp.to focusses on the privacy and interoperability of distributed ledger systems and their respective applications as the ability of open protocols to interact and communicate with each other offers tremendous opportunities and could mean a new era for the Internet. In this Whitepaper, we will propose a multi-tier blockchain solution to cross-chain interoperability.
The Blockchain Challenge
New technology is adopted by a society in phases. It is first used by innovators, then picked up by early adopters, and reaches its peak as it spreads to the early majority. As we progress from personal computers and mobile phones to the internet and social media, the time between the innovation and its adoption by the majority has been shrinking significantly. Blockchain technology is currently at an early adoption stage, but its market capitalization had already touched half a trillion dollars last year. That is a good indicator of what is to come. Unfortunately, blockchain technology is also facing several severe issues today – mostly privacy, scalability and interoperability. While scalability solutions are currently being developed, Chryp.to focusses on the privacy and interoperability of distributed ledger systems and their respective applications as the ability of open protocols to interact and communicate with each other offers tremendous opportunities and could mean a new era for the Internet. With more and more use-case and industry specific public and private blockchains being created, we recognize the urgent need for interoperability and standardization. Furthermore, there is a lack of usability, as well as a limited overview of (and access to) blockchain applications. An average blockchain affine user interacts with several wallet addresses, exchanges, news aggregators, networks, apps and dApps. With the Network, the Blockbox and the Blockpit, Chryp.to also proposes solutions for easy access to the blockchain ecosystem and an improved usability to foster mass adoption.
How is the interoperability going to work?
The most pressing issue with interoperability between different distributed ledger systems is that they usually don’t speak the same language. They are all made of a plethora of variables, complex levels of consensus algorithms, transaction schemes and varying smart contract functionalities. A solution to that problem requires proprietary technology that enables „intercultural communication“ between all blockchains and applications. Chryp.to is proposing a universal solution that is based on an open protocol standard, as well as a multi-chain framework standard. The open protocol standard will offer standardized mechanisms and a universal language for blockchains to communicate and exchange value as well as data with each other, while the multi-chain framework standard will create an open environment for multiple blockchains to plug into – both resulting in a new standard of a tiered structure of decentralized governance.
Official Links
Homepage: https://www.chryp.toGet Invited: https://www.chryp.to/get-invited/Whitepaper: https://tokensale.chryp.to/whitepaper/Tokensale: https://tokensale.chryp.toBounty Program: https://www.chryp.to/bounty-program/Affiliate Program: https://www.chryp.to/affiliate-program/Airdrop: https://www.chryp.to/airdrop/Voting: https://www.chryp.to/your-call/ World of Blockchain: https://www.chryp.to/world-of-blockchain/Telegram: https://t.me/joinchat/ItA0KQ9uDFWyLa-s_1khJgFacebook: https://www.facebook.com/chrypto18Linkedin: https://www.linkedin.com/company/chryp-to
