eComX Corporation - USABILITY
The last aspect is usability. The Internet of Values needs to make available to developers the resources, software libraries, smart contracts, etc., with which developers can efficiently perform rapid software development and decentralized applications that users can easily use.
Currently, blockchains cannot interoperate with other blockchains (synchronization of state machines), tokens on different blockchains cannot trade with each other. Since currently blockchains cannot interoperate with outside centralized organizations, it makes off-chain assets difficult to be mapped on the chain. Since current blockchains cannot read off- chain data, it makes current blockchains’ “smart” contracts blind or dumb and cannot see or communicate with the outside world.
Taking cross-chain technology as an instance, cross-chain communication currently is extremely difficult, not to mention developing cross-chain smart contracts. At present, there are already thousands of tokens, but each token can only move freely on a single blockchain and form its own ecosystem of wallet, smart contract development tools, etc. The existing blockchain ecosystems actually are island ecosystems, and the Internet of Values is far from being truly interoperable.
As to scalability, while the Internet of Information is continuously expanding itself by encoding various information as bits and programming various scenarios’ communication logic as applications, the Internet of Values is just beginning to expand itself by tokenizing various values as tokens and mapping various scenarios’ transactions logic as smart contracts.
Due to the limited interoperability, the scalability of the Internet of Values is greatly affected. It is difficult to map the actual application scenarios involving multiple cross border transactions involving multiple currencies, multiple organizations and multiple data sources to a blockchain to form a distributed solution, which hinders the migration of off-chain values to the Internet of Values.
As to usability, while the computing power, storage capacity, and synchronous speed of the Internet of Information has been able to support most demands of information management, the Internet of Values can barely support slightly heavier projects. The Internet of Values has a lot of work to do in terms of standardization, platform development, functionality, application libraries, interoperability, and future malware attack protection.
Of the above three types of bottlenecks, interoperability is the most urgent and by enhancing interoperability, we can transfer values between different blockchains, program smart contracts with different tokens, and make update scalability more easily. Usability, however, is a long-term basic task, while interoperability and scalability, which have greatly hindered the development of the Internet of Values, are in-need of a short-term solution and have become the two most urgent bottlenecks to be solved.
eComX.org is a non-government organization based on the USA & Switzerland.
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