CURRENT INTEROPERABILITY EFFORTS
There are some insignificant attempts but cross-chain peer- to-peer value transfers and distributed solutions for cross-chain smart contracts have not yet emerged.
The side chain is the most important attempt of current cross-chain communication technology, but the communication between the main chain and the side chains is delayed, unsafe, and poor in synchronization and these problems are hard to solve. What is more, the interfaces between the main chain and the side chain in many projects are still centralized solutions. Efforts on cross-chain smart contracts may not be successful for a long time, since even the standardization of consensus of a single chain is far from mature, not to mention the consensus reached among multiple chains.
CURRENT SCALABILITY EFFORTS
Regarding scalability, it is still very difficult for a lot of off-chain transactions to be mapped on blockchains. Currently, ICO projects on public chains through protocols such as ERC20 are on the rise, but many ecommerce values, products, and assets, are still hard to map to blockchains as long as other aspects of the ecommerce work-flow such as shipment, logistics, fulfillment, just-in-time inventory assertion, etc. are also mapped.
CURRENT USABILITY EFFORTS
In reference to usability, in the world of blockchains, technologies, parallel computing, high-throughput storage, cross-chain communications, programmability, interoperability, and software reusability, are still at their primary stage. There are some attempts to address these issues, such as solving problems through the private blockchains, or specifying only a few nodes to keep ledgers. But in the long run, it requires continuous efforts in hardware performance, algorithms, consensus mechanisms, cryptography and other aspects to improve the usability.
In short, interoperability, scalability, and usability are the major bottlenecks of the Internet of Values, but no good solution has yet emerged in the industry.
INTRODUCTION TO eComX
eComX and the INTERNET OF VALUE
The essence of the Internet of Values is to map various values to blockchains, so they can be controlled by smart contracts. The Internet of Values makes it possible for cooperation among people to be decentralized, disintermediated, inclusive, and programmable. These obvious advantages will make various values rush to be mapped to the blockchain. As the blockchain bottlenecks continue to be overcome, the Internet of Values will inevitably grow at a higher speed.
eComX.org is a non-government organization based on the USA & Switzerland.
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