The Importance of Cross-Chain Compatibility
The potential for blockchain to improve business processes, provide transaction transparency and security in the value chain, and reduce operating costs is obvious to many people. Despite this, the expected mass adoption has not occurred so far. What has the blockchain been insisting on? In recent years, several issues have prevented the widespread use of blockchain. But so far, the most recognized problem is interoperability. Or, to be more precise, lack of it.
Before getting into the interoperability problem, let’s understand why this is even considered a problem. The number of blockchain projects is increasing, partly because developers are constantly innovating new use cases and upgrades to explore the capabilities of the technology. The rapid development of blockchain has given birth to many different types of chains created to perform different functions. But how will these different blockchains communicate with each other is the question? Here interoperability comes into play.
What is cross-chain compatibility?
Cross-chain is the interoperability between two relatively independent blockchains. In other words, it allows blockchains to communicate with each other because they are built in a standardized way. Cross-chain compatibility is mainly represented by asset exchange and asset transfer, which is a very important part of the blockchain world. Using cross chains can avoid the limitations of single chains.
Why is cross-chain compatibility important?
In a world where businesses rely on ever-increasing levels of collaboration and interaction, it is easy to understand why blockchain cross-chain compatibility is not only desirable but important. Interoperability will allow for a smoother information exchange, easier execution of smart contracts, a more user-friendly experience, opportunities to develop partnerships, and the exchange of solutions.
The Key to Mass Adoption: Stability + Cross-chain composability
Where wire transfers take days to transfer money from one country to another, a cryptocurrency is universal and can be transferred quickly and transparently making it an ideal applicant for a global payment solution for the masses. However, the other side of the coin is stability. Cryptocurrency is very volatile which makes it difficult for cryptocurrency payments to become the internet’s currency.Payment token is a payment tool based on blockchain, which aims to achieve the price stability required for end-user payment.
The combination of payment token and cross-chain interoperability has the potential to revolutionize the global payment landscape and emerge as the internet’s currency.
USDR: The Internets’ European Payment layer
USDR, a european payment network, is building a payment solution by combining the next-gen technology and proven practices. USDR’s payment solution aims to solve the problems of the current payment system with a stable and cross-chain technology that can process fast and affordable cross-border transactions with real reserves.
How USDR is disrupting the payment system:
– The traditional banking system slows down and discourages international transactions. Floating tokens with compatible acceleration significantly speed up payments and reduce costs.
– Most digital assets fluctuate in price and cannot be used for everyday transactions. USDR is pegged to gold to address volatility concerns.
– Most of the payment tokens available today do not have reserves close to the value of the circulating tokens. USDR reserves are at least 1:1 and are supported by physical gold from Brothers International GmbH, with an initial reserve of 10 tons equal to 6 times the token issue.
The key features of USDR
– Perfect payment solution: Fast and secure transactions at low fees.
– Cross-chain compatibility: USDR can be used on Ethereum and Binance smart chains. This cross-compatibility allows for wider and more flexible use.
– Swiss Regulation: USDR is a payment token issued in compliance with Swiss laws.
– Fiat exchange: USDR can be purchased and sold with a broad set of fiat currencies.
The quest for the internet’s currency finally comes to an end with the rise of the USDR. USDReserve (USDR) is an international payment token designed to become the internet’s payment currency supported by ten tons of gold at current market prices valued at $600 million.
For more information about USDR, visit https://usdreserve.org/.
Source: Read Full Article