The world may be adopting blockchain at an increasing pace; unfortunately, mass-market usage still faces a hurdle in the lack of interoperability.
Although blockchain technology, in general, is seeing rates of increased adoption, another barrier still exists before its usage hits the mass market. The barrier itself is more commonly known as blockchain interoperability. At present, there are multiple blockchains at play, each excelling in its own area and facing shortcomings in others. Consequently, blockchain networks now operate independently from each other without interacting. Their independence makes it difficult for participants to transact across blockchains and for developers to create a solution that realizes the entire potential of blockchain technology.
To address this issue, many believe a one-size-fits-all blockchain will be the only way to guarantee mass adoption, while others are relying heavily on cross-chain bridges to connect independent ecosystems. Regardless of the outcome, one reality rings true: interoperability is necessary for a decentralized world.
Rising to combat this gap is Multichain, a project positioned as the “ultimate router” for Web 3.0. With their solution, blockchains will be able to interoperate without restrictions to Ethereum-like chains, layer-2 chains tied to Ethereum (ETH), networks of parachains or otherwise. Accordingly, Multichain has already become a leader in cross-chain speed, security and costs in alignment with its mission.
However, the team is still actively striving towards creating the infrastructure of Web 3.0, an effort evident in the latest release of their v4 product, anyCall. AnyCall is a generic cross-chain message protocol that enables users to send messages and call contracts from chain A to chain B. In reference to this release, a member of their team shares, “anyCall is a groundbreaking breakthrough in bridge technology that can transform primitive, application-specific bridges into an intelligent and adaptive tool that can effectively unify separate blockchains into a single entity.”
The bridge has since been used in integration with Curve, an exchange liquidity pool built on Ethereum, where anyCall is deployed for use in the cross-chain gauges. The same function is also undergoing the integration process for Hundred Finance, which will provide cross-chain decentralized autonomous organization (DAO) voting.
Call contracts from any chain
Considering anyCall in more detail, users will come across two functions, anyCall and anyExec. A decentralized application (DApp) can then be developed and deployed to send a contract from chain A to be received on chain B. The Secure Multi Party Computation (SMPC) network will then relay the anyCall event, invoking the anyExec function on chain B to call the DApp to receive the contract. Ultimately, this means that any smart contract, whether a token, NFT, cryptocurrency asset, message or data can be sent in a single transaction.
Throughout this process, security is ensured by the Multichain SMPC network of nodes, a code that implements the TSS (Threshold Signature Scheme) Distributed Key Generation algorithm. Therefore, users can have confidence that all calls are secured by the same nodes already used to secure billions of other assets.
With this release, developers can now leverage anyCall to build solutions for arbitrary cross-chain contract calls and meet new applications, including multichain lending, yield aggregators and decentralized exchanges.
DeFi products need to be multichain to be competitive in 2022. Audiences already know that there is more to the crypto space than Ethereum, and tools like anyCall can help bridge this gap for future releases, giving end-users the best of all blockchain worlds.
Since anyCall is still in its early stages, interested developers need to be waitlisted on the source chain. Users are encouraged to contact the Multichain team on Telegram to be added to this growing list.
Leader in cross-chain bridges
Multichain is recognized internationally for providing cross-chain bridges to the biggest ecosystem, with over 40 chains and nearly 2,000 crypto bridges and more than 50 project integrations.
To further its mission, the project continues to encourage anyCall use on the roadmap to promote a multichain future.