Web 3.0 is built on principles of collaboration and unity, yet there have been several examples where disagreements led to conflict and separation. This resulted in fragmented communities across various networks and ecosystems.
Often blockchains are competing with each other for users, and it can often be challenging for Web 3.0 projects to decide which network is the right environment for their use case. Recently, Web 3.0 projects have adjusted their technology to be compatible with multiple blockchains, which is also referred to as the multi-chain approach.
A multi-chain strategy is when crypto projects adapt their technology in a way so that it can be integrated with several networks simultaneously. This allows such projects to encourage avenues of communication, where developers and communities active on different chains have aligned incentives towards creating value for each other. A breakthrough when compared with to fragmented blockchain ecosystems!
Multi-chain also makes projects more agile. They benefit from being exposed to each blockchain’s unique features and promote togetherness as opposed to building in isolation.
Conceptually, adopting a multi-chain strategy represents true decentralization. It can also create a path that leads to faster adoption should a particular project gain attention within one of the networks that it is present.
Data as a multi-chain asset
Asset tokenization is arguably one of the most valuable utilities of blockchain. Initially, projects tokenized companies through Initial Coin Offerings and most recently, speculation around digital art gained popularity. It is imperative that any asset tokenization takes place across a multitude of networks, in order to gain exposure to various communities.
In this regard, an unexplored narrative has been quietly gathering the attention of a select few within the Web 3.0 environment. The data economy is still largely unknown, even though oracle solutions, such as Chainlink, and storage solutions
