Today, over a decade since the birth of distributed ledger technology (DLT) – and four years since the start of 2017’s hype – the blockchain market is very fragmented. There are scores of different protocols, which vary by transaction speed, privacy, and scalability limit, by tokens and smart contracts they use – and by the limitations they have.
Most decentralized services are, in their turn, bound to a certain industry, a use case, and/or a protocol they support. So when it comes to interoperability, it’s more like a box of random puzzle pieces than a complete picture.
Blockchain agnosticism has been around as an idea for a while. However, it’s just emerging as a trend on the industry level, as projects like Polkadot, Wanchain, and Cosmos network are rolling out their solutions under the banner of Web 3.0. So what does it mean to be blockchain agnostic, anyway? It means that your product, be it a platform or a service, is compatible with different blockchains – enabling them to exchange data or assets, and opening new pathways for scalability. But there’s more to that.
The world of tech is changing fast. Do you remember AOL messenger? AltaVista? I barely do. Just a few years from now, progress will give us better solutions than the ones we have today. Using blockchain agnostic products, though, we can be sure they remain up-to-date as the technology evolves.
It’s a novel approach – and it’s definitely changing the market for the better, offering new opportunities to all participants. For developers, walking down the agnostic path means they will have a broader target audience. As for the companies who want to implement blockchain in a commercial setting, they will get more freedom in choosing their tools of the trade.
Will blockchain agnosticism enable further adoption of the tech?