Why Cross-Chain Data ?
No matter which perspective you choose to look at this industry, you always find yourself at square one, not because you choose it wrong. Just when people build something, it has to be built on top of something. After all, the castles in the sky are not worthy of any value unless they are grounded somewhere.
Not surprisingly, you will find yourself in a blazing outdoor frat party if you google “blockchain sucks”. One million something people agree with you on that one. Okay. If we all agree to set aside hundreds of years of human ingenuity, innovations, and technological revolutions to say blockchains are dumb and rudimentary, then you have every right to say that. It is, after everything is taken into consideration, pretty sloppy at the moment. The user interface is inhuman. The connection speed is on and off. The data transactions are not instant enough. You name it. People will mock it and meme it.
If you pay any attention, DeFi, decentralized finance, has attracted a lot of traction this year with big money pouring in as an indicator of a bright prospect as a blockchain application.
On October 25th this year, the TVL(USDT) reached 12.461 billion. Although it only represents a small percentage of what the current crypto market is worth, the expansion is undeniably palpable, more than 20 times growth. Then we saw major decentralized finance projects shrank sharply recently, with token prices tumbling by between 30% and 56%, as money appears to be moving away from the overhyped space and back into bitcoin, mainly because people start to realize that finance (centralized or not) is much more than the absurdly high APY and code copying.
Finance is price based transactions. We need correct prices for every trade, every position we create, and liquidate it accordingly. A smart contract is not smart unless you get the input right. Once again, we are back to square one.
Web 3.0 is another trendy word to toss around. It is such a novel concept that even the definition of web 3.0 varies from person to person. However, they all follow a common movement away from the centralization of services like search engines, social media, and chat applications that are dependent on a single organization to function, which can be easily abused as countless cases demonstrate.
The internet today has been transformed into a top-down system or tailored that way to consolidate power through control over your data. This is the square one but this time it might be a vicious one. And If we are going to correct it and reverse the current information and social dilemmas we are struggling with, we need to build a new infrastructure.
Why do we need a new data infrastructure? Data infrastructures are like our road infrastructures: roads help you get from point A to point B while data helps you get to a decision. Above this new infrastructure Cyptobit tries to build, this is a decision to transform the current DeFi projects from a giant money game/laboratory to a finance application that benefits real human interaction, and a decision to regain the control of your data and refuse to be resigned to a pawn that is moved around without free will.
Why cross-chain? The successes of the modern giant apps teach us the importance of interoperability, which allows them to reach mass adoption by enabling users to break down time and spatial barriers by capacitating them to view, track, talk, transact and do more with other parties on a single interface. As a blockchain project, we are rooted among Dapps that are constantly drawn comparisons to the ones in the centralized world. Fair or not, interoperability is a must-have instead of an option.
Most Dapps are built on Ethereum whose weaknesses especially as high transaction costs and low scalability are stalling the development of itself and its affiliated ones. Thus, an implementation based on the blockchain network and its cross-chain interoperability is a better solution for the blockchain ecosystem.
With that, Cyptobit Network strives to provide this space with diverse data querying and data analytics services and to solve the data costs issue and difficulties in feeding off-chain data by riding the network effect of blockchain.
In the next one, we will talk about what that infrastructure is like under Cyptobit’s framework and why Bitindi.
To dive deep, please click https://cyptobit.com
To be continued.
About Cyptobit Network
Cyptobit Network aims to build a cross-chain platform powering the data economy on blockchain. It will be the data infrastructure for the future DeFi and Web 3.0 powered by blockchain. Cyptobit Network hopes to provide valid, reliable, secure, cost-effective and easily-coordinated data sources and data analytics.