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On Wednesday, Psychedelic, a Internet 3.0 improvement studio constructing options for the Web Laptop, launched Terabithia, a cross-chain contract communication and asset mirroring protocol. Starting with the Web Laptop (ICP) and Ethereum (ETH), customers can have the flexibility to reflect and use any ETH tokens, fungible and nonfungible, on the Web Laptop blockchain and vice versa, successfully turning ICP right into a layer-two scaling answer for ETH.
The protocol makes an attempt to sort out the issue of Ethereum network congestion and excessive gasoline charges. The Web Laptop, in the meantime, makes use of a “reverse gasoline mannequin” the place builders provide the funds wanted to run the functions or contracts that use their gasoline, referred to as “cycles.”
When requested concerning the technological capacities of the Web Laptop community, Dominic Williams, founder and chief scientist of ICP developer Dfinity, instructed Cointelegraph:
“The Web Laptop is fairly quick. For instance, whereas Solana is the closest competitor by way of velocity, the IC is roughly 700% sooner, boasting 250-millisecond reads and a pair of second writes/updates.
In keeping with Williams, the Web Laptop is “far simpler at storing information than most different chains.” Whereas Ethereum presently costs $199 million to retailer a gigabyte value of knowledge yearly, the identical quantity of storage costs simply $5.52 per yr on the Web Laptop. “This permits for decentralized apps that truly run at internet velocity, with unbounded capability” by way of information or value, he stated.
Williams additional added that “the unbounded capability additionally implies that NFTs may be saved totally on-chain.” He claimed that the Web Laptop is the one blockchain to retailer nonfungible tokens utterly on-chain “and the one one to allow zero-fee transactions.” He additional added that “NFT metadata is often saved “off-chain” sometimes as a consequence of the price of information and the shortcoming of many blockchains to scale.”
Associated: Smart contracts are coming to Bitcoin through Dfinity’s Internet Computer
Final month, the entire worth locked on layer-two solutions on Ethereum reached an all-time excessive of $5.64 billion. Crypto fanatics have been migrating to such networks to flee hovering gasoline costs. Whereas the upcoming Ethereum 2.0 upgrade might transition its consensus mechanism from proof-of-stake to proof-of-work, it doesn’t remedy the core downside of low transaction speeds, which presently solely quantities to 30 transactions per second.
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