On Wednesday, Psychedelic, a Net 3.0 improvement studio constructing options for the Web Pc, launched Terabithia, a cross-chain contract communication and asset mirroring protocol. Starting with the Web Pc (ICP) and Ethereum (ETH), customers could have the flexibility to reflect and use any ETH tokens, fungible and nonfungible, on the Web Pc 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 fuel charges. The Web Pc, in the meantime, makes use of a “reverse fuel mannequin” the place builders provide the funds wanted to run the functions or contracts that use their fuel, often known as “cycles.”
When requested concerning the technological capacities of the Web Pc community, Dominic Williams, founder and chief scientist of ICP developer Dfinity, instructed Cointelegraph:
“The Web Pc 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.
Based on Williams, the Web Pc is “far simpler at storing information than most different chains.” Whereas Ethereum at the moment costs $199 million to retailer a gigabyte price of knowledge yearly, the identical quantity of storage costs simply $5.52 per yr on the Web Pc. “This permits for decentralized apps that really run at net velocity, with unbounded capability” by way of information or value, he stated.
Williams additional added that “the unbounded capability additionally signifies that NFTs could be saved totally on-chain.” He claimed that the Web Pc 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 frequently saved “off-chain” sometimes as a consequence of the price of information and the lack of many blockchains to scale.”
Final month, the whole 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 fuel 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 drawback of low transaction speeds, which at the moment solely quantities to 30 transactions per second.