DATx, the platform dedicated to improve the infrastructure of the blockchain Industry, has recently announced the release of a new cross chain update. In addition to this, DATx will also be listed on the ABCC exchange, a world leading crypto-exchange that works on the trade-to-mine mechanism. DATx has been very fortunate to be the one of eight selected from the 103 platforms that had applied for listing. The relative updates have been made in the company’s website and the updated whitepaper has also been uploaded.
Since the advent of Bitcoin, the underlying technology blockchain has received a lot of attention due to the myriad of benefits that it provides that includes transparency, security, scalability and immutability, causing major businesses to migrate to distributed Ledger technology. The problem all these platforms face is that there is no way one can utilize the utility of the other due to lack of common protocols. The need of interoperable platforms has become adamant as well as imminent. Mona, the Global BD of DATx, stressed upon this need by saying,
Without cross-chain interoperability protocols, each blockchain will be an isolated island. This is detrimental for the development of DAPPs and the entire blockchain ecosystem.
The resources of one blockchain can be utilized only in its own domain. The distribution of these resources to promote interoperability is called cross chain interoperability. Due to distinct protocols hosted within each blockchain, cross chain interoperability is non existent. Datx will cater to this problem by instantiating a common protocol among various blockchains including Bitcoin, Ethereum, and EOS. The cross chain protocol of DATx will be supported by the X-DPOS consensus mechanism. DATx maps all the cryptocurrencies on the DATx mainet and are referred to as “mapped assets”. All transaction would be free of cost on their own blockchain.
Commenting on how DATxChain will contribute to the blockchain ecosystem, Mona also stated,
The cross-chain ecosystem on DATxChain will provide a hub where users and developers benefit from increased efficiency, allowing DAPPs to thrive. With interoperability between blockchains, the full potential of revolutionary potential of DAPPs will be unleashed.
The official blog post of DATx can be found here.