• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

    2023-03-30

    Binance’s CZ refutes report claiming company has been hiding China ties

    2023-03-30

    $852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

    2023-03-30

    Elizabeth Warren says she’s building an anti-crypto army in new campaign

    2023-03-30

    SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets

    2023-03-30
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»What needs to happen to have an effective blockchain creator economy?

What needs to happen to have an effective blockchain creator economy?

2023-01-07No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Presented by InvArch Network

The blockchain space has long been an attractive medium for creators of all kinds. From digital artists to software developers, blockchain tech has something to offer. However, one big challenge still remains in the space – most blockchains follow the ‘to each their own’ concept. Interoperability in web3 is still scarce, which limits creators and makes the entry point for many a bit steeper.

One of the main elements that creators of all areas are still seeking is the opportunity to collaborate freely and effortlessly.

What needs to improve?

As things stand at the moment, blockchain developers scarcely have the opportunity to build collaboratively. While a team of devs can come together and work on a single project, the opportunity for cross-chain collaboration is virtually nonexistent.

Developers select a blockchain they’d like to work on, and there is little room for integrations beyond that protocol. This is a significant limitation in a space where new blockchains and capabilities pop up by the minute.

In order to reach the next level of blockchain adoption and to create a genuinely nurturing creator economy out of the blockchain space, there needs to be a lot more opportunity for collaboration. The Web3 space can experience impressive growth and a spike in adoption if creators have the chance to pick and choose what features to use and from which protocol. When the opportunity for collaboration and cross-chain implementation of solutions becomes widely available, the whole blockchain space will open up.

What’s more, blockchain developers are still struggling to settle joint-ownership cases when cross-chain functionalities are added to dapps. Still, the tech to introduce effortless collaboration in Web3 might not be so far away. With the advance of parachains, cross-chain communication is becoming easier and more feasible than ever before.

Image_0

Parachains as the most probable solution?

The Polkadot ecosystem started its parachain auction program a little over a year ago, but projects are now rushing to the finish line and competing for spots. The reason? Parachains are among the most promising solutions for the interoperability dilemma blockchain projects currently face.

What are parachains?

Parachains are separate blockchains that run in parallel to each other while achieving consensus and security through the Polkadot base Relay Chain. This allows for the cross-chain connection of services on Polkadot, in contrast to other smart contract blockchains like Ethereum and Avalanche, which need to facilitate all transactions, smart contract, and dApp activity on a single chain or through layer solutions.

In essence, parachains allow creators to share, transfer and exchange data of any kind (from fungible and non-fungible tokens to simple messages) across various chains in the Polkadot ecosystem. This allows creators to both work on their dedicated chain, but also benefit from the larger Polkadot ecosystem.

Thanks to the cross-chain compatibility that is deeply rooted in Polkadot’s design, the protocol is becoming a go-to for Web3 developers and creators. Read on to find out how one company is working on pushing the collaborative aspect of the blockchain space even further.

How can parachains help forge a better creator economy?

With cross-chain collaboration at the very core of the parachain concept, this innovative look at what blockchains can do is just what the creator community needs. Web3 projects are already taking notice of the benefits parachains can bring to decentralized app building.

What’s more, protocol builders are also turning their focus toward the Polkadot ecosystem. Take InvArch Network, for example. The up-and-coming chain aims to offer easy access to multi-party ownership, collaboration, and monetization tools. To achieve that, the InvArch team has set its sights on winning a Polkadot parachain auction.

The project has already won a Kusama auction slot with one of its parachains, which allowed it to work on developing the InvArch Network concept in the parachain environment. InvArch aims to create a nurturing environment for developers who want to collaborate and generate monetization solutions in a cross-chain setting.

Dakota Barnett, Founder of InvArch, said:

“The key to generating real value through Web3 is by providing solutions that allow others to generate value for themselves. This is more than DeFi, this is giving people the tools they need to generate the new value, not just move it around in a zero-sum game.”

Image_1

The blockchain creator economy of the future is already on the horizon. However, the road to a fully cross-chain ecosystem is long. As parachains take over the Web3 space, developers will gain more opportunities to explore and experiment with creative collaboration and cross-chain capabilities.

Learn more about InvArch Network

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Source link

Blockchain Creator economy effective Happen
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Billionaire Chamath Palihapitiya Predicts Corrosion of the Economy, Says Fed Rate Hike Could Cause Real Damage

2023-03-26

Cardano Creator Charles Hoskinson Says US Government Waging War on Crypto, Urges Industry Leaders To Step Up

2023-03-25

Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

2023-03-20

Can blockchain help combat climate change?

2023-03-06
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Big Breakouts in Store for Ethereum Challengers Avalanche (AVAX) and Near (NEAR), According to Crypto Analyst

2022-03-30

Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

2022-04-18

AVAX: Beginning of a bull run or yet another bull trap

2022-03-19

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Binance Addresses Accusations From Elizabeth Warren and Other US Senators in New Open Letter

2023-03-30

Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

2023-03-30

Binance’s CZ refutes report claiming company has been hiding China ties

2023-03-30
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,991.00-1.57%
  • ethereumEthereum(ETH)$1,781.46-1.46%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$316.03-0.12%
  • usd-coinUSD Coin(USDC)$1.000.01%
  • rippleXRP(XRP)$0.54-2.14%
  • cardanoCardano(ADA)$0.377541-2.26%
  • Lido Staked EtherLido Staked Ether(STETH)$1,777.77-1.56%
  • dogecoinDogecoin(DOGE)$0.074624-1.97%