Waves Founder Introduces Units Protocol For Blockchain Interoperability

According to Cointelegraph, Waves founder Sasha Ivanov is preparing to launch a new blockchain protocol called Units, which he believes will address the 'end game for layer-2 scalability.' Speaking at the Future Blockchain Summit in Dubai, Ivanov discussed the interoperability challenges within the Web3 space and how the Units project aims to solve them. The protocol is set to launch at the end of October. Ivanov highlighted the issues with current blockchain systems, particularly the reliance on centralized bridges for transferring tokens between layers. He emphasized that this approach is flawed and needs to be resolved. The risks associated with cross-chain bridges have been underscored by major hacks, such as the Wormhole and Ronin bridge incidents in 2022, which resulted in nearly $1 billion in combined losses. The Waves founder stressed the importance of blockchain interoperability, arguing that without it, the industry cannot progress. He called for a 'final solution' where all chains are interoperable without the need for centralized bridges. Ivanov explained that the Units protocol was created to address this issue, ensuring that all blockchains developed through it are interoperable by default. This is achieved by maintaining the same economic guarantees across connected layers, making them interoperable without additional economic incentives. In the context of decentralized finance (DeFi), Ivanov pointed out that the lack of interoperability leads to fragmented liquidity and the creation of risky cross-chain bridges. He suggested that a cross-chain decentralized application (DApp) running on the Unit’s base layer could be a potential solution. Ivanov expressed optimism that such a project would emerge soon and mentioned that grants would be provided for launching projects within the ecosystem once it is established.