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 deal with the issue of Ethereum network congestion and excessive fuel charges. The Web Laptop, 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, 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, informed Cointelegraph:
“The Web Laptop is fairly quick. For instance, whereas Solana is the closest competitor when it comes to pace, the IC is roughly 700% sooner, boasting 250-millisecond reads and a pair of second writes/updates.
In accordance with Williams, the Web Laptop is “far more practical at storing information than most different chains.” Whereas Ethereum presently costs $199 million to retailer a gigabyte price of knowledge yearly, the identical quantity of storage costs simply $5.52 per 12 months on the Web Laptop. “This enables for decentralized apps that truly run at internet pace, with unbounded capability” when it comes to information or price, he stated.
Williams additional added that “the unbounded capability additionally signifies that NFTs may be saved completely on-chain.” He claimed that the Web Laptop is the one blockchain to retailer nonfungible tokens fully on-chain “and the one one to allow zero-fee transactions.” He additional added that “NFT metadata is frequently saved “off-chain” usually 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 could transition its consensus mechanism from proof-of-stake to proof-of-work, it doesn’t remedy the core drawback of low transaction speeds, which presently solely quantities to 30 transactions per second.