On Wednesday, Psychedelic, a Net 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 may have the power 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 resolution 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 purposes or contracts that use their fuel, often known as “cycles.”
When requested in regards to 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 velocity, the IC is roughly 700% sooner, boasting 250-millisecond reads and a pair of second writes/updates.
In keeping with Williams, the Web Laptop is “far simpler at storing knowledge than most different chains.” Whereas Ethereum at the moment costs $199 million to retailer a gigabyte value of information yearly, the identical quantity of storage costs simply $5.52 per yr on the Web Laptop. “This permits for decentralized apps that truly run at internet velocity, with unbounded capability” when it comes to knowledge or value, he mentioned.
Williams additional added that “the unbounded capability additionally implies that NFTs will be saved solely 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 usually saved “off-chain” sometimes because of the price of knowledge and the lack of many blockchains to scale.”
Final month, the entire worth locked on layer-two solutions on Ethereum reached an all-time excessive of $5.64 billion. Crypto fans 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 downside of low transaction speeds, which at the moment solely quantities to 30 transactions per second.