CROSS CHAIN INTEROPERABILITY AND POOLZ SOLUTION

CROSS CHAIN INTEROPERABILITY AND POOLZ SOLUTION

In recent times, blockchain technology has gained more popularity as well as adoption in different sectors of the society. DeFi is also another invention that is currently creating a buzz in the crypto world. The rapid growth that it has witnessed is not unrelated to the massive potentials that the technology holds or has shown so far. The blockchain-cryptocurrency ecosystem must, however, find solutions to some recurring problems to achieve long - term goals. Some of these challenges jncludes: inter chain networks/communications, scalability and interoperability. However in this article, I will focus on the problem of interoperability.
Let's take a look at this scenario of Mr Robin walking into a grocery shop to get some items. After making all the necessary purchases, Mr Robin reached out to his pocket to make payment and immediately realized that he forgot his purse at home. Obviously confused and not knowing what to do, he looked around and came across a bold sign that read this "Cryptocurrency is accepted here". On seeing this, he felt a bit relieved because he has an Ethereum wallet on his smartphone. Mr Robin reached out to the cashier that he wanted to make payment in cryptocurrency. To his greatest suprise, he was told that they only accept Bitcoins but he was adamant that he wants to scan the QR hoping that luck might be on his side but it all ended in more disappointment for him.
This story clearly reflects the main challenge faced by the blockchain ecosystem and it is popularly referred to as lack of interoperability. However, to start with, there is need to explain what interoperability is in the most simplest terms.
Interoperability literally entails “cross-communication,’’ whereby two or several entirely separate systems can connect to each other and share value. In the conventional financial system, the bulk of payments infrastructure is interoperable. Irrespective of what currency the retailer supports, you can easily swipe your payment card and pay for products or services. If you go anywhere with a card issued by your bank, you know that it is recognized anywhere, independent of what the local currency is. This is a true definition of interoperability.
Interoperability is when two additional blockchain systems can interact to each other and share value in the blockchain room. You should be able to pay with ethereum when you take a look at Mr Robin'sexperienceat the grocery store, even though the store accepts bitcoin and that too in a decentralized setting. Still, that's not the scenario in reality, sadly. Another scenario of this pitfall is that of an internet. You have a web service that provides an API through which you can talk to that particular web service. The API serves as a network of communication between the web service and all other web services unrelated to it. Unfortunately, for blockchain, we do not have such cross-chain communication protocols built, so they perform and operate in silos.

There are several current strategies out there with all varieties of restrictions and shortfalls to address this cross-chain interoperability challenge, some of which include:
✔ Centralized Interoperability
✔Atomic Swaps
✔Wrapped Bitcoins
✔pTokens by Provable Things
Each of these proffered solutions are laced with one form of challenge or the other and it is these challenges that Poolz protocol will seek to mitigate. The blockchain-cryptocurrency ecosystem, however, must offer alternatives to such recurring problems to reach its fullest potential.

POOLZ DeFi PROTOCOL'S SUSTAINABLE CROSS CHAIN INTEGRATION
In its pursuance to find a lasting remedy to the aforementioned challenges, PoolzDeFi, a decentralized, layer-3 swapping protocol, is developing a scalable, confidence-minimized, and cross-chain ecosystem to link project owners and investors. Providing consistent interoperability on the network between various blockchains. This is the very first time a project has focused on both interoperability and design scalability.
The integrated PoolzDeFi UI facilitates cross-chain integration, allowing users to set up and engage in liquidity auctions and OTC deals across various blockchain platforms. Poolz main objective is to achieve a total decentralization. The cross-chain integration will take place in stages and eventually replace the pseudo-centralized bridge with a fully-decentralized, mutual consensus system, beginning with the Poolz server serving as a bridge between multiple networks. In other words, the cross-chain integration of PoolzDeFi would go from a bridge-based model to a parachain-based one.

Poolz will replace the bridge with a mutual consensus process to solve these issues and to achieve maximum decentralization of cross-chain integration. Cross-chain transactions can then be validated independently of the originating chains. Miners or validators are involved in the process which will be based on the equilibrium protocol.
The overall design is tidy and plain. Although Poolz model is in many respects similar to the other models, it has a different system of governance and offers more interoperability and cross-chain connectivity through the implementation of a parachain based model. The method of transaction accumulation and authentication is also performed separately, implying more pace and more effectiveness. The Poolz protocol is operated by its POZ token, which is used to pay the fees and for governance.

Poolz aims to alleviate the problem that certain element of centralization is involved in most current cross-chain implementations. In addition, some of these protocols are custodial in nature and thus pose serious protection and privacy risks to the user. The integration will enable blockchain networks to be fully interoperable, thereby broadening the reach for both innovators and investors.

Conclusion
DeFi project would remain in its infancy without creating cross-chain interoperability. As an independent economy, think about a single blockchain. The whole ecosystem can't expand and take over the world of conventional finance if these systems didn't function with each other. DeFi 's environment is moving rapidly upward, and several initiatives have stepped in to build cross-chain communication networks that address issues of custody and interoperability and one of the most notable ones is POOLZ protocol. Poolz protocol has rolled out initiatives that will revolutionize the DeFi environment and speed up the process of growth and adoption, paving the way for the emerging blockchain networks-powered financial system.

ENQUIRIES About POOLZ Protocol
Website: https://poolzdefi.com/
Medium: https://medium.com/@Poolz
Twitter: https://twitter.com/Poolz__
Telegram: https://t.me/PoolzOfficialCommunity
Telegram Announcements: https://t.me/Poolz_Announcements
Github: https://github.com/PoolzAdmin/Poolz
Our live code on Discord: https://discord.gg/8REVabc
E-mail: Hello@poolzdefi.com
AUTHOR'S PROOF OF REGISTRATION
Link to Proof of Registration: https://bitcointalk.org/index.php?topic=5280470.msg55493319#msg55493319
Telegram Username: @Gotzal
Bitcointalk Username: Ufedor
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile
ETH Wallet Address: 0x639359982f75a1905D52BE06819637Fb16A16201