Description
The growth of the distributed ledger space has led to the emergence of
multiple blockchains which do not communicate with each other and are
operating in isolation. These blockchains are gaining popularity because of
features they offer to the applications like network effects, speed, transaction
cost, security, consensus algorithms etc. However, these blockchains are
operating in silos and are running their ecosystems in isolation from the
ecosystems operating on other blockchains. Even worse, the current
solutions which are only limited to providing cross-chain bridges are highly
centralised and susceptible to counterparty & security risks.
There is a pressing need for interoperability between the current blockchains
in use. The current growth of the blockchain ecosystem is not being limited
by the capabilities of blockchains but by a lack of reliable solutions to
connect them. A protocol to allow blockchains to interact with each other
will enable decentralised applications to tap into the capabilities of multiple
blockchains. Moreover, opening communication across blockchains will
usher a new wave of technological advancements in the interoperable defi
applications where money markets can operate across chains.
Ocelli Chain Network solves the interoperability problem between multiple smart chains
using a secure oracle network for inter-chain communication.
Ocelli Chain Network facilitates the transfer of information between
blockchains allowing applications to both tap into the information from other
blockchains and update the information on the other blockchains. This 2-way
interchain communication opens up the applications to build innumerable use
cases and capabilities in decentralised applications.
