Once upon a time, I had the privilege of giving lecture on cryptocurrency adoption to a group of people that are undergoing adult education in a university department. We talked about cryptocurrency trading as an alternative income source, then I went ahead to tell them about beauty and security of the blockchain. Bitcoin and Ethereum were the two most popular blockchains in 2017, I focused on them for easy explanation. I bragged about how $1000000 will be sent on Ethereum blockchain for about $20, this is unprecedented in the world's financial technology industry.
Among the audience, a woman asked if transaction reduces while the transaction volume reduces. For instance "can I send $100 for a fraction of a cent since it cost $20 to send out $1000000?” I cannot blame her, she taught that transaction fees are directly proportional to the amount that are sent out.
So, it dawned on me that it could cost same amount of money to send 1 billion dollars and $1 on this blockchain. Unfortunately I was a guest speaker when Eth gas fees was close to its peak, when users of Cryptokitties don't mind to spend $100 on a transaction to increase the transaction speed.
Quickly I thought of Steem blockchain, its consensus algorithm is called DPoS (Delegated Proof of Stake), this is an incredible solution, because users can interact with the chain without paying a dime. It appeal to new cryptocurrency enthusiasts around the world.
But here are the challenges; Steem blockchain compromise security and true decentralization for speed and scalability. The economy model was not sustainable. Nonetheless, I answered a
Her question, I told her she could consider alternative blockchains like steem. Yes she was satisfied, but deep down within, I knew that our question was going to arose new curiosity in me.
What If I Want To Send USDT Through Another Blockchain?
I did a couple of researches, it relies on interoperability that would allow cross-chain transactions. Although as at time of writing this article, Steem cannot be crossed with other chains. But I found an answer in Tron. It was like eureka moment for me, but guess what I found out after the research. Tron is a copycat of Ethereum blockchain, the developer realized challenges of Ethereum and they worked to build a more scalable chain, but at the expense of security and decentralization that the later offers.
Life seems to be all about sacrifice, right?
Yes, before Nervous Network launched Force Bridge, this is a cross-chain that connect the Ethereum network to Nervous network, there is an ongoing plan to Bridge Nervous network with all the active chains in nearest future.
What Is In It For An Average Blockchain In User?
It means that any digital assets that is ERC20 compliant on Ethereum blockchain can be integrated with Nervous network. For instance, you can send Tether to Nervous network and leverage on low transaction fee and enjoy true decentralization of Satoshi Nakamoto’s proof of work consensus algorithm.
What Is The Essence of Blockchain Interoperability?
In reality, blockchains are built to make trade-offs in speed, security, level of decentralization, smart contract capability and ease of use. This is the reason why they have different strengths, limitations and use cases. For example, Nervous blockchain sacrifice high speed for decentralization, security, sustainability, and robustness. Regardless, it's perform more transaction per second than Bitcoin and Ethereum network.
The result of these sacrifices is an ecosystem that comprises of several blockchains, where blockchains are built to meet different needs and use cases. Yearly, number of chains are increasing, and I have lost count. There will be more in coming years, so there is nothing we can do to prevent trade-off in the ecosystem.
Currently, there is wide communication gap between chains, they are unable to verify information on other chains. This is causing more chaos in the market, and users are fragmented. Unbridged communication gap is destroying users experience and causing obstacles for development of the industry.
The solution to these problems is cross-chain architecture and wide interoperability that is offered by Nervous network’s Force Bridge. There is a conviction that effective communication between networks is going to drastically decrease the impact of fragmentation, it will allow users, value, assets and futures to move freely within the blockchain industry.
Today, if I am asked the same question, I will answer it differently. The industry has really grown massively in the span of four years. I would tell the woman not to worry about the high gas fee on Ethereum chain, because she can move her digital assets to Nervous Chain, enjoy all the benefits that Eth promises it users and more. What could be better than access to cheaper, safer and faster transactions? Nothing!
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