Interoperability, NFTs and PoS: Persistence partners IRIS Network
On the 7th of July, we were awakened to the news that IRIS Network was partnering with Persistence in a move that would help secure a bright future for interoperability and proof of stake.
Since its inception, blockchain technology awareness, appreciation and use has soared to unprecedented levels because of a lot of important factors. Security, transactional transparency as well as the massive potential it has for making business processes better, as well as reducing the operational cost attached to certain life processes and transactions. With all these, we are left wondering why global adoption of blockchain technology hasn’t reached its full potential. The major bane to this adoption has been tied to interoperability where interconnections and cooperation are made conspicuous by their apparent absence. When we say interoperability in blockchain terms, we are simply implying an ecosystem or state of being where different blockchains can effectively communicate with one another. Imagine being able to see and exchange information across various blockchains with minimal fuss. This is very critical to achieving mass adoption. We can’t have a functional blockchain ecosystem when various platforms cannot communicate with one another effectively. When blockchains are interoperable, you will see better sharing of information, effective smart contract executions as well as an experience that would be valued by users. The joy of this is that making blockchains interoperable would come at a very little cost and when viewed with the benefits it would have on the value chain, it’s something worth doing.
That said, we’ll look at the proof of stake and see how it is getting lots of traction when compared to the older alternative, the proof of work. Lots of projects are launching on the proof of stake model, giving users an easier way to earn rewards while helping to secure the project they love. Let’s not leave out the frenzy around decentralized finance (DeFi) and NFTs. Two concepts that are gaining wide acceptance also.
This makes the partnership between Persistence and IRIS Network all the more important. The partnership would cut across various fronts and help to bring value to the plethora of users within both communities and the blockchain space at large.
First Persistence would be cross-delegating with IRIS Network in a move that would help increase the security of both networks. How are they doing this? Easy!!! IRIS Network has now joined the Persistence ecosystem as a validator while Persistence is doing the same thing on the IRIS Network through Audit.One.
Secondly, they’d both be focusing on education. We all know that education would come before adoption and it is no wonder that both projects have seen education as a common goal. They will be doing this by collaborating on cross regional community growth as well as pushing the narrative for Cosmos.
These campaigns would cut across a lot of decentralized finance solutions like pSTAKE, set to launch on July 12th, 2021, as well as interoperable NFTs. More talks on the NFTs are ongoing as they seek to advance their interNFT initiatives by making cross-links or bridges across blockchains for NFTs.
It is enough to be excited as we seek to see a better blockchain space where interoperability is key and most functions are effective and efficient.
Thanks Persistence! Thanks IRIS Network!!
About IRIS Network
Persistence is a protocol powering DeFi by providing next-gen financial products. They have products like AssetMantle, pSTAKE, AuditOne and pLEND coming soon.
Official Blog: https://medium.com/persistence-blog