The Web3 landscape is undergoing swift evolution, with omnichain solutions emerging as vanguards poised to redefine the crypto world. Just recently, Cointelegraph hosted an AMA session to discuss the potential of omnichain solutions and their impact on crypto mass adoption.
This engaging conversation featured two distinguished guests –– Josh Cowell, head of product at XGo ID, and Matt Marino, co-founder of TapiocaDAO.
The power of omnichain solutions
The discussion began with a deep dive into the distinctions between cross-chain, multichain and omnichain technologies. Cowell and Marino highlighted the significance of omnichains in furnishing a mega-multichain ecosystem, seamlessly linking all chains without bias toward smart contract technology.
This comprehensive strategy holds the potential to tackle the blockchain trilemma head-on, alleviating the challenges of interoperability, sometimes exorbitant fees and vulnerabilities to breaches that cross-chain and multichain solutions frequently encounter.
Use cases and project impact
Following that, Cowell and Marino focused on the emerging use cases that omnichain solutions are ushering in. Notable mentions were made of omnichain protocols such as LayerZero, as well as omnichain liquidity marketplaces including Level, both standing as promising examples.
However, a consensus emerged from both experts, highlighting the necessity for continued advancement to fully unlock the potential of omnichain protocols and smart contracts. The central themes of accessibility and efficiency took center stage, with Cowell directing attention toward XGo’s flagship offering, XGo ID, which maps multiple wallet addresses in one place to simplify crypto-payment management.
He drew a parallel to Tapioca, which brings liquidity into one place, again simplifying crypto for users.
Innovative features and sustainable solutions
During the AMA, a spotlight was cast on TapiocaDAO’s oTAP token, a pivotal omnichain NFT driving the project’s sustainability. Marino explained how oTAP incentivizes liquidity providers, fosters long-term viability and engages stakeholders.
In addition, DSO (DAO Share Options) was discussed as an innovative tool designed to align interests and equitably distribute rewards, thereby enhancing liquidity for the project.
Addressing regulatory challenges and ensuring compliance
The conversation also took a comprehensive view of the regulatory landscape, recognizing the profound potential of forthcoming changes in the industry. Both projects reaffirmed their commitment to navigating regulatory requirements to promote mass adoption safely and responsibly.
When asked about how Web3 will evolve in the next one to three years, Cowell shared his thoughts:
“MiCA and the Travel Rule will make it more challenging for [crypto] startups to get out of the gates with their operations. As for NFTs, I think they will make a comeback, but not in the same way as the profile-picture NFTs we know today. The rise of GameFi will attract many new people to the ecosystem. My expertise is focused on Web2.5, which serves as a bridge to bring people into Web3 eventually. We aim to offer people familiar Web2 finance-app behaviors to make them comfortable conducting all their financial activities with crypto in the near future.”
Concluding the AMA, Cowell and Marino underscored the significant potential of omnichain solutions to propel the widespread adoption of blockchain and cryptocurrency. As the crypto industry continues to evolve, the visionary projects and their steadfast dedication to innovation are poised to wield pivotal influence in shaping the trajectory of Web3’s future.
To view the full AMA session, check it out on Cointelegraph’s Twitter account.
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