Interoperability was an area of major concern for cryptocurrency asset holders. The existing protocols were not connected (either with each other or to a common network). Also, the working principle behind each of them is different. People cannot perform cross-protocol communication, until now. Why is that? Zilliqa and Poly Network are teaming up to establish a link between different protocols to ensure that people can transfer assets from one to another, and pay dividends. Also, it will ensure communication between different independent protocols or channels (Zilliqa, Ethereum, etc.). We came to know about it from a tweet from Zilliqa officials.
All this will be possible with the Poly network, as it will act as a bridge between these protocols. Both these companies are currently working on creating this link. How, will this change the dynamics of the cryptocurrency market? Cryptocurrency experts explore the answer to this question.
Zilliqa is an extremely secure network and cost-effective too. This means token holders can engage in complex transactions, without worrying about a decrease in speed, and performance. This is good news for the developers as well.
The link can integrate different smart contracts and generate dApps, that offer unprecedented interoperability. The network will convert different tokens (ERC20/BEP20/NEPS) into ZRC-2 tokens, allow traders to earn fees and rewards (such as $ZWAP, the official governance token). The vice versa is also possible with this bridge. Apart from that, it will offer the opportunity of trading this currency on Demex, which is a decentralized exchange.