What is Radix doing in regards to interoperability with other chains ? I mean can others projects move to radix when its fully launched ?
I think this is one of the use cases for Instabridge - to enable all sorts of assets to be bridged over in order to use the Radix ecosystem.
Instabridge is a project that is already working with the radix ecosystem. At the moment, you can only move exrd/xrd cross chain (eth/radix), but other assets are coming soon.
Thanks but what exactly does that mean ? So will we be able to convert assets to xrd, like btc ect, to xrd or move tokes on to the radix ledger and have them wrapped ? I hope that makes sense !
I was having the same question while ago and then I listened to the chapter where Dan have a debate with Chad (Thorchain) about the two different approaches. Helped me to understand more the vision for Radix. Here is the link in case you would like to watch it Let's Debate: Is the future of DeFi single chain? Chad (THORChain) vs Piers (Radix DLT) - YouTube
Great reference, thanks for this.
There are two different ways of interoperability. The ‘easy’ one is to run code from one chain on another. With EVM being the main platform out there, all Radix needs to do is port over the EVM. Which is exactly what Notoros are doing. That should help people to just take their existing code base and hop on over to Radix.
However, using the Radix platform to run an EVM is a bit like buying a brand new house, ignoring the modern bathrooms and digging a big hole in the garden to use as a toilet. It’s like, not optimally using your resources at all. Real progress happens when people actually use Scrypto and the Radix Engine to their full potential. For that, we need to attract devs and teach them how to build on Scrypto. Team is really focused on this, more than other marketing.
The other question is how to bring over the value represented by assets on other chains. That’s an open question. We’ll need bridges, wrappers and the like. Instabridge should play an integral part in that, but we don’t know yet if there will be a feature to just move over ‘any old ERC20’ or if it’ll be restricted to selected tokens.
Thank you that is helpful I agree getting devs over is crucial as the more the code library grows the quick others can build and the more devs will come over when they see this so its like a compounding effect , it might be useful to have a grant program to pay devs to come over , but I am sure they are doing this or have it in mind/.
Thanks for the insights! I just want to analyze more in details what you said here:
[…] but we don’t know yet if there will be a feature to just move over ‘any old ERC20’.
What do you think are the factors that could have an impact on the creation of such a feature? I’m not a dev but I’m really interested in this topic.
Legal factors are probably an issue here. I’m sure they can do it from a technical perspective. It would require some sort of locking & unlocking on the Ethereum side, coupled to a minting & burning on the Radix side. There are reference implementations for bridges that they could use, I’m sure they could solve that challenge. But the Radix team is quite heavy on the compliance side, and they may not want to bridge tokens whose projects they haven’t vetted fully and whose teams haven’t signed all kinds of documents.
Just speculating here obviously.