Deconstructing sidechains — The future of Web3 scalability
2022.07.09 07:05
Deconstructing sidechains — The future of Web3 scalability
By far, the innovation with the most impact in the Web3 world this year is the sidechain. The highest-volume blockchain providers in the world — Binance, Polygon, Ankr and Avalanche — have all recently released sidechain functionality. They are investing hundreds of millions into these new implementations — and with good reason.
Sidechains are the most likely multichain solution to crypto’s scalability problem. Multiple projects have failed or stalled once they hit a certain level of traffic. Ethereum gas fees are notoriously expensive, while Solana is continually congested to the point where it needs to be turned off. Needless to say, Web3 cannot grow unless transactions are fast, low-cost and secure.
Gregory Gopman is a tech entrepreneur working in the blockchain space where he serves as the chief marketing officer of Ankr and runs a blockchain consultancy called Mewn that helps launch projects and grow their valuation. Greg has worked in startups for 15 years — 10 years with Silicon Valley tech companies and five years building crypto projects. He’s best known for co-founding the Akash Network and AngelHack and helping Kadena grow from $80 million to over $4 billion in 100 days.
