UniLayer CEO will take part in Consensus Week 2022, one of the largest meetup events in the blockchain and crypto world with 15k+ participants. The attendees will discuss the underlying philosophy of UniLayer, its technological and structural features, its potential value to the crypto community as a whole, certain specific potential use cases of this technology, and how to get involved in the project in this early stage of its development.
Consensus week 2022 report
On 8 June, 2022, UniLayer CEO Alex Bel and senior team members Rheynand Otida and Nikita Marin took part in the Blockchain NYC panel at Consensus Week 2022, alongside with Art Malkov as the host for the event. The meetup took place via videoconference on YouTube. You can watch it here.
The speakers introduced themselves and discussed the key topics relevant to the UniLayer Project’s mission:
- Interoperability, defined by Alex Bel as the next big step in the development of Web 3.0 (the first two being the introduction of BitCoin and the invention of smart contracts). According to Alex, interoperability is the key for various crypto-based projects to combine their best features in a convenient, secure, reasonably cheap and scalable way. The idea is to use crypto means exclusively for data transfer between chains, avoiding the use of centralized non-crypto solutions.
- What the UniLayer is. Alex described UniLayer as a superstructure that allows native data exchange between chains. “Native” means there is no need to include a third party in the exchange, since UniLayer relies on nodes within the interconnected chains.. Alex also presented a hypothetical use case of UniLayer for the transition of one’s own assets between servers without involving expensive R&D.
- UniLayer basics. Nikita proceeded to explain that UniLayer is a Level 1 blockchain, embedding masternodes in client chains, allowing to validate between-chains transactions natively.
- Cost effectiveness. The attendees discussed how UniLayer is superior to earlier interoperability solutions (like bridges) in its cost to benefit ratio. This is achieved with advanced effectiveness inherent to the method with which UniLayer provides data exchange: no changes required to be made in partner blockchains in order to connect them with UniLayer, less computations performed during operation and therefore less gas spent.
- A use case was presented of using UniLayer to allow users to pay for goods in a vending machine with a crypto wallet. The idea is that with UniLayer both the seller and the buyer may use cryptocurrencies of their choice, with UniLayer making the exchange process between them seamless and unnoticeable. Normally, a customer would hardly bother to go through the whole process of exchanging the tokens they have into the ones the seller takes simply to buy a can of soda. With UniLayer, they don’t have to do this by hand. Alex predicted that the possibility of such use cases would facilitate the development of cryptocurrencies as a whole, increasing the demand for crypto-related services.
- Competition. Nikita explained that UniLayer actually seeks coordination and partnership with other proposed interoperability solutions. Since UniLayer acts as a structural foundation for an interoperability infrastructure, it’s not mutually exclusive with other solutions of interoperability providers and can actually help them provide their services to end users cheaper and more conveniently, to the general benefit of all parties involved.
Art and Alex proceeded to discuss, that unlike a classic competition environment, the UniLayer philosophy and mission actually promotes concurrency and strives to unite the liquidity pools of various ecosystems, in synthesis with other interoperability providers.
- Beta testing. Alex described the ongoing by-invite TestNet operation and announced the coming launch of public TestNet beta testing.
- The Future. Rey explained how the crypto industry is at the crossroads: the question is whether interoperability solutions are going to deliver, or crypto businesses are going to remain separated.
Rey mentioned how it’s the mission of UniLayer to make the former happen. Nikita proceeded to share his opinion on how the Internet is a relatively young technology, which already changed the world entirely, and how blockchains are a new stage in the development of this technology, and interoperability is a key factor of their success. Finally, Alex added that while the future is generally unpredictable, his personal vision of it is a world of unhindered creativity and unlimited access to information. UniLayer aims at making this future a reality.