ShuttleOne, a blockchain-based fintech company, has launched a self-developed Metachain to scale cross-chain compatibility in the blockchain industry. With the Metachain, ShuttleOne aims to enable different blockchains to communicate with one another without relying on intermediaries. The advent of blockchain technology gives enthusiasts the impression that it will solve fragmentation issues experienced in the supply chain industry, financial industry, and the internet in general. It appears to be quite the opposite because more fragmentation issues came to light as the blockchain industry grew.
One of the major missions of ShuttleOne is to onboard real-world businesses on the blockchain network. Along the line, the team discovered that it is very difficult for these businesses to utilize multiple blockchain networks. Each of these blockchain networks offers a different purpose and strength to businesses. Although it takes time to understand blockchain networks, it takes more time to build on different networks.
Today, individuals and businesses must shuttle between multiple blockchain networks to use their needed applications. For every of these blockchain networks, a different currency is required. For example, users will need MATIC for layer 2 applications, ETH for DeFi, and SOL for NFTs. Users can’t compare networks in real-time and use the best one for their transactions. At the moment, blockchain protocols have evolved through layer one development.
Decentralized applications (Dapps) and users depend on layer one developments and are affected by the network’s performance. The majority of blockchain users are on the Ethereum network. Therefore, any business that needs to capture the majority of these users will have to build on the Ethereum blockchain. The pitfall is that the high gas fees and scalability issues of the Ethereum network will likely affect the adoption of your applications.
All these current blockchain hiccups prompted the move by ShuttleOne to develop and launch its Metachain, a multichain aggregator.
Metachain And Its Solutions
Metachain is a multichain aggregator developed by ShuttleOne to enable businesses and applications to consolidate their product within a single interface while continuing to enjoy the benefits from multiple blockchain networks. Users can connect with different blockchain networks using a single Application Programming Interface (API) from Metachain. With the continued integration with all blockchain protocols, Metachain will help developers save costs and time on learning and building a new network.
Metachain allows users access to all the available blockchain networks. Web 3 users can use the same application with the same currency ($SZO) with consolidated decentralized applications. The $SZO is the utility token of the ShuttleOne ecosystem, and it can be used for all gas fees within the Metachain. The Metachain protocol will convert the currency and pay to the chosen network. Users don’t need to worry about the network to choose/use because Metachain is designed to select the best network for every user at the time of transaction.
With the creation of the Metachain ecosystem, aggregated networks no longer need to work and onboard new applications to their platform. All they have to do is focus on improving and delivering the best performing network to their users. Metachain eliminates the cost and resources required for multichain connectivity, thereby incentivizing innovation and creativity in the crypto industry. Dapps developers can now focus on what they know how to do best, creating the best innovative products in the world.
Possible Implication in The World of Finance
Banks using different blockchains will be too complex without interoperability, thereby cutting off communication between customers banking with different blockchain networks. With the launch of Metachain, it will be much easier for banks to adopt blockchain technology because it will not only be possible to transmit data from one bank to another; the transaction will be more secure and faster.
About ShuttleOne
ShuttleOne is a fintech company that is based in Singapore. It was founded in 2019 and uses blockchain technology to enable informal workers to remit money transparently and at a lower transfer fee. The company also helps small and medium enterprises (SMEs) to connect seamlessly with money service providers. ShuttleOne also offers real-time settlement of cross-border money transfer services.
In November 2021, ShuttleOne DeFi solution won the ASEAN Fintech Award hosted by the Central Bank of Singapore as the only crypto company against the biggest names in the industry. This is an indication of a product-market fit solution from ShuttleOne, and how regulators’ perspective on crypto has changed.
Media
Website: https://shuttleone.network/
Twitter: https://twitter.com/shuttleone
Telegram: https://t.me/shuttleone
Medium: https://medium.com/shuttleone
