On Wednesday, Psychedelic, a Web 3.0 growth workshop structure remedies for the Internet Computer, introduced Terabethia, a cross-chain agreement interaction and possession matching protocol. Beginning with the Internet Computer and Ethereum, customers will certainly have the capability to mirror and make use of any type of Ethereum symbols, fungible and nonfungible, on the Internet Computer blockchain and the other way around, properly transforming the Internet Computer right into a layer-two scaling option for Ethereum.
The protocol tries to take on the issue of Ethereum network blockage and high gas costs. The Internet Computer, on the other hand, makes use of a “reverse gas model” where designers provide the funds required to run the applications or agreements that utilize their gas, called “cycles.”
When inquired about the technical abilities of the Internet Computer network, Dominic Williams, creator and principal researcher of Internet Computer designer Dfinity, informed Cointelegraph:
“The Internet Computer is pretty fast. For example, while Solana is the closest competitor in terms of speed, the IC is approximately 700% faster, boasting 250-millisecond reads and 2 second writes/updates.
According to Williams, the Internet Computer is “even more efficient at keeping information than many various other chains.” Whereas Ethereum currently costs $199 million to store a gigabyte worth of data annually, the same amount of storage costs just $5.52 per year on the Internet Computer. “This permits decentralized applications that really go for internet rate, with boundless capability” in terms of data or cost, he said.
Williams further added that “the boundless capability additionally implies that NFTs can be saved totally on-chain.” He claimed that the Internet Computer is the only blockchain to store nonfungible tokens completely on-chain “and the just one to allow zero-fee deals.” He further added that “NFT metadata is on a regular basis saved “off-chain” generally as a result of the expense of information and the lack of ability of several blockchains to range.”
Related: Smart agreements are concerning Bitcoin via Dfinity’s Internet Computer
Last month, the overall worth secured on layer-two remedies on Ethereum got to an all-time high of $5.64 billion. Crypto fanatics have actually been moving to such networks to run away rising gas costs. While the upcoming Ethereum 2.0 upgrade might change its agreement system from proof-of-stake to proof-of-work, it does not fix the core issue of reduced purchase rates, which presently just totals up to 30 deals per secondly.
