The Cross-Chain Protocol Terabethia Links The Internet Computer And Ethereum.

The Cross-Chain Protocol Terabethia Links The Internet Computer And Ethereum.

2021-12-23 | Selina Mathew

The Cross-Chain Protocol Terabethia Links The Internet Computer And Ethereum.

Terabethia, a cross-chain contract communication and asset mirroring protocol, was released on Wednesday by Psychedelic, a Web 3.0 development firm that builds solutions for the Internet Computer. Starting with the Internet Computer and Ethereum, customers will be able to replicate and utilize any Ethereum token, fungible or nonfungible, on the Internet Computer blockchain, thereby transforming the Internet Computer into a layer-two scaling solution for Ethereum. The protocol makes an endeavor to address the issue of Ethereum network congestion and excessive gas prices. Conversely, the Internet Computer employs a "reverse gas paradigm," in which developers provide the monies required to operate the apps or contracts that consume their gas, referred to as "cycles." The Internet Computer, as per Williams, is "much more efficient at retaining data than many of the existing chains." Whereas it presently costs $199 million to keep a gigabit of data on Ethereum, the equivalent quantity of storage on the Internet Computer costs only $5.52 per year. "This enables decentralized programs to function at web speed, with limitless capacity" in terms of data or expense, he added. "The limitless capacity also implies that NFTs may be kept totally on-chain," Williams remarked. He asserted that the Internet Computer is the sole blockchain that stores nonfungible coins entirely on-chain, as well as the exclusive one that allows for zero-fee transactions. He added, "NFT metadata is typically retained "off-chain" due to the high cost of data and the impossibility of multiple blockchains to grow." An all-time high of $5.64 billion was achieved by the sum secured on layer-two solutions on Ethereum the previous month. Crypto aficionados have been flocking to such networks in order to avoid skyrocketing petrol expenses. Whereas the planned Ethereum 2.0 update may change the consensus process from proof-of-stake to proof-of-work, it doesn't address the underlying issue of slow transaction rates, which now stand at 30 transactions per second.

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