The Interchain Alliance has been formed by a group of pioneering blockchain devshops, research teams, DAOs and individuals as a lens to focus our knowledge and experience towards building infrastructure enabling seamless interchain movement of capital, liquidity and communities to their most efficient applications.
Introduction
The industry and the protocols and blockchains that comprise it has, until very recently, been a walled garden of sorts. Users on a chain have traditionally had difficulties moving their funds and assets, whether coins or NFTs, to another chain, all of this assumes that the asset being moved even exists on another chain or has the liquidity of being bridged off the origin chain. The process of this migration is also very technically challenging, a variety of bridges and methods of transferring assets from one chain to another, again assuming a user is on a relatively popular chain, but this isn’t a uniform process and most bridges are quite different from each other all complicating the end user experience.
As one can see there are any number of things that one can talk about concerning the increasing complexities of moving assets around chains and out of this friction the Interchain Alliance is borne.
The Need for the Interchain Alliance (ICA)
The Interchain Alliance is here to build a freer world, where communities are not bound by an ideology or technology of any particular network and can efficiently and safely redeploy capital and liquidity carrying their digital wealth and Web3 footprint interchain.
Over the previous cycles that have given rise to crypto’s current success we’ve seen the concept of blockchain maximalism increasingly prevalent. While it can be arguably beneficial to some protocols at their inception its akin to radical protectionism in traditional economic systems; a policy that is known to underperform relative to more liberal or fluid, unbounded, economic systems. Web3 is no different in this regard and the Interchain Alliance has been formed specifically to further progress of the chain agnostic Web3 economy through the unity of people and on-chain capital.
Specifically the ICA is working towards an overall systemic increase in fluidity and dynamism within the industry because of the current lack thereof. Globalism brought about a revolution in market access around the world, goods from sectors all over, could sell and buy wares from industries on the complete opposite side of the planet, and we argue that the cryptocurrency industry should be no different.
The ICA is here to service the need for a unified effort to make bridging and interacting with heterogeneous chains radically more efficient and straightforward for the continued expansion of the industry as a whole.
A Cohesive Partnership
Four key entities constitute the initial founding members of the Interchain Alliance; Humanode, Symbiosis, DeFiYield,Transfero and OccamFi, all five of these organizations are intimately familiar with the importance of the Interchain.
Humanode
Humanode is the first crypto-biometric network where one human equals one node equals one vote that brings Sybil resistance and innovative governance models to the crypto industry using private biometric technology.
For the alliance Humanode serves as an EVM Compatible Substrate chain. The direct biometric service allows NFT projects, DAOs, GameFi,metaverse, and other Dapps to integrate and enable unique online Identities. High accuracy of identity/uniqueness check — the possibility of a match between two different people is 1 / 125,000,000. The chain agnostic biometric service for private facial recognition works in any mobile device.
Symbiosis
Symbiosis is a cross-chain execution engine and messaging protocol. Its SDK/API enables cross-chain messaging and industry grade liquidity connectivity to any of the supported protocols. Symbiosis team are seasoned opsec/cybersec professionals that have built and audited IBC protocols since the very inception of the concept itself.
For its role in the alliance, Symbiosis acts as the connectivity protocol for enabling cross chain liquidity connectivity and trustless cross-chain trade execution. It is the riverbank for interchain order-flow and taker liquidity side of the Interchain Alliance. Symbiosis team also leads the tech due diligence function at the Alliance.
DeFiYield
DeFiYield is the leading multi-chain DeFi portfolio management dashboard. It supports 37 blockchains, over 300 DeFi protocols and alerts users of security risk detected in any of their portfolio investments, and provides access to the best tools in one simple, secure interface. Providing state of the art tools for investors to safely, securely and confidently access the benefits of yield farming is central to DeFiYield’s platform.
We also have a strong security focus, including our flagship Shield tool which allows the user to check all the smart contracts they have interacted with, visualizing all the corresponding security issues classified by risk level, and revoking approvals if need be.
DeFiYield holds the World’s largest Audit and “Rekt” database of crypto-related exploits. The “Rekt” database records and classifies exploits and hacking events and malicious activity across the DeFi ecosystem, is constantly updated and widely used as a reference in the field, including in academic publications.
DeFiYield serves several roles in the alliance:
- On request, priority protocols integration of Alliance partners to DeFiYield dashboard, following eligibility criteria to be communicated;
- On request, featuring protocols of Alliance partners in DeFiYield daily APY, following eligibility criteria to be communicated;
- On request, priority security audits;
- Provision of API (assets with prices, asset balances, protocol balances across 35 chains + rekt DB, shield scanner);
- On request, introductions of Alliance partners within the network of DeFiYield following eligibility criteria to be communicated.
Transfero
Transfero is the minter and controller of the worlds largest emerging market stablecoin: the BRZ. We are expanding our payments and stablecoin infrastructure to multiple latam and other emerging markets around the world, creating an operational stablecoin for each national payment system.
In the Interchain Alliance Transfero:
- Provide national and international payments to projects.
- Provide liquidity to pools and other financial applications.
- Extend dApp access directly to Brazilians via a instant bank transfer (PIX)
- Direct incentives towards partnership pools to increase investor return, when profitable vs collateral yield.
OccamFi
Finally, Occam DAO is a DeFi-first, DAO-governed incubator and investment DAO working closely with Cardano, and a number of other L1 and L2 networks. Built Cardano-first at inception, today Occam DAO exists interchain.
And for the alliance, Occam is a community/project ecosystem gate. As an independent incubator, Occam DAO mitigates the regulatory risks and high workload associated with any foundation’s involvement in supporting early-stage projects. Its community-centric and Guild-driven approach deployed across >30,000 token holders stimulates adoption and catalyzes the development of emerging as well as established ecosystems.
The Mission
The Interchain Alliance is here to build a freer world, where communities are not bound by an ideology or technology of any particular network and can efficiently and safely redeploy capital and liquidity carrying their digital wealth and Web3 footprint interchain. The interchain innovation within the industry continues to progress and with it comes the increasing ability for users to imbue themselves and their identities into these networks and so our mission is to ensure continued progress towards a greater crypto ecosystem where users are able to freely move, unbounded.
Core Principles
Instant Liquidity Mobility
UX is key for adoption. Fast finality and user friendly settlement times.
Consensual interchain composability of the Web3 footprint.
Users should be able to carry cross-chain their web3 identity/history to enable the evaluation of one’s interchain merit. Of course, subject to their consent.
Liquidity concentration and minimization of inefficiencies
These inefficiencies arise as a result of attempts to create the world of interchain.
Sovereignty in transactions
No centralized services to be a part of the alliance.
Zero-Knowledge Cryptography and MPC
Is the only tech stack that simultaneously enables scalability, decentralization and security in inter blockchain communication and interoperability.
Cybersec excellence
Interchain is an uncharted territory. We call for the creation of unified cyber security standards for IBC and peer review of every commit. Only open source codebases are permitted.
Interchain DAOs
Governance to be exercised on the level of a community, not bound by any given technological platform. DAO treasuries to be diversified cross-chain for maximum capital efficiency.
Messaging interoperability
Cross-chain contract calls are as important as liquidity mobility. Interchain apps, subject to settlement time constraints, are the future of DApps.
Joining the Interchain Alliance
The Interchain Alliance, much like an industry association, is straightforward and uncomplicated when it comes to joining and being an active member. The alliance is obviously focused on increasing the development and publicity of interchain projects, DApps, organizations, etc., and any groups that fall into any of these wide categories are able to join, even groups that have only been focused on a single chain but are wanting to expand interchain, are highly encouraged to join. Membership in the Interchain Alliance is flexible in the items asked of the members. DApps and protocols that are part of the alliance may be asked to support interconnectivity with other members, or to support other chains, organizations could be asked to setup hackathons or public events to bolster public awareness of the efforts and mission of the interchain alliance, effectively being a member of the alliance means one adheres to the mission and will work diligently in supporting that mission however they can.
Reach out to us on Telegram — https://t.me/Interchainalliance
Follow us on social media to stay up to date:
- Telegram announcements — https://t.me/InterchainAllianceNews
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- Website — https://interchainalliance.com/
Original Article : The Interchain Alliance. The Interchain Alliance has been formed… | by I.C.Alliance | Interchain Alliance | Nov, 2022 | Medium
