NFTs hit the crypto marketplaces in 2014. But only recently have they garnered widespread global interest. Once they did, there was no stopping them. NFTs have sold for millions of dollars, often exceeding their creators’ expectations.
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However, NFTs face a persistent problem. NFTs are minted on specific blockchains where they remain for eternity. Well, at least they were meant to be. The current state of the crypto universe is such that the multitude of public blockchains available to users are largely isolated and do not “talk” to each other. So, NFTs must stay and perish with the blockchain they are minted on.
This lack of interoperability between blockchains hurts the DeFi ecosystem in several ways. For example, the NFTs created on a blockchain can only use the features and functionalities available on that blockchain. Some blockchains do not support smart contracts, so NFTs on these platforms cannot take advantage of these nifty innovations.
Second, most NFTs are created on Ethereum, which has punitively high transaction fees and gas fees. The lack of interoperability means you cannot move your NFT from Ethereum to a More low-cost platform. Also, transactions with NFTs must use native tokens specific to the blockchain, which is a major annoyance.
Although some efforts have been made to establish interoperability between blockchains, they are largely limited in scope. In contrast, Snowfallprotocol.io (SNW) wants to take off!
What is snowfall?
Snowfallprotocol.io (SNW) is a multi-chain interoperability protocol that bridges virtually every blockchain with another, whether they are EVM chains or non-EVM chains. When Snowfallprotocol.io (SNW) is fully implemented and integrated across the crypto universe, users could move their NFT assets between any blockchains. You don’t need any third-party apps or services to transfer your assets. You can do this natively in the Snowfallprotocol.io (SNW) dapps. But Snowfallprotocol.io (SNW) doesn’t stop at interoperability. It plans to create a fully interoperable cryptocurrency ecosystem – a “home” for crypto users.
The transaction fees would be gloriously low on Snowfallprotocol.io (SNW). Smart Investors can avail staking and yield growing opportunities to enjoy a passive income consistent with their risk appetite.
In short, Snowfallprotocol.io (SNW) intends to unite all cryptocurrencies in one ecosystem where they can contribute to each other’s growth instead of competing against each other.
Which blockchains will Snowfallprotocol.io (SNW) bridge?
The first Snowfallprotocol.io (SNW) dapp would bring on board some of the most popular EVM chains on the market, including Ethereum, Polygon, Optimism, Avalanche, Arbitrium, and so on. As the platform expanded, stablecoins would be integrated into the Snowfallprotocol.io (SNW) bridge, and eventually Terra, Fantom, Harmony, and other coins would be brought into the Snowfallprotocol.io (SNW) fold.
As more users join Snowfallprotocol.io (SNW), more transactions will be processed on it, ultimately helping the platform grow and bridging more blockchains faster.
Website: https://snowfallprotocol.io
Telegram: https://t.me/+E026J3nTy64OWIO
Presale: https://presale.snowfallprotocol.io
Twitter: https://twitter.com/snowfallcoin
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