On sui -based interoperability protocol IKA rose by 50% after a successful mainnet launch.
Summary
- IKA Crypto has risen 50% a day.
- The project tackles important problems with cross-chain interoperability.
- With this, Sui can sign transactions on every chain.
The community of Sui (Sui) is enthusiastic about a new project that adds cross-chain utilities to the network. On Thursday, July 31, Ika (IKA), the crypto behind the Sui-based Zero-Trust Multi-party calculation network, rose by 50%. The price increase followed the successful mainnet launch on July 29.
https://twitter.com/ikadotxyz/status/195013473878345354444
The protocol enables Sui -Sluide Contracts to immediately initiate and authorize transactions on other block chains, such as Bitcoin, Ethereum and Solana. With the Dwallet and MPC technology from IKA, users can effectively fully control assets on other chains.
According to the project, IKA’s network can scale up to 10,000 signatures per second. It also supports “hundreds” signing nodes, which jointly have a cryptographic key. This means that no party ever has a complete key to a wallet, which eliminates the need for trusted intermediaries. At the same time, the distributed wallet protocol carries out transactions over several chains.
IKA Crypto uses Sui to tackle interoperability
Cross-chain interoperability remains one of the most important areas of crypto innovation. However, most popular solutions, including cross-chain bridges and wrapped assets, come with great risks. Cross-chain bridges are notorious hackable, while packaged tokens often require an issue for redemption.
Both solutions use centralized solutions for specific Defi problems, so that many of Defi’s inherent benefits deny. Yet there has been a growing trend of decentralized alternatives to crypto interoperability.
Just like IKA, these protocols use zero knowledge drawings and fully self-estodial solutions to make a decentralized version of a blockchain bridge. This approach is the key for both security and improved interoperability between blockchain networks. This allows chains utility and liquidity to share, which improves the overall user experience.
