Blockchain abstraction
What are we talking about?
This sounds like it’s some sort of spin, or hype, or the “next big thing”, but it’s just how Elk brings what is needed in Web3 for robust, communicative application useability. If multiple blockchains exist then safe and efficient communication between them is necessary. Without secure comms, the whole Web3 ideology is worthless, slow, and unappealing – doomed, in fact!
Blockchain abstraction is simply a way to describe dApps letting users interact between chains. ElkNet brings this description to life – when an action on one chain causes a reaction on another that creates a final result on the initiating chain.
Simple huh? Well, read on to find out more…
Have you seen the claims of interoperability projects?
"Cross-chain is easy - use our bridge for fast asset transfers!"
(This can also be described as: Once chain B has the “goods”, chain A doesn’t matter.)
This is not a good solution for blockchain interoperability. It’s incomplete, it’s clumsy, it solves only some of the problems that cross-chain actions present. Blockchain abstraction allows for representative and holistic communications between Web3 networks.
Imagine:
- You want to write a contract for staking on chain B from chain A (receiving your receipt tokens on chain A)
- Using existing cross-chain transaction options this can be difficult, because two cross-chain transactions are needed: one for staking and one for sending the tokens back
- What happens if the first transaction succeeds but the second fails?
- The better solution, THE ELK SOLUTION, is that you have a handshake primitive that reports back on chain A after you have taken the action on chain B
- This handshake primitive is what ElkNet has and uses to ensure the whole process is atomic
Elk uses blockchain abstraction to atomically enable multiple chain interactions.
Forget two chains communicating, ElkNet and blockchain abstraction allows for so much more.
Imagine more, dream more, create more, connect more.
Imagine:
- A dApp buys a token on multiple chains and aggregates the tokens back into your wallet (e.g. to get the best price)
- So an action on chain A NEEDS corresponding actions on chains B, C, D, etc. And you have to send the tokens back afterwards
- With other interoperability platforms it can be genuinely horrifying - because you are now doing K cross-chain transactions and another K in the reverse direction!
- With ElkNet, it takes only ONE transaction
Streamline your cross-chain development with Elk's Blockchain Abstraction methodology.
Benefits of building on ElkNet
01
Decentralized interoperability
Rely on our validator network for security – join it too!
Connecting decentralized networks with the decentralized ElkNet
02
Blockchain abstraction
27 blockchains, all of which are available straight out of the box
Need to add a new chain? Applications welcome
03
Low maintenance
The BaaS SDK provides the tooling for your cross-chain needs
Once configured it runs seamlessly
04
Simple
Deploy tokens, reservoirs, realms and configure
Managed by protocols, for their dApps.
05
Secure
Blockchains are all monitored and checked before and during cross-chain transfers
Security first.
06
Low cost
Optimised for gas and includes a customisable fee structure
Earn from your bridge.
ElkNet-integrated blockchains
Take your dApp to the next level using ElkNet's capabilities
Projects building on ElkNet
