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Waves’ founder Sasha Ivanov is developing Units, a solution to layer-2 blockchain scalability issues. Scheduled to launch by October end, Units intends to solve the interoperability problem in the Web3 sphere, making all new blockchains automatically compatible. Ivanov suggests a cross-chain decentralized app (DApp) on the Unit’s base layer could address the problem with current cross-chain bridges, which have led to large-scale hacks and significant losses. He named the Wormhole and Ronin bridges that resulted in $1 billion combined losses. According to Ivanov, grants will also be offered for future ecosystem developments.

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Sasha Ivanov, the brains behind Waves, is all set to create what he sees as a solution to layer-2 scalability troubles. He’s working on a fresh project based on blockchain protocols he’s calling Units.

At a recent event called the Future Blockchain Summit in Dubai, Sasha told Cointelegraph he has plans to launch Units by the end of October to fix what’s called the interoperability issue in the Web3 sphere.

In simple words, current blockchains have limitations. Sasha points out that if you’re trying to transfer tokens from one layer to another on a layer-2, you’ve to use centralized bridges. He strongly believes these bridges are a major problem that needs to be addressed.

Over time, large-scale hacks have exposed the perils associated with these cross-chain bridges. For instance, in 2022, major incidents involving the Wormhole and Ronin bridges led to nearly 1 billion in combined losses.

Sasha makes a strong point about the significance of blockchain interoperability. If this problem remains unsorted, the industry can’t move forward as the ecosystem would be incomplete. He believes in a final solution where all chains work together without needing centralized bridges.

He says that interoperability is crucial for a tightly knit and holistic ecosystem. That’s why the team came up with Units to resolve the issue of interoperability. With this new protocol, all new blockchains would automatically be interoperable.

Sasha clarifies that interaction between these layers would occur under the same conditions as those on the base layer. This will make the blockchains interoperable.

As far as decentralized finance (DeFi) is concerned, Sasha says liquidity will be split if there’s not enough interoperability. This has led to the development of cross-chain bridges carrying many risks. According to him, a feasible solution would be to create a cross-chain decentralized app (DApp) that works on top of the Unit’s base layer. He’s optimistic that such as a project will be developed in the near future.

Once the ecosystem is launched, Sasha says there are plans to provide grants for future developments within the ecosystem.

Source: Cointelegraph