Terabithia cross-chain protocol bridges Internet computers and Ethereum

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On Wednesday, Psychedelic, a Web 3.0 development studio that builds solutions for Internet computers, launched Terabithia, a cross-chain contract communication and asset mirroring protocol. From Internet Computer (ICP) and Ethereum (Ethereum), users will be able to mirror and use any replaceable and irreplaceable ETH tokens on the Internet computer blockchain, and vice versa, effectively transforming ICP into a second-layer extended solution for ETH.

The agreement attempts to resolve Ethereum network congestion And the high gas cost. At the same time, Internet Computer uses a “reverse gas model”, in which developers provide the funds needed to run applications or contracts that use their gas, called “circulation.”

When asked about the technical capabilities of Internet computer networks, Dominic Williams, the founder and chief scientist of ICP developer Dfinity, told Cointelegraph:

“Internet computers are very fast. For example, although Solana is the closest competitor in terms of speed, the IC is about 700% faster, with 250 milliseconds of read and 2 seconds of write/update.

According to Williams, Internet computers are “more effective than most other chains in storing data.”Ethereum currently cost US$199 million is used to store 1 GB of data per year, the same amount of storage cost Internet Computer only costs $5.52 per year. “This allows decentralized applications to actually run at network speeds, with unlimited capacity in terms of data or cost,” he said.

Williams further added that “unlimited capacity also means that NFTs can be completely stored on the chain.” He claimed that Internet computers are the only blockchain that stores non-fungible tokens entirely on the chain, and “it is also the only one that achieves zero fees. The blockchain of transactions”. He further added that “NFT metadata is regularly stored “off-chain”, usually due to data costs and the inability of many blockchains to scale.”

related: Smart contracts enter Bitcoin through Dfinity’s internet computer

Last month’s total value locked The second layer solution on Ethereum Reached a record high of 5.64 billion U.S. dollars. Encryption enthusiasts have been migrating to such networks to avoid soaring gasoline prices.Although it is about to Ethereum 2.0 upgrade It may change its consensus mechanism from PoS to PoW, but it does not solve the core problem of low transaction speed, and currently only reaches 30 transactions per second.