{"id":77366,"date":"2023-04-17T17:31:59","date_gmt":"2023-04-17T14:31:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77366"},"modified":"2025-09-10T22:53:07","modified_gmt":"2025-09-10T19:53:07","slug":"expert-identifies-condition-for-transition-to-web3","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-identifies-condition-for-transition-to-web3\/","title":{"rendered":"Expert Identifies Condition for Transition to Web3"},"content":{"rendered":"

Blockchains need an interoperable standard of communication, easily integrated into every network, so that the transition from Web2 to Web3<\/a> can take place. This view was expressed in an interview with Cointelegraph by Ryan Lovell of Chainlink Labs.<\/p>\n

According to the head of markets at the decentralised oracle provider, blockchains will require functional interoperability similar to the role the Internet provides for computers.<\/p>\n

\n

\u201cTo realise a scalable, fully functional ecosystem, an open communications standard such as TCP\/IP is needed, which currently effectively serves as the Internet’s connection protocol,\u201d the expert said.<\/p>\n<\/blockquote>\n

Lovell stressed that blockchain functional interoperability has \u201ccrucial importance\u201d for financial institutions seeking to tokenise real-world assets. In his view, this ensures that liquidity will not be \u201csuffocated\u201d by existing solely in a \u201cdisparate ecosystem\u201d.<\/p>\n

The founder and CEO of the lending platform Umee, Brent Xu, is convinced that to ensure interoperability of blockchains, institutions must implement proper risk-management systems.<\/p>\n

According to him, attempts to \u201ccut corners\u201d on security risk creating something like the 2008 mortgage crisis repeating in the crypto industry.<\/p>\n

As reported, cross-chain hacks Ronin ($625m)<\/a>, Nomad ($190m)<\/a> and Harmony ($100m)<\/a> were among the biggest in the industry in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchains need an interoperable communications standard, easily integrated into every network, for the transition from Web2 to Web3, according to Ryan Lovell of Chainlink Labs in Cointelegraph.<\/p>\n","protected":false},"author":1,"featured_media":77367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,1110],"class_list":["post-77366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-web-3-0"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77366"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77366\/revisions"}],"predecessor-version":[{"id":77368,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77366\/revisions\/77368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77367"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}