An Emurgo executive says Blockchain networks must embrace interoperability to thrive.
At India Blockchain Week 2024, Cointelegraph’s Arijit Sarkar spoke with Emurgo’s global head of business development, Amarpreet Singh, who highlighted the necessity of interconnected blockchain systems and stablecoins to drive widespread Web3 adoption.
Singh said no matter what road a blockchain takes, it will point toward interoperability, adding that users will eventually require it. He said:
“We at Emurgo completely believe that all roads lead to interoperability. No single blockchain can be a lonely island.”
Singh said that blockchain users should not need multiple wallets or exchanges to access different layer-1 networks. Instead, he said, they will demand seamless connections between networks.
Interoperability for the Cardano ecosystem
Singh emphasized that achieving interoperability is a top priority for Emurgo, particularly for the Cardano blockchain. He said that because Cardano is not an Ethereum Virtual Machine (EVM) chain — known for interoperability features — it is Emurgo’s task to resolve how this ecosystem works with others.
In a November blog post, Emurgo outlined the key benefits of interoperability, including improved liquidity, diversified user and asset bases, enhanced inter-blockchain communication, flexible payments and greater economic security.
Singh said interoperability is one of Emurgo’s primary mandates, and that the team has collaborated with other companies and organizations to pursue that goal.
He added that Emurgo has partnered with Web3 interoperability platform Axelar and smart contract operating system BitcoinOS to achieve reach their common goal.
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Importance of stablecoins for mass adoption
Addressing the role of stablecoins in Web3 adoption, Singh highlighted their potential to attract mainstream users by addressing concerns over volatility.
Singh said that once an asset class matures, the next step is for the masses to adopt the technology. Still, this investor class “cannot stomach volatility,” he said, leading to a demand for stablecoins.
“If you give me a token which goes up and down, I’ll be like, ‘take me away from this.’ So, stablecoin is the way to go,” Singh added.
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