No blockchain can be a ‘solitary island’ – Emurgo exec
The Emurgo executive believes that blockchain networks must embrace interoperability in order to thrive.
At India Blockchain Week 2024, Cointelegraph's Arijit Sarkar spoke to Amarpreet Singh, head of global business development at Emurgo, who highlighted the importance of related blockchain systems and stable science to drive widespread Web3 adoption.
Whatever path a blockchain takes, it points to interoperability, Singh said, adding that this will ultimately be what users demand. And so he said.
“We at Imurgo fully believe that all roads lead to interoperability. No blockchain can be a solitary island.”
Singh explained that blockchain users do not need multiple wallets or exchanges to access different Layer-1 networks. Instead, they said they want seamless connections between networks.
Interaction for the Cardano ecosystem
Singh emphasized that achieving interoperability on the Cardano blockchain is a priority for Emurgo, in particular. According to the executive, Cardano is not an Ethereum Virtual Machine (EVM) chain – known for its functionality – it was Emurgo's job to answer how this ecosystem works with other ecosystems.
In a November blog post, Emurgo outlined key benefits of interoperability, including improved liquidity, diverse user and asset bases, improved inter-blockchain connectivity, flexible payments and greater economic security.
Singh said interoperability is one of Emurgo's primary mandates, and the team has been able to achieve its interoperability goal by partnering with other companies and organizations.
Singh said Emurgo has partnered with Web3 interoperability platform Axelar and smart contract operating system BitcoinOS to achieve its goal.
Related: Tap to Pay Crypto Coming to Coinbase Wallet, L2 Interoperability in Months
The importance of stablecoins for mass adoption
Speaking about the role of stablecoins in Web3 adoption, Singh highlighted their ability to attract end users by addressing volatility concerns.
Singh explained that once the asset class matures, the next step is for the masses to adopt the technology. However, the executive stated that this investor segment “may not have the flexibility of the stomach” to seek a stable coin.
“If you give me an up and down sign, I'll be like, ‘Get me out of here.' So a stable coin is the way to go,” Singh added.
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