No blockchain can be a ‘solitary island’ – Emurgo exec
An Emurgo executive said blockchain networks must embrace interoperability 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.
Singh said that whatever path blockchain takes, it points to interoperability, which users will ultimately ask for. And so he said.
“We at Imurgo fully believe that all roads lead to interoperability. No blockchain can be a solitary island.”
According to Singh, 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 him, since Cardano is not an Ethereum Virtual Machine (EVM) chain – known for its functional features – it is Emurgo's task to figure out how this ecosystem works with others.
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 collaboration is one of Emurgo's core mandates, and the team is working with other companies and organizations to achieve that goal.
He added that Emurgo has partnered with Web3 interoperability platform Axelar and smart contract operating system BitcoinOS to achieve their common goals.
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 said that once the asset class matures, the next step is for the masses to adopt the technology. Still, this investor segment “can't stomach volatility,” which leads to demand for stablecoins.
“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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