Admin Source : Gadgets 360
Global interest in blockchain technology has grown significantly in recent years, and India is no exception to this trend. Among the latest developments within the Web3 ecosystem, “AppChains” have captured the attention of developers. These ‘application-specific blockchains’ represent a crucial stage in the ongoing development of blockchain technology and could help shape the sector as well as the Web3 industry. AppChains or ‘application-specific blockchains’ are designed to support Web3 apps offering specific services. Because of their design to support only a particular dApp, AppChains provide a decongested base supporting a seamless functioning of connected apps.
These AppChains were reportedly conceptualised back in the year of 2016 by blockchain players like Polkadot and Cosmos. This was to prevent clashes among dApps for blockspace and lower latency. As per a CoinGecko explainer posted last year, the aim of these appchains is to “future proof’ dApps as they navigate the constantly changing and volatile landscape of Web3.
New AppChains That Have Joined the Web3 Ecosystem
Two AppChains have recently become part of the larger Web3 ecosystem. Wirex, a London-headquartered payments platform is launching its own app chain called Wirex Pay, that is built atop the Polygon blockchain. Through this specific chain, the firm wishes to facilitate crypto transactions.
Similarly, ApeChain, an AppChain created to support the ecosystem of ApeCoin, was also launched.
AppChains: Beneficial or Liability?
Over the last few months, several commentators have described the importance of AppChains and the kind of impact they could have on the current blockchain infrastructure.
However, others have taken a less favourable stance, citing a few shortcomings of these AppChains.
Peter Kris, the co-founder of Web3 firm Gasp.xyz recently claimed that the hgh cost of developing AppChains is a notable liability. The need for hyper-customisation is the reason why AppChain development costs are higher. Kris also added that presently, AppChain users are scarce that leads to lack of adoption. Despite its challenges, Kris noted, “AppChains have their place as undeniable winners in efficiency, so in mid/long term, they will proliferate”.
