Cross-Chain Interoperability
Empowering Cross-Chain Communication and Collaboration with HyperID
One of the significant challenges in Web3 world is project isolation in particular networks. While bridges enable to move some tokens between chains, they do not resolve the lack of interoperability between projects. There is a fundamental absence of information sharing across chains, and oracles have limited capabilities in facilitating this exchange.
Additionally, users are often required to pass Know Your Customer (KYC) procedures for each wallet they possess on every network they participate in. These limitations hinder the seamless interaction and collaboration between projects and networks, inhibiting the full potential of the decentralized ecosystem.
HyperID offers a comprehensive solution to address the challenges of project isolation and limited interoperability in the Web3 world. HyperID aims to enhance information sharing, enable seamless cross-chain communication, and provide a frictionless user experience.
HyperID offers a convenient and streamlined solution for Web3 users to connect and integrate wallets from a wide range of blockchains. With HyperID, users have the flexibility to log in using popular EVM-compatible wallets via WalletConnect or Metamask, as well as Phantom wallets. Furthermore, HyperID is continuously expanding its support for new blockchains and wallets.
By consolidating their wallet addresses under a single HyperID account, users can experience the benefits of cross-wallet and cross-chain interoperability. This seamless integration allows users to interact with different wallets and chains effortlessly, creating a more integrated and interconnected Web3 experience.
Users only need to complete the KYC process once for all their current and future wallets across any blockchain when using HyperID. Once their KYC status is verified, users can easily share this information with any service, whether it's on-chain or off-chain, using MultiPass. This approach eliminates the need for repetitive KYC procedures, saving time and effort for users. Additionally, it enhances overall security and privacy by allowing users to control the sharing of their KYC status.
HyperID enables users to securely share their wallet addresses with service providers, facilitating cross-chain protocols and interactions. Service providers can leverage this information to offer users cross-chain functionality. For instance, users can have a unified view of their assets across blockchains. Another example is utilizing user actions within one blockchain to offer benefits or features in another blockchain: an IDO launchpad can allow user to purchase tokens based on staked tokens in a different chain or using another wallet.
Cross-chain interoperability can be considered as a subset of Inter-Service Communication. Therefore, all the possibilities and functionalities outlined earlier in this documentation are applicable and relevant for achieving cross-chain interoperability.