$IOTA
Fading QuicklySnapshot Window: 2026-07-20 14:00 UTC · ← Back to Crypto Overview
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One chain was never going to be enough. Espresso co-founder @charleslu1 on why companies are building their own chains, what that means for interoperability, and how Espresso brings it together. [Spoken audio]: So, one of the fundamental promises of blockchains and Web3 is that they allow apps to basically compose on shared state. That is the dream of, say, Solana to be one global state machine, but we, you know, quickly realized it was not going to be possible. For one, because we are seeing this trend where companies and projects are choosing to build their own chains for the reasons I mentioned, for instance, wanting to control the fees, wanting to control the users, wanting to choose the execution environment. And besides because of skill ability concerns, no single blockchain is going to be able to handle all the activity that the world needs, especially in the future where there's perhaps going to be billions or trillions of AI agents making transactions. So these two trends combined means that there's going to be thousands and thousands and millions of chains. But that introduces a huge interoperability problem, which is how are these chains going to communicate? This is absolutely essential, let's say if I wanted to buy an asset, like an NFT on some other chain, using my assets on some other chain, how am I going to be able to do that quickly or even atomically in one transaction or in a couple seconds? The reality is today, like sometimes bridging or even depositing assets into an exchange could take hours, if not days, to fully confirm. At Espresso we want to bring that down to less than a second. This is so fundamental as we see the explosion in economic activity and chains and that's really what we're trying to solve here is to bring back this dream that initially came about with Ethereum which is where anyone could deploy a smart contract on Ethereum and these smart contracts could interoperate like money Legos. So for instance, you could deposit Ethereum into a MakerDAO or what's now called Sky Evolve, get a loan of a stablecoin and then use that stablecoin in a completely different app to trade. This is something that has never been seen before in traditional finance, where you might have to wait days to even move money from your employer to get payroll and then you might have to deposit it to your bank account, wait another few days to deposit it to a brokerage. If you wanted to move that stock from one brokerage to another, you might need to pay exorbitant fees, don't even get me started on cross-border payments. So really, we have the opportunity to accomplish this new system with very little friction and very low fees with blockchain, but espresso is going to be necessary for that.
