Terabithia is a fictitious concept well-known as a bridge that leads people to the dreamland where their wishes easily come true. Ethereum users need not wait for their dreams of faster connectivity and affordability anymore. An internet solutions firm called Psychedelic has developed an internet protocol named promptly after the above-mentioned fictional bridge to ease the difficulties of storing and transferring Ethereum coins.
Terabithia- The Bridge to Ethereum’s Dreams
On Dec 22nd, this internet solutions firm working on Web 3.0 announced a blockchain chain network enabling cross-chain connectivity. This venture begins with connecting Ethereum and Internet Computer. This Internet Computer will be the second layer for the Ethereum blockchain, where the users can mirror the assets from Ethereum and process them at a much faster rate. This contract between Ethereum and Internet Computer is set to keep Ethereum at the forefront in the competitive market.
The Plight of Ethereum
The Ethereum blockchain is not as innovative as it once used to be. Recent times have seen various blockchain networks implementing smart contract systems, which used to be the poster child for Ethereum. Furthermore, the blockchain is being pushed to the back in terms of transaction speed as well. Affordabilitywise, Ethereum costs as much as 199 million dollars to store a gigabyte worth of data for a year. Although Ethereum is constantly implementing different measures to address these issues, this contract between Ethereum and Internet Computer is expected to bring a solid solution.
This contract is not just the coming together of resources. The Internet Computer essentially enhances the whole infrastructure of Ethereum in terms of speed, accessibility, and affordability. In comparison to Solana, the fastest blockchain network currently available, the Internet Computer is 700% faster. Moreover, the IC costs only about 5 dollars to store a gigabyte worth of data, whereas Ethereum needs a couple of hundred million dollars.
Further, the Internet Computer also comes with various options for storing assets. This blockchain allows nonfungible tokens as well as fungible tokens to be kept on the chain. It is also the first and only blockchain to bring free-of-cost transactions. In addition, the storage policies and infrastructures are designed particularly to achieve efficiency.
The previous month has recorded a volume exceeding 5 billion in the second layer. This is enough evidence to support that Internet Computer has a great outlook. The upcoming upgrade to the Ethereum blockchain brings some structural changes to the network, but the practical problems of the users are still not addressed properly.