The global blockchain technology market size was valued at USD 3.67 billion in2020. It is expected to expand at a Compound Annual Growth Rate (CAGR) of 82.4%from 2021 to 2028. There are a lot of different blockchain companies trying to solve the issue of blockchain interoperability, by creating different types of blockchain bridges. Cross-chain communications allows information to be communicated between blockchains. Consensus in the context of cross-chain communications relates to how participants on one blockchain are convinced of the state of a remote blockchain.
Scytale Ventures has been looking at decentralized interoperability networks that can connect all types of blockchains. Axelar allows for cross-chain communication via a universal set of APIs and protocols facilitating blockchain interoperability.