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Psychedelic, a Web 3.0 development studio, has announced the launch of Terabethia, a cross-chain protocol that will bridge Internet Computer and Ethereum. Psychedelic is a platform focused on developing solutions for Internet Computer.
Terabethia will be a cross-chain contract communication and asset mirroring protocol that will allow users to use any ETH tokens, fungible and nonfungible assets on the IC network. Users in Internet Computer will also do the same on Ethereum, as IC will now be a layer-two scaling solution for the Ethereum blockchain.
Terabethia to bring scalability to Ethereum
The launch of Terabethia will solve multiple issues on the Ethereum blockchain, including congestions and high gas fees. On the other hand, Internet Computer runs on a more scalable protocol because it implements a “reverse gas model” that allows developers to fund applications or contracts on the network.
Commenting on the capabilities of IC, the founder and chief scientist at Dfinity, Dominic Williams, noted, “The Internet Computer is pretty fast. For example, while Solana is the closest competitor in terms of speed, the IC is approximately 700% faster, boasting 250-millisecond reads and 2 second writes/updates.”
Williams also added that IC was more effective in storing data than other blockchains. He made this in reference to the low storage fees in Internet Computer compared to Ethereum.
As Ethereum’s journey towards Eth 2.0 continues, layer two scaling solutions have been alternative solutions for developers. The total value locked for layer two solutions on Ethereum sits at a record high of $5.64 billion. Layer two solutions are being used by developers to avoid the high gas fees on Ethereum.
Internet Computer expanding to new areas
Williams also stated that storage costs on IC were at only $5.52 annually, which “allows for decentralized apps that actually run at web speed, with unbounded capacity.” Due to this low storage costs, he added that IC had the capacity and convenience to store NFTs entirely on-chain.
Another strength for NFTs that Williams pointed out was that it was “the only one to enable zero-fee transactions.” As such, NFT metadata is regularly stored “off-chain” because of the low cost of data and the failure of most blockchains to achieve scalability.
Besides NFTs, Internet Computer also seeks to expand to the Bitcoin network. In September, the blockchain announced it would bring smart contracts to the Bitcoin network, which would create a new use case for the primary cryptocurrency.
To achieve this, Internet Computer will use chain key cryptography to integrate with Bitcoin and support smart contracts possessing native Bitcoin addresses. These addresses will be hosted on Internet Computer.
At the time, Williams explained that “Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services.”
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