The CosmWasm integration is reportedly the first of several other steps that ShareRing, a digital identity blockchain/DLT ecosystem, is taking to move towards attaining the goal of offering seamless access to goods and services. This integration results in enhanced smart contract functionality, improved cross-chain interoperability, and greater flexibility in implementing smart contracts on ShareLedger.
During the next few weeks, the team says they’ll be publishing a series of blogs discussing CosmWasm, Smart Contracts, and ShareLedger. This update is the first of six planned releases and serves as a primer to ShareLedger integrating CosmWasm, and ShareRing’s journey to a secure digital future.
Web2 has mainly prioritized centralization, greater convenience, and flexibility when providing access to goods and services. The landscape has been fraught with significant gaps in privacy, security, and control, while also being fairly fragmented.
As explained in the update, ShareRing aims to position ShareLedger as the preferred choice for Web3 application developers in order to enhance access to goods and services, while also lowering the friction that presently exists in a web2 environment through leveraging verifiable credentials, non-fungible tokens (NFTs), and Soulbound tokens.
In progression towards the team’s ultimate goal of decentralization to enable quick access to goods and services, CosmWasm is that initial step forward towards realizing that vision.
Now, not only can software developers add their immutable and irreversible smart contracts into ShareLedger, but CosmWasm also aims to ensure the reliability of chain agnosticism, and improved interoperability between smart contracts as they’re able to run on several different chains.
Last month, ShareRing app clients had reportedly been able to swap their $SHR tokens between the BNB Smart Chain and ShareLedger (SLP3).
Previously, clients had to go through a 3-step process of swapping $SHR from Binance Chain (BEP2) to BEP20 (using Binance Wallet), then to ERC20 (using Multichain), and then finally into ShareLedger (ShareRing App).
Via this time-consuming process, users reportedly had to pay a significantly higher gas fee in order to swap into ShareLedger.
The newly released solution enables clients to skip the ERC20 step and take advantage of a more seamless two-step process of swapping BEP2 (Binance Wallet) into BEP20, then into ShareLedger via the ShareRing app.’
In addition to this, the updated swap module can increase transaction volumes, support both Ethereum (ERC20) and Binance Smart Chain (BEP20), considerably reduce the usage of centralized databases for maintaining transactional data, and enhance overall performance.
Some of the key benefits of this new feature include:
- Faster transactions
- Significantly cheaper gas fees (since most of the transactions will be made on ShareLedger rather than on Ethereum)
- Increased efficiency when swapping $SHR into SLP3
- Usage of EIP712 to sign and verify the app
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