Psychedelic – a Web 3.0 development studio designing solutions for the Internet Computer – reportedly introduced Terabethia, operating as a cross-chain contract communication and asset mirroring protocol. 

Specifically, starting with the Internet Computer and Ethereum, users will reportedly be equipped with the power to mirror and use Ethereum tokens, fungible and non-fungible of their own choosing across the Internet Computer blockchain and vice versa, to make the Internet Computer into an Ether-focused layer-two scaling solution.

The protocol reportedly aims to primarily offer solutions for the matter of Ethereum network congestion and surged costs for gas. The Internet Computer, in the meantime, utilizes a “reverse gas model”, in which engineers will supply the capital injection required to operate the applications or contracts that use their gas, alternatively referred to as “cycles.”

Upon the questions related to the technological capacities of the Internet Computer network, Dominic Williams, founder and chief scientist of Internet Computer developer Dfinity, reportedly shared the following: 

“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.”

Per Williams, the Internet Computer is “far more effective at storing data than most other chains.”

In a world where it takes $199 million for the storage of a gigabyte equivalent of data every year at the moment, a similar amount of storage can be acquired for only $5.52 annually, on the Internet Computer.

“This allows for decentralized apps that actually run at web speed, with unbounded capacity in terms of data or cost” he further revealed. 

Williams also shared that  “the unbounded capacity also means that NFTs can be stored entirely on-chain”, and that the Internet Computer has no blockchain rival in keeping non-fungible tokens entirely on-chain.