Imbue Multichain: Imbue's Strategic Move Towards a More Inclusive Blockchain Landscape

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Imbue Multichain: Imbue's Strategic Move Towards a More Inclusive Blockchain Landscape
November 15, 2023
Imbue Multichain: Imbue's Strategic Move Towards a More Inclusive Blockchain Landscape

We are excited to double down on our commitment to a blockchain landscape that is diverse and enriched. Imbue's mission is to support a wider range of blockchains, enabling a seamless, intuitive experience for our users.

Unlocking Possibilities: Imbue's Expansion Strategy

In the world of blockchain, diversity is key to progress. At Imbue, we continuously embrace this notion. Previously, we proudly announced our acceptance into Google for Startups Cloud Program, an invaluable partnership with over $200k in infrastructure funding. Google resonated with our mission and rewarded their faith in us by accepting us into their prestigious program. This program provides us with substantial support and invaluable resources, propelling us into an era of innovation.

Our journey with Google for Startups Cloud Program is not an isolated event. It's part of a broader strategy. This strategic move isn't about rehashing the past but reiterating our dedication to growth and progress in blockchain and freelancing.

Breaking Down Adoption Barriers

Our core mission remains unchanged: "Making Web3 Work For You."

Since Imbue’s inception over 2 years ago, we were determined to not receive outside funding until we had a useable product from day 1. 

Now that we do - like many projects in space - finding funding during a bear market is very difficult. We were incredibly lucky to receive a Web3 Foundation very early on and then treasury funding back in March of this year. 

What is clear now is that we need a concrete revenue model that is independent of treasury funding.

Throughout our interactions with the community, we've picked up on the need for accessible and stable currency support. Tether's decision to discontinue $USDT support on Kusama, along with the complexities of EVM bridges, has posed challenges.

In our commitment to enhancing the Imbue experience, we're expanding our horizons. This exciting move includes embracing established blockchains like EVM, Cosmos, and Solana. With the power of TrustWallet's library, we're exploring new markets and seizing fresh opportunities.

We are prioritising these ecosystems because of the number of users and liquidity those ecosystems support. Ethereum has over $24b in TVL, while Cosmos and Solana have a growing and vibrant community.

Our primary focus is to offer a seamless and intuitive user experience. By leveraging TrustWallet to support a range of blockchains, we're broadening our reach to welcome new users into the Polkadot ecosystem.

Below is the diagram of the new flow for new currencies not natively supported by Polkadot

Multichain Flow

It is worth noting that all users will still need a Polkadot wallet to interact with the Imbue chain and all escrow balances are controlled by the logic on-chain.

The Path Forward: A Journey to Polkadot and Decentralization

The future of Imbue holds exciting possibilities. As we gain traction on our platform, it’s part of our strategy to move to Polkadot. This transition aligns with our unwavering commitment to evolving in harmony with the principles of decentralization. We pledge to implement more decentralized solutions on Polkadot as soon as they become viable.

One key solution we want to implement is to automatically convert the new currencies we support to $KSM via a decentralised exchange. This will bring even more demand to $KSM and highlight the fact that we would not be where we are today if it were not for the invaluable support of the Kusama community

While this is not possible today we hope that it will be possible sometime next year as bridges come online. For now, it comes down to giving users options. You can use native substrate tokens like $KSM for a fully decentralised path or a slightly more centralised option for currencies not supported natively by Polkadot yet.

In summary, Imbue's journey reflects a profound commitment to diversity, innovation, and user empowerment in the blockchain space. Our strategic expansion to support multiple blockchains, coupled with the invaluable support from Google for Startups Cloud Program and community funding, marks a significant stride towards a more inclusive and dynamic ecosystem. By bridging various platforms and integrating new currencies, we are not only enhancing the Imbue experience but also setting a precedent for future growth and adaptability in the blockchain world.

As we continue to navigate the evolving landscape of blockchain technology, our focus remains on breaking down barriers to adoption, fostering a seamless user experience, and contributing to the broader vision of a decentralised, interconnected digital future. Imbue stands as a testament to the power of collaboration, resilience, and visionary leadership in driving meaningful change and innovation in the blockchain industry.