WiMi Explores Smart Contract-Driven Cross-Chain Communication Technology to Build an Interconnected Blockchain Ecosystem

Rhea-AI Summary

WiMi Hologram Cloud (NASDAQ: WIMI) announced its research into smart contract-based cross-chain communication solutions. The company aims to enhance interoperability between different blockchain platforms through a technical architecture comprising:

• Cross-Chain Messaging Layer for secure information transmission
• Smart Contract Standardization for improved interoperability
• Interoperability Protocol for asset and service transfers
• Security and Privacy Protection using fully homomorphic encryption (FHE) and machine learning

The solution enables automatic execution of predefined transaction rules and decentralized verification mechanisms, reducing third-party reliance while enhancing system security and transparency.

Positive

• Development of comprehensive cross-chain communication technology infrastructure
• Implementation of advanced security measures including FHE and machine learning integration
• Creation of standardized smart contract interfaces for improved blockchain interoperability

Negative

• None.

Insights

Tech Expert

This announcement from WiMi regarding smart contract-driven cross-chain communication technology appears more aspirational than substantive. While the technical architecture outlined includes important components like cross-chain messaging and standardized interfaces, the details provided are largely theoretical and lack concrete implementation specifics or timeline commitments.

The incorporation of Fully Homomorphic Encryption (FHE) and machine learning for security is ambitious but presents significant technical challenges. FHE is computationally intensive and its practical implementation in blockchain systems remains The company's 80.8M market cap raises questions about their capacity to execute such a complex technical roadmap.

The lack of specific partnerships, development milestones, or technical demonstrations suggests this announcement is primarily exploratory. While cross-chain interoperability is indeed a important area for blockchain development, this appears to be more of a research initiative than a near-term product development.

BEIJING, Dec. 5, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WiMi) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced their active involvement in the research of smart contract-based cross-chain communication solutions, aiming to use smart contracts as a bridge for cross-chain communication. This will enhance interoperability between different blockchain platforms, enabling seamless communication and collaboration.

Smart contracts, as self-executing protocols, automatically enforce predefined transaction rules when specified conditions are met, providing robust technical support for cross-chain communication. They can automatically detect and respond to data or events from other blockchains, reducing reliance on third parties through decentralized verification mechanisms, thereby enhancing system security and transparency. Additionally, the transparency and immutability of smart contracts offer a solid foundation of trust for cross-chain transactions, enabling flexible interaction between services on different blockchains to meet diverse business needs.

To achieve cross-chain communication, WiMi has developed the following key technical architecture:

Cross-Chain Messaging Layer: Responsible for securely, reliably, and orderly transmitting information between different blockchains, ensuring smooth cross-chain communication.

Smart Contract Standardization: Establishes standardized smart contract interfaces to ensure that smart contracts on different blockchain platforms can understand and execute each other, reducing interoperability challenges.

Interoperability Protocol: Develops a comprehensive protocol that defines the rules for transferring assets and services across different blockchains, ensuring security and compliance throughout the process.

Security and Privacy Protection: Utilizes advanced encryption technologies and privacy protection measures, such as fully homomorphic encryption (FHE), to safeguard on-chain data privacy. FHE allows computations to be performed directly on encrypted data without decryption, ensuring the security of sensitive information even when data is publicly accessible on the blockchain. Additionally, machine learning is integrated for intelligent key management and threat detection to counter evolving security risks. Dynamic keys generated through machine learning enhance data security during on-chain broadcasting and storage, while also providing risk assessment and early warning capabilities to improve the overall security of the blockchain system.

WiMi's research into smart contract-based cross-chain communication solutions not only enhances the value of existing blockchain applications but also lays a solid foundation for future technological innovations. As cross-chain technology continues to mature and evolve, a more interconnected, efficient, and inclusive blockchain ecosystem will gradually emerge. Cross-chain communication, as a key driving force in the development of blockchain technology, will lead the industry into a more advanced and practical phase. WiMi's innovative exploration opens up new possibilities for blockchain development, driving the prosperity and growth of the entire industry.

About WiMi Hologram Cloud

WiMi Hologram Cloud, Inc. (NASDAQ:WiMi) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

View original content:https://www.prnewswire.com/news-releases/wimi-explores-smart-contract-driven-cross-chain-communication-technology-to-build-an-interconnected-blockchain-ecosystem-302323831.html

SOURCE WiMi Hologram Cloud Inc.

FAQ

What is WiMi's (WIMI) new blockchain technology development in December 2024?

WiMi announced the development of smart contract-based cross-chain communication solutions to enable seamless communication and collaboration between different blockchain platforms.

What security features does WiMi (WIMI) implement in its cross-chain communication technology?

WiMi implements fully homomorphic encryption (FHE) and machine learning for intelligent key management, threat detection, and privacy protection in its cross-chain communication system.

What are the key components of WiMi's (WIMI) cross-chain communication architecture?

The key components include a Cross-Chain Messaging Layer, Smart Contract Standardization, Interoperability Protocol, and Security and Privacy Protection systems.