Dubai, UAE, 11th February 2024, Developers are seeking ways to make the blockchain industry more adaptable and durable in the long term, as it currently lacks interoperability and flexibility to handle the ever-increasing demands. The concept of composability has arisen as one of the possible answers that can alter the development of the crypto industry, allowing for more painless combination and integration of various protocols, apps, smart contracts, APIs, etc., while developing new products and solutions.
This approach helps to avoid the need to reinvent the wheel or worry about intellectual property issues. Instead, developers can reuse various apps and technologies to create more sophisticated and robust applications. By leveraging the strengths of different components, developers can make more efficient and effective systems.
This way, composability not only positively contributes to the development of the crypto industry but also will help increase scalability and security, promoting innovation and efficiency in the DeFi space.
Experts typically distinguish three types of composability. The first is morphological composability, which deals with the ability of dApps and platforms to comply with the same rules and standards, making them compatible and interoperable. This type of composability can be very challenging to achieve industry-wide as it means that all participants throughout the blockchain ecosystem must decide on employing the same standards. However, within chains, such agreements are already widespread, a good example being the Ethereum chain and its token standards.
Syntactic composability, the second scalability type, refers to the ability of various components, such as protocols and dApps, to combine efficiently and form new systems. It enables developers to reuse existing codes and devote their time to creating rather than reinventing. For instance, a group of builders developing a new DeFi app can easily incorporate the tried and tested swap mechanism instead of remaking it themselves.
The third composability type is atomic. Atomicity in the world of cryptocurrency refers to the capacity to merge a number of activities into a solitary transaction, which can only be executed in the event that all of these actions are achievable. As expected, atomic composability adheres to the same principle of combining several actions into one but on a larger scale by integrating different dApps and protocols. One example of atomic composability is a flash loan.
Impact on Scalability
Composability significantly impacts scalability by allowing developers to utilize pre-existing components. It enables them to create more complex applications in a shorter amount of time, reducing the overall development cycle. Additionally, it helps to reduce the costs involved in building and testing new applications, which allows projects to better adjust to continuously increasing workloads.
Moreover, composability facilitates simplicity. By allowing developers to build using already created and tested components, composability reduces the overall system complexity, making it easier to preserve its successful operation and upgrade when necessary.
Impact on Security
Composability provides significant benefits for security. It enables security audits to focus on specific modules instead of whole systems, making it easier to identify and address vulnerabilities. At the same time, this approach also lowers the risk of overlooking critical security issues that might be concealed in a more extensive system.
In addition, composability simplifies the process of upgrading the network’s security infrastructure because security professionals can swiftly modify modules when needed without interrupting the system’s operation.
Lastly, composability promotes security among developers by allowing the latter to integrate robust solutions. Moreover, the high competition throughout the industry incentivizes developers to prioritize safety while creating their products, as it is an essential factor for many crypto users. Consequently, composability helps to enhance the overall security of DeFi products and services.
Composability plays a crucial role in the pursuit of a blockchain future that is both scalable and secure. By facilitating interoperability and enabling developers to combine various elements together in an effortless, safe, and efficient way, composability has the potential to revolutionize decentralized systems and turn them into an even more dynamic and collaborative environment than we know today.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Lane journalist was involved in the writing and production of this article.