Interlay is a distributed ledger protocol that enables the transfer of digital assets between different blockchains and networks. The protocol was created by Interlay, Inc., a blockchain technology company founded in 2018 with offices in San Francisco, California and London, England.
The purpose of Interlay is to facilitate interoperability between different blockchain platforms by creating bridges between them. This allows users to securely move their digital assets across different blockchains without having to trust a third-party service or exchange them for another cryptocurrency. In addition, it helps developers create applications that can interact with multiple blockchains simultaneously.
Interlay achieves this through its three core components: an atomic swap engine, an escrow system, and a decentralized application (dApp) layer. The atomic swap engine enables instant peer-to-peer exchanges of digital assets on participating blockchains without the need for intermediaries such as banks or other financial institutions. The escrow system provides secure storage for exchanged funds until all parties involved have confirmed successful transaction completion while also providing dispute resolution mechanisms if necessary. Finally, the dApp layer makes it easier for developers to build multi-chain applications using smart contracts on top of the Interlay platform.
Overall, Interlay is designed to enable seamless interoperability between different blockchain networks while still maintaining high levels of security and privacy protection through its various features such as atomicity guarantees and dispute resolution mechanisms provided by its built-in escrow system