Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout

2021-3-31 22:01

Cosmos has finally launched its Inter-Blockchain Communication (IBC) protocol following a majority vote from the community members.

Cosmos IBC Now Lets Blockchains Talk To Each Other

The newly launched protocol would enable the transfers of tokens and data between sovereign blockchains.

More than 1500 Cosmos validators and delegates supported the launch.

The long-awaited IBC protocol would also address scalability issues through sharding technology, according to the development team.

Cosmos also said that this launch opens up a whole new world of possibilities for the decentralized finance (DeFi) space, as decentralized applications (DApps) built on its network would be able to execute multi-chain smart contracts.

According to Tendermint CEO Peng Zhong, the launching of the IBC marks a momentous milestone in the evolution of the Cosmos ecosystem as it builds the foundation for interoperability.

Cosmos has been working on its vision to realize an open blockchain protocol for some time now.

Although the IBC whitepaper was released back in 2016 by Cosmos co-founders Jae Kwon and Ethan Buchman, it was not until 2019 that a mainnet was launched.

In 2020, the ATOM's native blockchain launched another incentivized testnet for IBC, dubbed Game of Zones, which stress-tested the IBC module pre-launch and distributed over 100,000 ATOMs in rewards to dozens of validators.

Stargate, the last phase of IBC, which completed the original roadmap laid out in the Cosmos whitepaper, was then launched in February 2021. Speaking on the impact IBC would have on the blockchain space, the lead developer of the IBC Protocol Christopher Goes, said,

“IBC will create an ecosystem of politically independent chains that can interact via trade and information exchange. Knitting together many different blockchains can form a new crypto-economic system”.

The Impact of IBC In DeFi Sector

IBC's launch greatly expands the realm of possibilities for blockchain applications. IBC will be used to transfer both fungible (cross-chain payments) and non-fungible tokens (NFTs) between chains. This will see the subsequent rise of interchain token exchanges and NFT marketplaces.

The launch of IBC is a big deal, especially in the decentralized finance (DeFi) sector, as it could open up opportunities by allowing tokens to zip between chains. A product on an application-specific blockchain could use an asset from a completely different chain.

The initial version of IBC allows users to kick off token transfers between various chains only on the Cosmos Hub, the central blockchain that connects all other Cosmos blockchains or zones. Now for the first time, Cosmos has achieved actual cross-chain token transfers.

The blockchains built on Cosmos' native consensus model like Kava (KAVA) and Crypto.com (CRO) will likely be the first crypto projects to adopt the IBC standard, putting an end to blockchain silos.

Even though Gavin Wood-led Polkadot (DOT) blockchain ecosystem is on the path to end network tribalism through its Bridges protocol, Cosmos seems to have beaten them to the finish line.

Meanwhile, Cosmos also announced its plans to add the Gravity DEX, a decentralized exchange, as the next upgrade following IIBC.

The Gravity DEX will act as an online marketplace for trading tokens from any connected blockchain, including tokens from IBC-enabled blockchains, wrapped ETH (wETH) to wrapped BTC (wBTC) tokens, and from any future networks that implement IBC.

Cosmos/USD ATOMUSD 19.2586 -$0.63 -3.28% Volume 474.5 m Change -$0.63 Open$19.2586 Circulating 212 m Market Cap 4.08 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ATOM&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ATOM~USD"); The post Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0195725 (-100%)

protocol cosmos ibc blockchains communication launched inter-blockchain

protocol cosmos → Результатов: 37


Фото:

Cosmos (ATOM) Finally Activates Inter-Blockchain Communication (IBC) Protocol

The Cosmos (ATOM) development team has finally activated the Inter-Blockchain Communication (IBC) protocol on the platform following a vote by members of the Cosmos ecosystem. The team says IBC fosters interoperability between Cosmos and other blockchains, while also solving scalability issues via sharding, according to a tweet on March 29, 2021. IBC Live on CosmosRead More

2021-3-30 16:01


Международная научно-практическая конференция «Блокчейн технологии – 2021» состоится в Ижевске

5 – 6 февраля в Ижевске состоится Международная научно-практическая конференция «Блокчейн технологии – 2021» (очно и онлайн) с участием представителей международных проектов, таких как Polkadot, Cosmos/Tendermint, Solana, NEAR Protocol, Waves Enterprise и др.

2021-2-5 08:49


Фото:

Cross-chain DEX platform Sifchain deploys Cosmos-Ethereum bridge

Sifchain, an omni-chain solution for DEXes built with the Cosmos SDK, has announced that it has successfully deployed Peggy, a Cosmos-Ethereum bridge on its Monkey Bars testnet. Sifchain is a cryptocurrency exchange protocol built on Cosmos SDK and will target 20–25 blockchains (such as Bitcoin, BinanceChain, Polkadot, Ethereum, Stellar, and EOS) for cross-chain integration.

2021-1-6 00:40


Фото:

Запущена система оракулов Band Protocol 2.0 на базе Cosmos

Разработчики Band Protocol в эту среду запустили вторую своего ПО или BandChain, воспользовавшись набором средств разработки Cosmos. Обновленный протокол способен обрабатывать до 50 транзакций в секунду и в дальнейшем сможет избежать проблем в работе, вызванных перегруженностью сети Ethereum.

2020-6-11 12:00


Фото:

Diffusion 2019 — разработчики Fetch.AI, Cosmos, IOTA и Ocean Protocol возглавят хакатон в Берлине

Криптовалютное пространство часто представляется в качестве огромного числа конкурирующих между собой проектов. Однако 19-20 октября эта конкуренция сойдет на нет, когда представители более десятка наиболее перспективных на сегодня протоколов соберутся в Берлине на Diffusion 2019, хакатоне, посвященном развитию ключевых технологий в сфере криптовалют и лежащих в их основе технологий. So pleased to have @oceanprotocol @DimitriDeJonghe […]

2019-8-5 12:01


Cosmos Code Review: Dammit, Time To Build

Let’s start this Cosmos code review with a look at the claims. Well, just this one really, because it’s kind of a biggie. “Cosmos solves today’s hardest blockchain problems.” Scalability — Tendermint BFT fixes this Usability — Cosmos SDK fixes this Interoperability — IBC protocol fixes this Only three items, but a lot to unpack […] The post Cosmos Code Review: Dammit, Time To Build appeared first on Crypto Briefing.

2019-6-10 17:00


Terra to launch independent Delegated Proof-of-Stake (DPoS) blockchain

CryptoNinjas Terra, a global project building the next-generation payment system powered by its stablecoin, has officially announced the development of its public blockchain.  The upcoming Terra protocol utilizes the Cosmos SDK and runs on Tendermint, a Byzantine Fault Tolerant Proof-of-Stake (PoS) consensus algorithm developed in 2014 by Jae Kwon,.

2019-4-2 08:51


Фото:

Глава BitMEX прогнозирует крах крупных ICO-проектов после выхода на вторичный рынок

Токены самых крупных ICO-проектов, которым удалось привлечь в ходе размещения более $50 млн, обрушатся после выхода на вторичный рынок. Об этом пишет глава криптобиржи BitMEX Артур Хэйес в очередном выпуске дайджеста для инвесторов.

2018-11-23 11:57


Артур Хэйес: Токены крупнейших ICO-проектов не будут иметь никакой ценности

Биткоин-биржа BitMEX оценила перспективы 12 крупнейших ICO-проектов, собравших более $50 млн, и их токенов после выхода на вторичный рынок. Прогнозы CEO Артура Хэйеса оказались удручающими. The newest Crypto Trader Digest is out.

2018-11-23 21:46