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- The IBC protocol received a huge amount of community appreciation, gaining around 112M votes in favour of the proposal.
- Live broadcasted launch event, showcased a live IBC-powered token transfers between different Cosmos blockchains demo by the developers.
- The team’s ongoing project DEX Gravity, will include the project’s native ATOM token along with Ethereum-based assets, wrapped BTC tokens and future IBC-implemented networks.
The five-year-long research and development have now borne fruits, as the Cosmos Hub, last Monday, launched their much-awaited Inter-Blockchain Communication (IBC) protocol. The protocol grants inter-chain communications through establishing a connection, which then also permits token transfer between Cosmos and other IBC-compatible blockchains. The introduced feature witnessed a shower of community appreciation, gaining around 112 million votes in favour of the proposal.
Launch Event and Galactic Expectations
The live broadcasted launch event, showcased a live IBC-powered token transfers between different Cosmos blockchains demo by the developers. This IBC addition on the Cosmos Hub nurtures high expectations; the ability of the protocol to support both fungible as well as non-fungible tokens (NFT) interchain transfers, drives the developers to predict the immense expansion of the door of possibilities for blockchain applications, like interchain token exchanges and NFT marketplaces.
History In Making, With a Token-gravitating Gravity
Celebrating the well-earned success, Cosmos deem this to be the-History-in-making, stating initiation of “permissionless” interchain token transfer is a momentous milestone “on the timeline to a valuable internet of blockchains”. The team revealed it’s already working on a decentralized exchange (DEX) Gravity, to assist cross-chain functions for IBC-compatible blockchains. Said DEX Gravity, will function as the marketplace for IBC-enabled blockchains’ issued trading tokens, including the project’s native ATOM token along with Ethereum-based assets, wrapped BTC tokens and future IBC-implemented networks. It plans for “the heart of the interchain” to establish trade and connect several chains, to make way for “a new paradigm for economic exchange.”
Cosmos Hub’s Cosmic Achievements & Much Yet to be Explored
Cosmos Hub’s long-awaited February 2021 addition under its Stargate upgrade, the IBC protocol, is one of the key elements of the platform. The list also includes the Cosmos SDK, which allows developers to build applications, and Tendermint, an open-source consensus protocol for creating fast and secure proof of stake blockchains.
The first Cosmos report envisioning an “Internet of blockchains”, a system permitting the interoperation of multiple parallel blockchains while also retaining their security properties, was published in 2016. From there, it took the team approximately three years to bring the project to the mainnet. And a few more to now finally initiate bringing together the map of the Cosmos, it once visualized.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
