Cosmos lets blockchains connect to each other
Cosmos has taken an important step between blockchain networks. The validators voted for the launch of the global blockchain connection, which enables token exchange between different networks.
While the blockchain trend began with Bitcoin and the next stage of development with smart contract such as Ethereum, plans of such as Cosmos belong to the third generation. Interoperability is the declared aim of these open system structures, which also include Cardano, each with a different focus. By networking different blockchains, Cosmos is supposed to map an internet of blockchains.
Cosmos Also Serves As An Open Workspace
Developers can set up their own blockchains with frameworks and connect them to the system. So the name is no coincidence. Ultimately, nothing less than a macrocosm of different networks should emerge, which are embedded in a interoperable network.
This exchange is guaranteed by the IBC. Different networks can connect with each other with the IBC, which means that crypto assets can be transferred between the different zones. The IBC has been in development since 2016. Since 2020 it has been subjected to an extensive test in the environment.
Blockchain Communication Goes Live
An overwhelming majority of over 1,500 validators voted for the launch of the IBC agreement, as can be seen in the blogs. The adoption marks an important milestone in the development of the Cosmos and the vision of realizing the global-blockchain as the basis for interoperability between sovereign ones.
In the future, blockchains connected to IBC will be able to access ATOM - the token of the Cosmos, but also the exchange of fungible and non-fungible tokens between different blockchains is possible. The network should develop into a distributor, especially for DeFi apps. To this end, the developers are already planning to set up the exchange Gravity DEX.
A New Blockchain Protocol?
The experts have high hopes for IBC to become the basis for reliable and secure blockchain communication. However, the price explosion was limited at the time of going to press. The ATOM rate is currently quoted at $ 20.15, a 2.3 % higher rate than the previous day.
The contents of this article are for informational purposes only and are not investment advice.