The self-described “Internet of Blockchains” Cosmos has introduced its Inter-Blockchain Communication Standard (IBC), with which crypto-assets can be easily transferred between independent blockchains.
The Comos IBC went live on March 29th and enabled token transfers between Cosmos and other IBC-compatible blockchains.
The feature, which has been in development for five years, was voted through community governance with 112 million votes in support of activation and 75 million against.
Over a period of two weeks, a Cosmos proposal must secure at least 512 ATOM tokens that have been deposited as support so that the voting can continue. The number of tokens an individual or a group has determines how their vote affects the outcome of a proposal.
Cosmos claimed that IBC facilitates new applications by enabling both fungible and non-fungible tokens between chains, paving the way for cross-chain exchanges and NFT marketplaces.
Today @Cosmos has enabled the transmission of inter-blockchain communication (#IBC) on the Cosmos Hub, so that sovereign blockchains can transmit digital assets (tokens) and data b / w among each other.
The interchain era has begun: //t.co/3vybbrLJ5G
– Cosmos – Internet of Blockchains @ (@cosmos) March 29, 2021
Cosmos added that they are already working on a decentralized exchange that will support cross-chain functionality for IBC-compatible blockchains. The announcement states:
“The Gravity DEX will act as a marketplace for trading tokens from any connected blockchain, including tokens from IBC-enabled blockchains, packaged ETH and ERC20 tokens, packaged BTC tokens as well as future networks implementing IBC.”
IBC is a standard that offers a method for the secure exchange of data between two independent blockchains. Inter-blockchain communication also offers scaling through sharding by using sidechains for different applications.
The standard was introduced as part of a larger Cosmos ecosystem upgrade called Stargate, which also included new nodes that can sync 200 times faster.
Cosmos native token, ATOM, has moved sideways despite the announcement. At the time of writing, ATOM last changed hands for around $ 20, down 23% from its all-time high of $ 26 on Feb.26.