Cosmos is taking its name as the “Internet of Blockchains” to a new level as it launches an Inter-blockchain communication standard called “Gravity.” The IBC will enable the easy forwarding of crypto assets from one blockchain to another.
Cosmos Journey Towards Inter Blockchain Communication
The company released the IBC standard a few days prior. The main aim is to facilitate token transfers between the Cosmos blockchain and other blockchains compatible with IBC.
Cosmos started this journey five years ago. Notably, inter blockchain activation won 112 million votes in a community governance vote over the 75 million that opposed it. The blockchain needs up to 512 ATOM tokens to be deposited as support for it before the voting will continue.
In this voting, the tokens of an individual determine the level of influence his/her votes will have on the outcome of whatsoever proposal they’re voting for at the moment.
According to Cosmos, IBC will help facilitate new applications by supporting both fungible & non-fungible tokens between blockchains. It will also enable cross-chain exchanges & NFT marketplaces. Moreover, Cosmos says that the team is already trying to develop a DEX that’ll support cross-chain functionality for blockchains compatible with IBC.
What is Inter Blockchain Communication?
The IBC standard aims at providing a secure method of data exchange between independent blockchains. Inter-Blockchain Communication facilitates scaling via sharding by using sidechains for diverse applications.
Cosmos rolled out this standard as a part of its ecosystem upgrade. They called deem the latest upgrade “Stargate”, featuring new nodes capable of synchronizing 200x faster.
Even though, after announcing this latest development, ATOM has remained on a sideways trading trend. A few days back, ATOM was trading at $20, which is at least a 23% decline from the February price of $26.
