Cosmos, self-proclaimed “Internet of blockchains”, has launched its Inter-Blockchain communication standard, or IBC, which allows crypto assets to be easily transferred between independent blockchains.
The Comos IBC went live on March 29, enabling token transfers between Cosmos and other IBC-enabled blockchains.
The feature, which has been in development for five years, was voted on through community governance with 112 million votes in favor of activation and 75 million against.
Over a two-week period, a Cosmos proposal must secure at least 512 ATOM tokens deposited in its support for voting to continue. The number of tokens that an individual or group holds determines the influence of their vote on the outcome of a proposal.
Cosmos claimed that IBC facilitates new applications by facilitating fungible and non-fungible tokens between chains and paving the way for cross-chain trading and NFT markets.
The Interchain era has begun https://t.co/3vybbrLJ5G
– Cosmos – Internet of blockchains ⚛️ (@cosmos) March 29, 2021
Cosmos added that it is already working on a decentralized exchange that supports cross-chain functionality for IBC-enabled blockchains. The ad stated:
“The Gravity DEX will act as a marketplace to trade tokens from any connected blockchain, including tokens from IBC-enabled blockchains, wrapped ETH and ERC20 tokens, wrapped BTC tokens, as well as any future networks that implement IBC. . “
IBC is a standard that provides a method of securely exchanging data between two independent blockchains. Inter-blockchain communication also provides scaling through sharding using sidechains for different applications.
The standard was rolled out as part of a larger Cosmos ecosystem upgrade called Stargate, which also included new nodes that were able to sync 200 times faster.
Cosmos’ native token, ATOM, showed a sideways trend despite the announcement. At the time of writing, ATOM last changed hands for around $ 20 and is down 23% from its all-time high on February 17 of $ 26.