Cosmos’ ATOM surged 30% over the past week as it launched its “Stargate” upgrade and in today’s Cosmos news, we read more of what it means for the cryptocurrency.
The much-awaited inter-blockchain communication IBC protocol launched on Cosmos according to the official tweet. The price of Cosmos’ ATOM surged to $24 in anticipation of the update. Stargate contains a few upgrades and a toolkit for developers that complete the original roadmap in the whitepaper. After the launch, various Cosmos blockchains will be added to connect with each other thanks to the first standardized protocol for IBC:
“It gives birth to the Internet of Blockchains and the start of a new paradigm in the cryptospace. The upgrade comes with many great features, with the main one being Inter-Blockchain communication, which enables blockchains to talk to each other.”
Congratulations Cosmos community on the successful and ambitious Stargate upgrade.
The era of interchain has begun 🌠 https://t.co/BjNTvusnbw
— Erik Voorhees (@ErikVoorhees) February 18, 2021
These upgrades bring an improvement in performances to all blockchains built with Cosmos SDK including the so-touted 100x Efficiency to the IBC protocol and the faster null node syncing process with over 20 times faster upgrades on the mainnet. Cosmos SDK-based blockchains can incorporate the IBC protocol in order to communicate with other compatible blockchains while the Cosmos Hub is the first blockchain to support the IBC in production.
For blockchains that built on top of the Tendermint Core, the full-node synchronization process will reduce to just 30 minutes or less compared to the previous timestamp of 2 days. The migration from one version to the next will take short as opposed to one hour from before. Another feature is the “Light clients” or lightweight alternatives to the full nodes that allow a wide range of devices to receive blockchain data safely for the new network nods and the inter-blockchain communication. In the meantime, the crypto investors bid up the prices of Cosmos’ ATOM in anticipation of the launch, and the token traded under $5 about two months ago while today it peaked at $26.
As reported recently, ATOM jumped 36% on a week-to-date timeframe and the update will start enabling the Cosmos-based chains to connect using the first standardized protocol for the inter-blockchain communication which means that the chains will securely exchange data and token value and each other which makes the first global public ledger to achieve this milestone.
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