The Cosmos Interchain Foundation steward just released Interchain Accounts as an Inter-blockchain communication-based protocol so let’s find out more in today’s latest Cosmos news.
The release of the Interchain Accounts is one of the biggest upgrades in the Cosmos ecosystem since the Stargate launch. The Cosmos Interchain Foundation steward announced the Interchain Accounts launch and according to the official announcement, the latest update will enable the blockchain to control an account on a separate chain and it means that users will be able to access the whole interchain with the help of the single Cosmos Hub account.
So far, the IBC activated 38 projects like Terra, Gravity Bridge, CryptoOrg, and more. Over the past month alone, the IBC ecosystem surpassed 8.4 million transfers. The main goal behind the Interchain account is to enable one blockchain to access the application characteristics of another blockchain which can be in the form of stake, swap tokens, vote, or other things. Leveraging IBC could help in providing a simple way to create application composability like one of the Interactions of smart contracts on the EVM. The core architecture is sovereign and interoperable blockchains so the accounts’ composability doesn’t remove the existing advantages of application-specific blockchains. The IBC Product Lead Charleen Fei said:
“Enabling composability in IBC allows innovation in distinct applications to be deployed without needing to upgrade the entire Interchain, providing a more scalable innovation model that preserves compatibility.
This is made possible by allowing lower-level primitives to be created, optimized, and then built into shared infrastructures that are both stateful (value through information) and permissionless (value through accessibility).”
Before the Interchain Accounts, Stargate was a huge milestone for the Cosmos project, and for the uninitiated, Stargate represents a set of upgrades to add more features and performance enhancements to the blockchains that are built with the Cosmos software developer kit. One of them is the Inter BLockchain Communication protocol that is developed to deliver interoperability by enabling DLT networks to interact with each other. Before launching IBC, the networks were isolated from others and the projects had to develop their native bridges to communicate and to connect to the broader blockchain ecosystem.
As 2021 ended, Cosmos experienced 5.8 million IBC transactions and it was impressive traction among DEFI applications. In another development, Cosmos-based privacy startup Nym Technologies, onboarded network validators like Dokia Capital, Swisscom, Nodes, Guru, Chorus one, and more from the community like Commodum.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]