The new “Interchain Era” begins on the Cosmos blockchain and will enable different networks to exchange their tokens and other data as well so let’s read more in our latest Cosmos news today.
The interchain ERA blockchain communication protocol went live on Cosmos and enabled different networks to exchange their tokens as well as other data. The IBC protocol or inter-blockchain communication protocol transfers went live on Cosmos which allows the users to transfer their tokens between different decentralized networks as the developers announced today:
“After 5 years of research and development, Inter Blockchain Communication is being rolled out onto the Cosmos Hub! This is the first step of enabling cross-chain communication, which activates IBC token transfers – allowing you to send fungible tokens from one chain to another.”
🔊Today @Cosmos has enabled Inter-Blockchain Communication (#IBC) transfers on the Cosmos Hub, making it possible for sovereign blockchains to transfer digital assets (tokens) and data b/w one another.
The Interchain era has begun🎥https://t.co/3vybbrLJ5G
Thread 👇 pic.twitter.com/7NRgqHiTBe
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) March 29, 2021
The IBC-compatible blockchain can send its tokens to the Cosmos Hub as well as its native ATOM tokens and the new system will support the fungible and non-fungible digital assets. According to the developers, the launch of IBC opens up the doors for a new and innovative application like the token exchanges and NFT marketplaces so the protocol can later be used to create multi-chain smart contracts and split the logic between blockchains. Thanks to the system, other blockchains can solve their scaling issues by splitting the decentralized applications across multiple chains, as lead developer Christopher Goes noted:
“IBC will have a transformative impact on the blockchain space by creating an ecosystem of politically independent chains that can interact via trade and information exchange. Knitting together many different blockchains can form a new crypto-economic system.”
According to the announcement, the IBC has huge potential for various decentralized applications as well as dapps that are in the pipeline for the year. One of them Gravity DEX will be launched with the next Cosmos upgrade:
“The Gravity DEX will act as a marketplace for trading tokens from any connected blockchain, including tokens from IBC-enabled blockchains, wrapped ETH and ERC20 tokens, wrapped BTC tokens, as well as from any future networks that implement IBC.”
As recently reported, Sentinel launches decentralized VPN protocol on the Cosmos mainnet so now app developers can utilize the network to access the platform’s bandwidth marketplace for dVPN applications. The Sentinel Network which is a decentralized p2p bandwidth marketplace that supports the Sentinel dVPN application is live on the Cosmos mainnet.
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