Summary
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Cosmos developers are working on integrating the Inter-Blockchain Communication (IBC) protocol with Ethereum to enhance interoperability between the two major blockchain networks.
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Interchain Labs successfully tested an IBC transaction between Cosmos Hub and Ethereum, marking progress toward native cross-chain communication for asset transfers.
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Expanding IBC to Ethereum is envisioned as part of the upcoming Eureka upgrade and is expected to foster new opportunities in decentralized finance and cross-chain applications, potentially establishing IBC as a universal standard for blockchain communication.
Efforts are underway by developers associated with the Cosmos network to broaden the applicability of the Inter-Blockchain Communication (IBC) protocol to encompass the Ethereum blockchain.
IBC Protocol Extension to Ethereum Under Development
This development signifies a push towards greater interconnectivity in the blockchain space.
A tangible step in this direction was recently demonstrated by Interchain Labs. Maghnus Mareneck, co-CEO of this core contributor to the Cosmos ecosystem, announced a successful test transaction leveraging IBC to bridge Cosmos Hub and Ethereum.
This experiment showcases significant headway in establishing seamless, built-in communication pathways between these two distinct blockchain platforms.
Successful Cosmos Hub-Ethereum Transaction Demonstrated
The primary objective is to facilitate frictionless transfers of digital assets across their respective networks.
This initiative is a component of the forthcoming Eureka upgrade for IBC. This upgrade, actively developed by teams including Interchain Labs, is anticipated to be launched as part of IBC-go version 10 later in the current year.
This advancement is rooted in a broader vision held by Cosmos developers: to position IBC as a ubiquitous standard for cross-blockchain interaction.
Their ambition extends beyond the Cosmos ecosystem, aiming to integrate IBC with leading blockchain networks like Ethereum and Solana.
Connecting Ethereum to Cosmos Hub, the central blockchain within the Cosmos network, is considered the initial critical phase in this expansion strategy.
Enhanced Interoperability to Drive DeFi and Cross-Chain Innovation
IBC operates as a standardized set of rules that permits communication between autonomous and separate blockchains.
It achieves this by enabling the secure and efficient transfer of both digital assets and data between chains, employing mechanisms known as light clients and relayers to facilitate these interactions.
Cosmos proponents suggest that expanding IBC’s reach to include networks like Ethereum has the potential to unlock novel possibilities within the realm of decentralized finance and the development of sophisticated applications that function across multiple blockchains.
It is noteworthy that other projects, such as Picasso, Union, and Polymer, are also independently pursuing methods to bring IBC compatibility to the Ethereum ecosystem, indicating a broader trend toward cross-chain communication.
Also Read: Cosmos Integrates Native EVM Framework with Evmos
The Interchain Foundation, the creator of Cosmos, has integrated the Ethereum Virtual Machine (EVM) into its core technology stack. This is achieved through the open-sourcing of Evmos, which is now part of the official Interchain software suite, including the Cosmos SDK. The Foundation has financially supported the open-sourcing initiative, positioning Evmos as the definitive EVM framework within the Cosmos network. The framework, initially built under the independent Evmos project, will be rebranded as “Cosmos EVM” and will be centrally managed as part of the official Interchain software ecosystem. This strategic development allows blockchains within the Cosmos ecosystem to seamlessly integrate Cosmos EVM, ensuring compatibility with the…[Read More]
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