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Cosmos has now introduced an Inter-Blockchain network to enable cross-chain building, they called it Gravity.
The self-described “Web of blockchains,” ATOM, has launched its Inter-Blockchain Interaction standard, or IBC, enabling crypto assets to be moved quickly in between independent blockchains.
ATOM’ IBC went live on March 29, enabling token transfers in between Cosmos and other IBC-compatible blockchains.
The feature, which has actually remained in development for five years, was voted in by means of community governance with 112 million votes supporting the activation and 75 million opposed.
Over a two-week period, a ATOM proposition requires to protect a minimum of 512 ATOM tokens transferred in support of it for voting to continue. The number of tokens a private or group holds identifies just how much impact their vote will have on the outcome of a proposition.
ATOM asserted that IBC assists in brand-new applications by facilitating both fungible and non-fungible tokens in between chains and leading the way for cross-chain exchanges and NFT marketplaces.
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 begunhttps://t.co/3vybbrLJ5G
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) March 29, 2021
Cosmos added that it is already working on a decentralized exchange supporting cross-chain functionality for IBC-compatible blockchains. The announcement stated:
“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.”
IBC is a requirement that provides a technique of firmly exchanging data between two independent blockchains. Inter-Blockchain Communication also offers to scale through sharding by utilizing sidechains for various applications.
The requirement has been rolled out as part of a more comprehensive ATOM environment upgrade called Stargate, which also consisted of brand-new nodes that can synchronize 200x faster.
Cosmos’ native token, ATOM, has trended sideways regardless of the announcement. At the time of writing, ATOM last changed hands for approximately $20 and is down 23% from its Feb. 17 all-time high of $26.
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