Home News Interchain Accounts is the biggest upgrade to Cosmos since Stargate

Interchain Accounts is the biggest upgrade to Cosmos since Stargate

4395
0

Interchain Accounts were introduced on Thursday by the Interchain Foundation, a non-profit that oversees the Cosmos ecosystem.

The Inter-Blockchain Communications protocol (IBC) allows an entire blockchain to control a different chain’s account. Since Stargate, this is the most significant software update to the Cosmos environment. Terra, Crypto.org Chain, and Gravity Bridge are among the 38 projects that have used IBC so far, with 8.4 million transactions in the last 38 days.

Interchain Accounts allow one blockchain to use the application functionality of another, including staking, voting, and token swapping. “Enabling composability in IBC enables for innovation in specific applications without having to upgrade the entire Interchain,” said Charleen Fei, the Interchain Foundation’s IBC product lead.

DeBridge, a cross-chain interoperability and liquidity transfer protocol, launched its mainnet the same day. Users will be able to move assets and data between blockchain networks via deBridge, which will begin with Ethereum, BNB Chain, Heco Chain, Arbitrum, and Polygon. Solana users, for example, can communicate with Polygon protocols straight from their Phantom wallets, eliminating the need to move wallets or networks.

DeBridge announces official cross-chain swap relationships with 1inch and ParaSwap

Projects can interact with deBridge’s infrastructure, similar to Cosmos’ Interchain Accounts. In order to make use of the protocol’s multiple cross-chain options, including asset swaps and transfers, governance voting. As well as farming tactics, nonfungible tokens, oracle data, and more. Halborn, Zokyo, and Ackee Blockchain have all audited DeBridge, and the company also runs an Immunefi bug bounty programme.

In addition to its public mainnet, deBridge is announcing official cross-chain swap relationships with 1inch and ParaSwap, two decentralised exchange aggregators. DeBridge employs a lock and mint strategy that constantly verifies the protocol’s current state. As well, determines whether the wrapped asset’s total quantity is fully supported by its collateral.

If a wrapped item loses its peg, security monitoring can suspend the protocol automatically. Validator nodes additionally keep track of the current condition of token balances on each supported blockchain. Never allowing an asset’s total withdrawals to exceed its total deposits.

Previous articleCrypto spawns most expensive adverts on Telegram in 2021
Next articleChainalysis: 4% of crypto whales are criminals, and they hold $25B among them