The Cosmos developers have activated the IBC protocol, which allows the transfer of cryptoassets between independent blockchains, and also announced the creation of the DEX Gravity decentralized exchange.
According to a developer blog post, the Blockchain Internal Communication (IBC) protocol went live on the Cosmos mainnet on March 29th. IBC allows cryptoassets to be transferred between Cosmos and other IBC compliant blockchains. The protocol was developed over five years and was approved by the community – 112 million votes supported the activation and 75 million voted against.
The Cosmos developers argue that IBC will facilitate the deployment of new applications, the exchange of fungible and non-fungible tokens between blockchains, and open up opportunities for cross-chain exchanges and NFT marketplaces. In addition, the developers are working on a decentralized exchange that supports cross-chain functionality for interoperable blockchains.
“Gravity DEX will represent a platform for trading cryptoassets from any connected blockchain, including wrapped ETH, ERC-20 and BTC, as well as from any future networks that support IBC,” the statement said.
IBC is a standard that enables secure exchange of data between independent blockchains, as well as scalability through sharding and the use of sidechains for various applications. The standard was rolled out as part of a broader update to the Cosmos ecosystem called Stargate, launched last month.
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