'Inter Blockchain Communication (IBC) And Its Value in The Cosmos Hub' by cosmos cosmosnetwork blockchain
IBC is a protocol that allows blockchains to talk to each other. The first IBC connection between the Cosmos Hub and IRISnet took place at the start of this month. More and more chains will enable IBC in the coming weeks and months. The launch of IBC alone can’t make all blockchains magically magically make all all of them connect. The best thing about IBC? It’s already here, and the community is already working on it.The open, scalable, and interconnected economy of the future.
Peng Zhong, CEO of Tendermint, a core contributor to the Cosmos ecosystem, offers a further useful analogy. He says, “Imagine every blockchain right now as a small tribe living on an island in a vast archipelago. So what IBC enables is the discovery of shipbuilding, which allows these tribes to travel between each other.
Many blockchains are already working on this and Peng is confident that the growth of the interchain “won’t take any time at all… the community is already here, they’re just not connected right now.” “Today, congestion on the Ethereum mainchain drives applications to resettle on alternative L1’s and L2’s because they can’t afford to pay Ethereum’s metropolitan premium. Each new L{1,2} needs awkward middleware — “bridges” — to communicate with the others.
Sunny likened IBC to the standardization of shipping containers that today enables global economic trade — without the need for political alignment between nation-states.“IBC allows you to form a message channel — a shipping channel — that is established between two parties. The shipping containers are standard but you can send whatever you want inside the container. The blockchains are sovereign blockchains, with their own voting populace, disjoined from one another.
But let’s remember. IBC is up and running. It’s not an icon on a roadmap. It’s not a section in a whitepaper. It’s not a promise in an elevator pitch. It’s actually here connecting blockchains and beginning to fulfill the Cosmos vision… But, it’s also only just arrived. This will turn the Gravity DEX into what Peng describes as a “vast marketplace” that grows in value as more assets are moved on to it. “The more things being sold, the more transactions that happen, the larger the cut the people who run the marketplace get. That cut is what ATOM holders get.” He adds:
“Our plan is to build much more than only a DEX. We have much longer plans to put more on the Cosmos Hub and each one is as important as the DEX… Another very important next step will be lending and liquid staking that allows you to trade ATOM on the Gravity DEX. The goal is to provide many more complex DeFi utilities in the Cosmos Hub to enrich the ecosystem and increase the value for ATOM.
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