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Sunday, May 28, 2023

Ethereum Has Been Brought To The Multichain

Gravity Bridge, created by the Interchain Foundation, has enabled the transfer of tokens from the Ethereum and Cosmos blockchains. This information was announced last Wednesday, when the Swiss non-profit that is currently employed as a steward of the ecosystem of Cosmos- which further announced the launch of the Gravity Bridge as it has been built by Althea, a decentralized internet service provider.

During the early stages, Gravity Bridge will be operating as a standalone chain before it ends up migrating to the next blockchain of Cosmos Hub. The key technical features would involve token issuance across both the chains and the support of Ether to oracles of Cosmos.

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Ethereum Will Collaborate With Gravity Bridge

Simpier went on to state that in such an interoperable ecosystem, the place of Gravity Bridge was an extremely foundational piece of infrastructure- which would be available to all chains of Cosmos openly, purpose-built to update and iterate quickly, all the whale facilitating the bridge needs of the Ethereum chains that interact with it. Open markets and frictionless trading would also unlock the potential for liquidity for all. 

Back in March, the IBC or the Inter-Blockchain Communication, was launched on the network of Cosmos, which would allow for the transfer and communication of digital assets across different blockchains through Ethereum. Currently, there are close to 20 different blockchains that have been supporting IBC. Peng Zhong, the CEO of Tendermint, who would be the core developer of the network, stated that he would definitely be expecting close to 200 chains connected through the IBC of Cosmos next year. 

It has been mentioned that the Stargate upgrade along with the release of IBC was definitely the dawn of interoperability- which could now be collaborated to ensure the bridge safety through Ethereum’s Interchain Security Cement.

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