Cosmos, a blockchain network that goals to develop into the “Internet of Blockchains”, launched Eureka, an interoperability layer with which his protocol of the Inter-Blockchain Communication (IBC) is linked to Ethereum.
According to an announcement on April 10, Eureka expanded the Cosmos IBC protocol and altered IBC from an ecosystem standard “to a universal interoperability protocol” and set the hub on a course for the house of MultiChain apps.
Cosmos projects integrate into IBC Eureka. Source: cosmos
With the introduction of Eureka, many Cosmos-based applications and blockchains are accessible to more users by expanding IBC to the Ethereum network. With the brand new protocol, developers can report multichain apps over several ecosystems without fragmentation of the user base.
The announcement states that almost all projects are based on interoperability on bridges, which ends up in the introduction of intermediaries and fragmentation of user and liquidity requests. In the case of bridges, users can simply move the assets between blockchains, while the developers with Eureka promise to supply native interoperability.
Kosmos -Hub -integration image. Source: cosmos
CoinTelegraph has turned to the Interchain Foundation, the organization behind Cosmos, but received no answer from publication.
How IBC Eureka works
Eureka relies on a distribution zone by which developers can access all IBC compounds, users, liquidity and services without additional infrastructure. With the Cosmos hub, users may access apps, services and assets within the ecosystems it accommodates.
Some early applications include Bitcoin Sepaket Protocol Babylon, whose users will now give you the option to transfer Bitcoin fluid-stakers token from Ethereum to Babylons Cosmos-based chain. Similarly, decentralized financing protocol protocol -Elys enable the trade in packaged ether (Weth), Wraped Bitcoin (WBTC) and USDT (USDT) from Ethereum.
More integrations come
In the longer term, the developers will promise that users will give you the option to make use of Eureka-driven multiChain functions within the Dydx of the Great Decentralized Exchange (Dex). According to capital, the actual tokenization platform for asset tokenization Mantra may even use capital from Ethereum in cosmic-based real estate markets, infrastructures and permission applications.
According to the announcement, IBC -the Eureka upgrades -has made it easier for greater than 115 blockchains per thirty days since its introduction a median of three billion US dollars within the transaction volume of as much as 3 billion US dollars. Nevertheless, the mixing for blockchains that weren’t a part of the Cosmos ecosystem was anything but seamless.
