Cosmos developers are working on extending the Inter-Blockchain Communication (IBC), which is a key element of the Cosmos ecosystem, to the Ethereum network.
This week, Magnus Mareneke, co-CEO of Interchain Labs, which develops the Cosmos core, announced the testing of the IBC transaction between Cosmos Hub and Ethereum. This step is aimed at increasing the compatibility of tokens between the two networks and is part of a large-scale Eureka upgrade for IBC. This update, being developed by teams including Interchain Labs, will be included in IBC-go v10 and will be released this year.
The main idea of this update is to make IBC a universal standard for blockchain interaction, expanding its capabilities beyond the Cosmos ecosystem. In the long term, this will pave the way for integration with large networks such as Ethereum and Solana. The first step on this path will be to connect Ethereum to the central Cosmos Hub network.
IBC is a standardized protocol that enables interaction between independent blockchains, allowing them to transfer assets and data. It uses lightweight clients and repeaters, which makes the exchange process fast and secure.
The developers believe that the expansion of IBC to Ethereum can significantly expand the capabilities of decentralized finance and inter-network applications. In addition to the official developments of Cosmos, there are other projects such as Picasso, Union and Polymer, which are also working on the integration of IBC into Ethereum.
These steps bring the blockchain world closer to a more connected and interoperable ecosystem. How important do you think such universal compatibility is for the future of blockchains?