Cosmos Ecosystem Targets Ethereum Integration To Better Connect Blockchains
Key Takeaways:
- Cosmos is testing IBC outside of its ecosystem with Ethereum, aiming for cross-chain interaction across all IBC-compatible chains.
- The 2025 roadmap is focused on making it easier to develop dApps and improving cross-chain communication, with particular emphasis on IBC.
- Large fund movements in Cosmos have sparked speculation about the project’s future direction and development strategies.
Cosmos ecosystem aka the Internet of Blockchains is on a path for more interoperability and developer-friendly architecture. The potential growth and innovation that Cosmos promises, especially given developments such as testing for Inter-Blockchain Communication (IBC) protocol for compatibility with Ethereum, as well as the far-reaching 2025 roadmap, indicate that Cosmos will be one to watch.
Broadening Interoperability Beyond Ethereum Using IBC
Cosmos developers are currently testing the expansion of IBC to Ethereum. This project seeks to connect these two prominent blockchain ecosystems, facilitating seamless transfer of assets and data. By achieving this, Cosmos aims to create a frictionless environment where assets can move freely between different networks without the need for complex bridges or third-party intermediaries. Interchain Labs co-CEO Maghnus Mareneck announced via a blog post that Cosmos Hub to Ethereum IBC transaction tests are complete. It’s an element of the coming Eureka upgrade to IBC, which will be launched with IBC-go v10.
The Inter-Blockchain Communication (IBC) protocol is a cornerstone of the Cosmos ecosystem, which enables communication between different blockchains using light clients and relayers. This update also has the potential to establish IBC as a global standard for communicating on a chain-by-chain basis, allowing for inter-continuity in networks like Ethereum and Solana.
A user could stake ATOM on the Cosmos Hub, yet use the same staked ATOM as collateral in a DeFi protocol over on Ethereum. If this level of composability were to be achieved, it would significantly improve the usefulness of both ecosystems.
Cosmos EVM: The Simple Answer to Being Ethereum Compatible
In a major announcement, the Interchain Foundation (ICF) revealed that it would be open-sourcing evmOS, renaming it to Cosmos EVM. This will offer a canonical EVM implementation for chains built using the Cosmos SDK with ease of integration of Ethereum smart contracts and liquidity. This paves the way for seamless integration of Ethereum smart contracts and liquidity into the Cosmos ecosystem. As explained by Interchain Labs (ICL) co-CEO Barry Plunkett, they’re going to make it easy for Cosmos developers to have an EVM and extend it using Cosmos.
This change responds to the erstwhile “clunky” nature of EVM integrations into Cosmos, which had problems such as unavailable wallets and poor bridging experiences, among other concerns. Part of the Interchain Stack maintained by ICL, Cosmos EVM is designed to make development easier, enhance user experience, and increase interoperability between Cosmos and Ethereum-native applications. Many existing chains are likely to adopt it, said Plunkett. He also mentioned ongoing discussions with emerging chains that have yet to decide on a solution, with some waiting and asking, “Will there be an official one?”
Cosmos 2025 Roadmap: Enabling Easy Development and a Flourishing Ecosystem
Cosmos has proposed a well-articulated roadmap up to 2025 that will seek to streamline decentralized application (dApp) development and improve the ecosystem as a whole. Key goals include:
- Cosmos Hub: Faster block times, improved security
- Cosmos SDK: Updated for a smoother development process
- Improvements to Inter-Blockchain Communication (IBC) make cross-chain interactions seamless.
- An EVM solution to interoperate Cosmos with Ethereum.
The goal of these updates is to increase efficiency, connectivity, and ease of use for the ecosystem. Working with the Interchain Foundation (ICF) and Interchain Labs, the Cosmos team builds to overcome the tough developer pain points — scalability, poor user experiences, and others that they recognize.
At the Risk of Cosmos Fund Flow: The Curious Case of Moving in Cosmos
In a layer of intrigue, developers recently transferred a large amount of assets — 295.3 BTC (valued at $27.7 million) and 21,600 ETH — away from wallets that had sat dormant for two years. These movements have sparked speculation within the blockchain community.
Although Cosmos still holds approximately $67 million in assets from its 2017 ICO, the recent activity with the funds has raised some eyebrows – is this to recast the funds to align with the 2025 roadmap, or is there a different strategy at play? Some speculate that the funds are being redirected for upcoming developments, and others point to the potential of new partnerships or investments. These maneuvers have certainly turned the heads of the community, raising looming questions about the future of Cosmos.
These asset transfers could be a necessary step if Cosmos plans to acquire a key piece of infrastructure or partner with a major exchange.
More News: Celo’s Transition to Ethereum Layer 2: A Game-Changer for Scalability and Adoption
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