Cosmos Steward ICF Releases Interchain Accounts

The Interchain Foundation (ICF), Cosmos’ non-profit steward and steward, announced the launch Interchain Accounts, an Inter-Blockchain Communication protocol (IBC).

Cosmos Ecosystem gets the largest software upgrade

According to CryptoPotato’s official announcement, Cosmos’ most recent update will allow an entire blockchain to manage an account on a different chain. Interchain Account will allow users to access all of the Interchain using their Cosmos Hub account.

IBC has activated 38 projects so far. Some of these are Terra, CryptoOrg and Gravity Bridge. The IBC ecosystem has received 8.4 million transfers in the last month.

Interchain Accounts are designed to allow one blockchain to access another’s application characteristics. This can include voting, stakes and swap tokens.

Leveraging IBC will help to provide an easy way to create application compatibility, similar to smart contracts interfacing on the EVM. The core architecture is sovereign, interoperable and interoperable blockchains. Interchain Accounts’ compatibility does not negate the benefits of application-specific Blockchains.

Charleen Fei is the Interchain Foundation’s Product Lead for IBC.

“Enabling Composability in IBC allows innovation to be deployed in distinct applications without having to upgrade the entire Interchain. This creates a more scalable innovation model while maintaining compatibility.

This is possible because lower-level primitives can be created, optimized and then integrated into shared infrastructures that both are stateful (value via information) and permissionless (“value through access”).

Stargate paved the way for interoperable DeFi Applications

Stargate was an important milestone for the Cosmos Project before Interchain Accounts. Stargate was a series of upgrades that added new features and performance enhancements for blockchains created with the Cosmos software development kit (SDK).

Inter-Blockchain Communication protocol (IBC) is one of them. It was created to enable DLT networks to communicate with each other and deliver interoperability.

The networks were separated from each other before IBC was launched. Each project had to create their own bridges to connect to the wider blockchain ecosystem. Cosmos reported that it had received 5.8 million IBC transactions by 2021 and the same impressive traction from DeFi applications.

Another development is Nym Technologies, a Cosmos-powered privacy startup, recently joined network validators like Swisscom, Dokia Capital and Chorus One. Nodes, Guru and some others from the community such as Commodum.

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