7. April 2023 Von admin Aus

Cosmos Revives Interoperability: Connects Ethereum to IBC for Mass Adoption

Cosmos Working on Interconnecting Ethereum with IBC

• Cosmos is working on the implementation of IBC with solidity, which will make it possible for Ethereum [ETH] to be connected to Cosmos.
• The move is aimed at facilitating a smoother flow of value across different blockchain networks and tap into Ethereum’s robust liquidity.
• ATOM’s demand should go up as more blockchains get connected to the Cosmos hub.

Overview

The blockchain interoperability concept was championed by the likes of the Cosmos network during the 2021 crypto bull run. However, they had to pump the brakes when crypto winter came. Now, Cosmos has announced its intentions to start pushing towards building and expanding an interconnected internet of blockchains again by working on the implementation of Inter-Blockchain Communication (IBC) with solidity, which will enable Ethereum [ETH] to be connected to Cosmos.

Connecting Ethereum to IBC

The network disclosed that it plans to work on the implementation of IBC with solidity, a move that will make it possible for Ethereum [ETH] to be connected to Cosmos. This will enable data, tokens, and messages transfer from multiple blockchains through IBC; including enterprise Ethereum and all EVM-compatible blockchain networks.

Benefits for Crypto Market

The connection between these two networks would benefit both markets in terms of liquidity and scalability as well as facilitate a smoother flow of value across different blockchain networks by tapping into Ethereum’s robust liquidity pool. Moreover, this announcement came shortly after cosmos revealed its global expansion plans – making their offering even more attractive for potential prospects.

ATOM Performance

As far as ATOM’s performance is concerned, at press time, the token was still trading at a slight premium compared to its December 2022 lows; however it delivered sideways action for over 12 days now. The demand for ATOM should go up as more blockchains get connected to the Cosmos hub since they need it in order join their ecosystem.