Gravity Bridge brings Ethereum to the multichain

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Gravity Bridge brings Ethereum to the multichain

On Wednesday, the Interchain Basis, a Swiss non-profit serving as a steward of the Cosmos (ATOM) ecosystem, introduced the launch of Gravity Bridge as constructed by decentralized web service supplier Althea. Gravity Bridge permits the switch of ERC-20 tokens between the Ethereum (ETH) and Cosmos blockchains. Throughout its preliminary phases, Gravity Bridge will function as a standalone chain earlier than migrating to Cosmos Hub early subsequent 12 months. Its key technical options embrace interchangeable token issuance throughout each chains and the support of Ethereum to Cosmos oracles.

Simpier issued the following statement regarding the launch:

In this interoperable ecosystem, Gravity Bridge’s place is a foundational piece of infrastructure, available to all Cosmos chains openly, purpose-built to update and iterate quickly, and facilitate the bridge needs of the chains that interact with it. Open markets and frictionless trading unlock liquidity for all. This is the future that uplifts all in the Cosmos network and supports the ATOM value and ecosystem for the Internet of Blockchains.

In March, the Inter-Blockchain Communication, or IBC, protocol launched on the Cosmos community, permitting for the communication and switch of digital belongings throughout completely different blockchains. There at the moment are over 20 blockchains supporting IBC. Peng Zhong, CEO of Tendermint, the core developer of the Cosmos community, said in an interview with Cointelegraph that he expects to see “about 200 chains linked by means of Cosmos’ IBC subsequent 12 months.”

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Billy Rennekamp, Cosmos Hub lead on the Interchain Basis, added:

The Stargate improve and launch of IBC was the daybreak of interoperability, now the Gravity Bridge and our collaboration to make sure bridge security with Interchain Safety cement Cosmos Hub because the bedrock for the Web of Blockchains.