Cosmos is a Blockchain network that aims to be the “internet of blockchains,” Eureka has been launched as an interoperability level designed to connect its interblockchain communication protocol (IBC).
A report dated April 10, announcementEureka expanded the Cosmos IBC Protocol, changing IBC to an ecosystem standard “to a universal interoperability protocol,” Set the Hub on the Course to be the Home of Multichain Apps
Cosmos is integrating its projects into IBC Eureka. Source: Cosmos
Eureka makes many Cosmos applications and Blockchains available to a wider audience by extending IBC on the Ethereum network. The new protocol allows developers to build apps that span multiple blockchain ecosystems, without fragmenting their user base.
Related: Cosmos co-founder proposes peer-to-peer clearing system in white paper
Most projects are included in the announcement rely on bridges for interoperabilityThe introduction of intermediaries will result in a fragmentation among users and liquidity. Users can easily move assets from one blockchain to another with bridges. Developers promise native interoperability through Eureka.
Cosmos Hub Integration Image. Source: Cosmos
Cointelegraph contacted the Interchain Foundation the organization behind CosmosHowever, I never received a publication response.
IBC Eureka: How it works
Eureka is based on a zone of distribution that allows developers to have access to all IBC connections and users as well as liquidity, services, and other assets without any additional infrastructure. Cosmos Hub allows users access to apps, assets and services from all included ecosystems.
Related: Cosmos ecosystem rocked by North Korean developer allegations
One of the first use cases is Bitcoin staking Protocol Babylon. Its users can now transfer Bitcoin liquid tokens from Ethereum’s chain to Babylon. Elys’ decentralized financial (DeFi), protocol will allow trading in Wrapped Ether(WETH), and Wrapped Bitcoins (WBTC).WBTCUSDt)USDTEthereum.
Coming soon: More Integrations
Developers promise users that they will soon be able leverage Eureka’s multichain capabilities in the major DEX (decentralized exchange) dYdX. Mantra’s real-world asset tokenization will also, according to reports, bridge Ethereum funds into Cosmos based real estate markets. It is said that the platform can be used for permissioned DeFi apps and staking infrastructure.
According to the announcement, IBC — which Eureka upgrades — has facilitated an average of up to $3 billion in transaction volume among more than 115 blockchains every month since its launch. The integration of blockchains not included in the Cosmos eco-system was still far from smooth.
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Source: cointelegraph.com
