"An open and practical bridge between Ethereum and Cosmos has long been a shared vision of a totally connected Interchain," same mallow CEO Deborah Simpier.
On Wednesday, the Interchain Foundation, a Swiss non-profit serving as a steward of the Cosmos (ATOM) system, proclaimed the launch of Gravity Bridge as designed by decentralized net service supplier althaea. Gravity Bridge allows the transfer of ERC-20 tokens between the Ethereum (ETH) and Cosmos blockchains. throughout its initial stages, Gravity Bridge can operate as a standalone chain before migrating to Cosmos Hub early next year. Its key technical options embody interchangeable token provision across each chains and therefore the support of Ethereum to Cosmos oracles.
Simpier issued the subsequent statement relating to 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 network, giving the communication and transfer of digital assets across different blockchains. There are currently over twenty blockchains supporting IBC. Peng Zhong, CEO of Tendermint, the core developer of the Cosmos network, same in an interview with Cointelegraph that he expects to visualize "about 200 chains connected through Cosmos’ IBC next year."
Billy Rennekamp, Cosmos Hub lead at the Interchain Foundation, added:
The Stargate upgrade and release of IBC was the dawn of interoperability, now the Gravity Bridge and our collaboration to ensure bridge safety with Interchain Security cement Cosmos Hub as the bedrock for the Internet of Blockchains.
( Zhiyuan Sun, Cointelegraph, 2021)