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ICF launches Gravity Bridge to facilitate transfer of Ethereum and Cosmos assets » CryptoNinjas

The Interchain Foundation (ICF), a Swiss non-profit and steward of the Cosmos ecosystem, has introduced the launch of the Gravity Bridge.

Developed by Althea, the Gravity Bridge facilitates the transfer of ERC-20 assets between Ethereum and Cosmos-based chains, in addition to Cosmos assets to Ethereum ERC-20 representations. With Gravity’s deliberate improve to use the Cosmos Hub’s Interchain Security service, the bridge to Ethereum will quickly be backed by billions of {dollars} staked in ATOM, Cosmos’ native token.

Gravity Bridge will launch in a separate chain in a preliminary part, then migrate to use the Cosmos Hub’s new Interchain Security providing when accessible early subsequent 12 months. The Cosmos Hub will facilitate the transfer of knowledge throughout blockchains permitting liquidity to circulation seamlessly all through all the inter-blockchain communication (IBC) universe.

In addition to making it simpler for customers to transfer assets between chains, the launch of Gravity Bridge is a boon for DeFi functions in search of to achieve a foothold within the burgeoning Cosmos ecosystem.

“An open and interoperable bridge between Ethereum and Cosmos has long been a shared vision of a fully connected Interchain, bringing together many teams to work towards the common goal of unlocking the liquidity and potential between the two ecosystems. The future of Interchain Security together with IBC enables us to see the Cosmos ecosystem as it’s meant to be — an ever-expanding ecosystem of interconnected apps and services, built for a decentralized future. No one is gated away — liquidity, commerce, and staked security are all tradable assets. 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.”
– Deborah Simpier, CEO of Althea

A non-custodial resolution, stake could be slashed for any misbehavior in precisely bridging assets or safe messages. The Gravity Bridge Chain’s Ethereum contract is extremely optimized, using batches to dramatically scale back the associated fee of transfers between Cosmos and Ethereum.

Following the profitable activation of the Inter-Blockchain Communication protocol in Q2 2021, the Gravity Bridge is the most recent growth in a quantity of vital upgrades within the Cosmos roadmap. Upcoming upgrades to the Cosmos Hub embody Interchain Accounts, Groups, and Interchain Security which can additional enhance consumer expertise in shortly and simply deploying high-security blockchains.

The ICF funds, stewards, and advances the Cosmos Ecosystem. Actively supporting and incentivizing growth inside the ecosystem, ICF performs an integral function within the community-driven initiatives to drive innovation inside Cosmos. Founded in 2017, Althea is a venture enabling robotically aggressive web entry by empowering anybody to turn out to be an web service supplier (ISP).

Backed by the Interchain Foundation, Althea is designed to convey the open market and interoperable peering from the information heart to the sector and empower communities to construct multi-stakeholder networks quicker and extra inexpensive than legacy telecom fashions.

Cosmos is a decentralized community of unbiased, scalable, sustainable, and interoperable blockchains; there are greater than 250 blockchain apps and providers within the Cosmos Network with over $179 billion of digital assets beneath administration.

Focused on scalability and usability, Cosmos permits builders to quickly and simply construct blockchain functions. By enabling blockchains to transact with each other, Cosmos creates a community of application-specific chains, spanning user-owned and operated platforms for decentralized finance (DeFi), social impression, privateness, gaming, in addition to safe enterprise methods.

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