ICF launches Gravity Bridge to facilitate the transfer of Ethereum and Cosmos assets »CryptoNinjas
The Interchain Foundation (ICF), a Swiss non-profit organization and the manager of the Cosmos ecosystem, has announced the launch of the Gravity Bridge.
The Gravity Bridge developed by Althea helps to transfer ERC-20 assets between Ethereum and Cosmos-based chains, as well as transfer Cosmos assets to Ethereum ERC-20. As Gravity plans to upgrade to use Cosmos Hub’s inter-chain security services, the bridge to Ethereum will soon be supported by billions of dollars in Cosmos’ native token ATOM.
The Gravity Bridge will be launched in a separate chain at the initial stage, and then migrate to the new Interchain Security product using the Cosmos Hub when it becomes available early next year. The Cosmos Hub will facilitate data transmission across blockchains, allowing liquidity to flow seamlessly throughout the inter-blockchain communication (IBC) field.
In addition to making it easier for users to transfer assets between chains, the launch of Gravity Bridge is a boon for DeFi applications seeking to gain a foothold in the emerging Cosmos ecosystem.
“For a long time, the open and interoperable bridge between Ethereum and Cosmos has always been the shared vision of a fully connected cross-chain. It brings together many teams to release the liquidity and interoperability between the two ecosystems. Working towards a common goal of potential. The future of Interchain Security together with IBC allows us to see the true face of the Cosmos ecosystem-an ever-expanding ecosystem of interconnected applications and services, built for a decentralized future. No one It is closed-liquidity, commercial and mortgage securities are all tradable assets. In this interoperable ecosystem, the location of Gravity Bridge is the basic part of the infrastructure, which can be used publicly by all Cosmos chains and is dedicated to Quickly update and iterate, and promote the need for bridges in the chain that interacts with it. Open markets and frictionless transactions release liquidity for everyone. This is the future of ATOM value and ecosystem that enhances the entire Cosmos network and supports the blockchain Internet.”
– Deborah Simpier, CEO of Althea
As a non-custodial solution, rights can be reduced due to any misconduct in accurately bridging assets or secure messages. Gravity Bridge Chain’s Ethereum contract is highly optimized, using batches to greatly reduce the transfer cost between Cosmos and Ethereum.
After successful activation Inter-blockchain communication protocol in the second quarter of 2021, Gravity Bridge is the latest development of many major upgrades in the Cosmos roadmap. The upcoming upgrade of the Cosmos Hub includes cross-chain accounts, groups, and Inter-chain security This will further improve users’ experience in quickly and easily deploying high-security blockchains.
ICF funds, manages, and advances the Cosmos ecosystem. ICF actively supports and incentivizes development within the ecosystem, and plays an indispensable role in community-driven programs to promote innovation within Cosmos. Founded in 2017, Althea is a project that automatically competes for Internet access by authorizing anyone to become an Internet Service Provider (ISP).
With the support of the Interchain Foundation, Althea aims to bring open markets and interoperable peering from the data center to the field, and enable communities to build multi-stakeholder networks faster and more affordable than traditional telecommunications models .
Cosmos is a decentralized network composed of independent, scalable, sustainable, and interoperable blockchains; there are more than 250 blockchain applications and services in the Cosmos network, and more than $179 billion in digital assets under management .
Cosmos focuses on scalability and usability, enabling developers to build blockchain applications quickly and easily. By enabling blockchains to transact with each other, Cosmos has created an application-specific chain network that spans user-owned and operated platforms for decentralized finance (DeFi), social impact, privacy, gaming, and secure enterprise systems.