On Thursday, the Interchain Foundation, a non-profit organizer of the Cosmos ecosystem, announced the release of Interchain Accounts.
The Inter-Blockchain Communications (IBC) protocol allows the entire blockchain to control an account on a single chain. This is the biggest software update for the Cosmos ecosystem since Stargate. There are currently 38 projects using IBC including Terra, Crypto.org Chain and Gravity Bridge with 8.4 million transactions in the last 38 days.
With Interchain accounts, the blockchain can access application features of other blockchains, such as staking, voting, token exchange, etc. “Enabling composition in IBC enables innovation in premium applications without the need for a complete Interchain upgrade,” said Charlene . . Fay, IBC Product Director at The Interchain Foundation.
On the same day, deBridge, an interoperability and liquidity protocol across chains, announced the launch of the core network. Through deBridge, users will be able to transfer assets and data between blockchain networks starting with Ethereum, BNB Chain, Heco Chain, Arbitrum and Polygon. For example, Solana users can interact with Polygon protocols directly from Phantom wallets without switching wallets or networks.
Like Cosmos Interchain accounts, projects can also be integrated with the deBridge infrastructure to take advantage of the various chain features offered by the protocol, such as asset exchange and transfer, management voting, farming strategies, non-perishable tokens, oracle data, and more. . a lot. DeBridge has been verified by Halborn, Zokyo and Ackee Blockchain and maintains an ongoing bug-bounty program at Immunefi.
In addition to the public backbone, deBridge launches formal partnerships with 1-inch decentralized exchange aggregators and ParaSwap for cross-chain exchanges. DeBridge uses an open-and-mint approach that constantly checks the current state of the protocol and verifies that the total supply of the encapsulated asset is fully supported by the warranties.
If an encapsulated source loses the binding, security monitoring can automatically suspend the protocol. Validation nodes also update the status of the token balances on each supported blockchain and never allow an asset’s total withdrawals to exceed the total deposit.