Gravity Bridge brings Ethereum to the multichain

A close up of an umbrella Blockchain

Gravity Bridge brings Ethereum to the multichain

"An open and interoperable bridge between Ethereum and Cosmos has long been a shared vision of a fully connected Interchain," said Althea CEO Deborah Simpier.

On Wednesday, the Interchain Foundation, a Swiss non-profit serving as a steward of the Cosmos (ATOM) ecosystem, announced the launch of Gravity Bridge as built by decentralized internet service provider Althea. Gravity Bridge enables the transfer of ERC-20 tokens between the Ethereum (ETH) and Cosmos blockchains. During its initial stages, Gravity Bridge will operate as a standalone chain before migrating to Cosmos Hub early next year. Its key technical features include interchangeable token issuance across both chains and the support of Ethereum to Cosmos oracles.

Simpier issued the following statement regarding the launch:

In March, the Inter-Blockchain Communication, or IBC, protocol launched on the Cosmos network, allowing for the communication and transfer of digital assets across different blockchains. There are now over 20 blockchains supporting IBC. Peng Zhong, CEO of Tendermint, the core developer of the Cosmos network, said in an interview with Cointelegraph that he expects to see “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.

Rate article
( No ratings yet )