The protocols would allow for almost all of the data-sharing between blockchain protocols, such as oracle data, governance voting, and so on.
On Thursday, the Interchain Foundation, a nonprofit that looks after the Cosmos ecosystem, announced that Interchain Accounts were coming out.
If you use the Inter-Blockchain Communications protocol (IBC), you can use the whole blockchain to control an account on a different chain. If you’ve been to Stargate, this is the biggest software update to the Cosmos ecosystem since then. IBC has been used in 38 projects to date. These projects include Terra, Crypto.org Chain, and Gravity Bridge. In the last 38 days, 8.4 million transactions have been made with IBC.
You can use Interchain Accounts so that a person or group can use other people or groups’ applications on their own blockchain, like staking or voting. Charleen Fei, the IBC product lead at the Interchain Foundation, says that allowing IBC to be “composite” means that new applications can be launched without having to change the whole Interchain.
As a cross-chain interoperability and liquidity transfer method, deBridge also announced the launch of its mainnet on the same day, Users will be able to move money and data between different blockchain networks through deBridge, which will start with Ethereum, BNB Chain, Heco Chain, Arbitrum, and Polygon. For example, users of Solana can use their Phantom wallets to interact with protocols in Polygon without having to switch wallets or networks.
The deBridge protocol allows projects to use its infrastructure to take advantage of the many cross-chain opportunities the protocol allows, like asset swaps and transfers, governance voting, farming strategies, oracle data, and more. DeBridge has been checked by Halborn, Zokyo, and Ackee Blockchain, and it has a bug bounty programme for Immunefi.
Besides its public mainnet, deBridge is partnering with 1inch and ParaSwap to make cross-chain swaps possible. Lock and mint: DeBridge uses this method to keep an eye on the current state of the protocol and see if the total supply of the wrapped asset is fully backed by its collateral.
There are security cameras that can automatically stop the protocol if a wrapped item loses its peg. Validator nodes also keep track of the balances of tokens on each blockchain they support and never allow withdrawals of an asset to exceed the amount that was put in.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.