Billions of dollars in Cosmos (ATOM) are set for new Ethereum bridge

2021-1-21 16:30

A new proposal has been announced for a cross-chain development on Cosmos, a high-speed, interoperable blockchain. 

Connecting Cosmos and Ethereum

Althea Network, a decentralized mesh Internet network for rural communities, announced its “Gravity Bridge” product in a blog post this week. The product aims to connect the Ethereum and Cosmos blockchains to each other (technically called a “bridge”) for the Cosmos Hub.

“Backed by billions of dollars of Atoms staked, the Gravity Bridge is the most secure, efficient, and decentralized cross-chain bridge to ETH,” the firm said.

Althea is proud to announce the Gravity Bridge a @ethereum <> @cosmos bridge for the Cosmos Hub!
Backed by billions of dollars of Atoms staked, the Gravity Bridge is the most secure, efficient, and decentralized cross chain bridge to Eth.https://t.co/XuRbxR1Ug7@interchain_io pic.twitter.com/VVqQAhkPm5

— Althea (@AltheaNetwork) January 19, 2021

Cross-chain bridges are an integral part of the broader crypto and blockchain ecosystem. These are a step ahead of the one-size-fits-all narrative of earlier blockchains, which brought about problems of scalability, speed, and muted growth.

In simple terms, cross-chain products allow blockchains to “speak” and transfer value to each other and swap assets to each other. Cosmos has been built with these limitations and benefits in mind: It is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms like Tendermint consensus.

And the Gravity Bridge helps port it to Ethereum. As per the official announcement, it is an evolution of the Peggy bridge, which itself has been developed in collaboration with the Interchain Foundation.

Benefits of Gravity

As Gravity is installed on the Cosmos Hub, the latter’s validators will directly participate in the operation of the Gravity bridge. That itself is backed by billions of dollars of staked ATOM, making Gravity the most secure bridge to Ethereum in production (after launch).

Gravity is also engineered to be very efficient. The Ethereum contract is highly optimized to use as little gas as possible, and transactions are batched. This allows for cheap and frictionless transactions from Ethereum to Cosmos.

Interoperability is the next feature. “Gravity will be able to bring ERC20 assets from Ethereum into Cosmos, but it will also be able to bring Cosmos assets to Ethereum,” said the blog, adding:

“$ATOM and every other asset in the Cosmos ecosystem will trade on Uniswap and other Ethereum AMMs, bringing a huge amount of liquidity and value to these assets.”

Meanwhile, Althea said it had already tested Gravity on two testnets, and that it would host an incentivized testnet in late Q1 2021. “There will be prizes available for validators, relayers, and hackers,” it said.

Wonder who’s taking that offer up.

The post Billions of dollars in Cosmos (ATOM) are set for new Ethereum bridge appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Cosmos (ATOM) на Currencies.ru

$ 8.3475 (+0.91%)
Объем 24H $114.851m
Изменеия 24h: 0.37 %, 7d: -3.10 %
Cегодня L: $8.131 - H: $8.3788
Капитализация $3.263b Rank 32
Цена в час новости $ 8.4559 (-1.28%)

cosmos new announced network bridge ethereum mesh

Источник: cryptoslate.com

cosmos new → Результатов: 49


Фото:

Cosmos (ATOM) price could gain over 20% in October

Cosmos (ATOM) price is trading in an impressive form as it gained over 30% since October 07. The price action created a specific chart pattern that could extend the current rally for over 20%. Fundamental analysis: Stargate upgrade to enhance strength Cosmos has announced a new 3-month bug bounty and it doubled its rewards ahead of the forthcoming Stargate upgrade in an effort to enhance its robustness.

2020-10-13 20:51


Binance US Adds Algorand (ALGO) and Cosmos (ATOM) Staking

US-based Binance is the latest entrant into the staking game. It has joined other leading crypto exchanges by including staking rewards for cosmos (ATOM), and algorand (ALGO) cryptocurrencies. The exchange released an official announcement on Wednesday regarding this new development and stated that the returns are to be made on a month-to-month basis. ATOM and ALGO […]

2020-1-29 18:55


VC: New 10-Year Phase in Crypto to Begin in 2020: What it Means For Bitcoin, Ethereum, Blockchain

Outlier Ventures, a venture capital firm, said that 2020 will be the start to a new phase in crypto, bitcoin, Ethereum, and blockchain following ten years of development and speculation. The firm’s head of research Lawrence Lundy—which has invested in major cryptocurrencies like bitcoin, Ethereum, Cosmos, Brave, and Chainlink—said that the next ten years will.

2019-12-21 15:36


Фото:

На Coinbase могут появиться DASH, Cosmos, Matic и еще 5 криптовалют

Команда популярной биржи цифровых активов изучает возможность добавления в листинг площадки 8 криптовалют. Соответствующая информация появилась в блоге проекта. Coinbase is exploring the addition of 8 new digital assets.

2019-8-6 08:31


Разработчики Tendermint запустили Cosmos Hub, а Poloniex добавила поддержку Cosmos Atom

В масштабируемой экосистеме блокчейн-платформы Cosmos, от которой ожидают решения вопроса совместимости блокчейнов, после трех лет разработки запущено первое PoS-решение Cosmos Hub. По словам его создателей из калифорнийской компании Tendermint Inc.

2019-3-15 23:08


Фото:

Cosmos Implements Kava’s Interledger Solution; Could This Change the Game for Ripple and Other Blockchain Networks?

A new alliance between Tendermint and Kava Labs may have paved the way for the Cosmos Network to evolve into a fully functional and optimized “internet of blockchains.” Assuming the new partnership lives up to expectations, this could prove to be a big stride towards removing the interoperability issues impeding Cosmos from fulfilling its vision […] Cosmos Implements Kava’s Interledger Solution; Could This Change the Game for Ripple and Other Blockchain Networks? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-6 15:59


Former Macau Triad Gangster’s ICO Raises $750 Million in Five Minutes for Cryptocurrency-Backed Poker Tournaments in China

Former Macau Triad Gangster, Wan Kuok-koi, is reported to have raised $750 million in less than five minutes from an ICO for his new HB cryptocurrency. According to the South China Morning Post, Wan, also known as “Broken Tooth”, has partnered with a mysterious Beijing firm called Zhonggongxin Cosmos Internet Technology Limited to create a cryptocurrency designed to […]

2018-7-15 05:09


Former Macau Triad Gangster’s ICO Raises $750 Million in Five Minutes for Cryptocurrency-Backed Poker Tournaments in China

Former Macau Triad Gangster, Wan Kuok-koi, is reported to have raised $750 million in less than five minutes from an ICO for his new HB cryptocurrency. According to the South China Morning Post, Wan, also known as “Broken Tooth”, has partnered with a mysterious Beijing firm called Zhonggongxin Cosmos Internet Technology Limited to create a cryptocurrency designed to… The post Former Macau Triad Gangster’s ICO Raises $750 Million in Five Minutes for Cryptocurrency-Backed Poker Tournaments in China appeared first on UNHASHED.

2018-7-15 23:51


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation

The Ethereum market has been a whirlwind of activity in recent days. After a brutal price correction last week, the world’s second-largest cryptocurrency by market capitalization has staged a mini-rebound, leaving investors wondering if this is the start of a sustained bull run or a fleeting flicker before another dip.

Ethereum To See Fresh Move Soon? What Futures Data Says

Data shows the Ethereum Open Interest has been trading at relatively low levels recently. Here’s what this could mean for the asset’s price. Ethereum Open Interest Has Been Moving Sideways Since Its Plunge As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has followed a similar trajectory as the price of the cryptocurrency recently.

Ethereum Fees Now Lowest Since January: Is It A Bottom Signal?

On-chain data shows that Ethereum transaction fees have dropped to their lowest level since January, a sign that a bottom could be close. Ethereum Transfer Fees Has Plunged As Network Has Gone Cold According to data from the on-chain analytics firm Santiment, Ethereum transaction fees have taken a notable hit recently.

These Are The Ethereum Altcoins Witnessing High Whale Interest

Here are the Ethereum-based altcoins that are currently witnessing a high amount of activity from the whales, according to on-chain data. These Ethereum Altcoins Are Seeing High Whale Transactions Right Now In a new post on X, the on-chain analytics firm Santiment has discussed how several Ethereum-based altcoins have been seeing notable whale activity recently.

Ethereum Breaks $2,900, But Watch Out For Futures Overheating

Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated. Ethereum Has Now Broken Through The $2,900 Level While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours.

Recovery Dim? Ethereum Faces Potential Slide Towards $2,000

Ethereum, the linchpin of the decentralized application ecosystem, finds itself navigating a precarious path this week. The cryptocurrency’s value, having breached the pivotal $2,250 support level, now teeters on the edge of a decisive crossroads, caught between the prospect of a resurgence and the looming threat of a more pronounced downturn.