IBC Protocol Developments and Updates
This blog examines the recent protocol developments and updates of IBC, a blockchain interoperability standard. It also looks at the increasing number of active chains connected via IBC.
Cosmos - Internet of Blockchains ⚛️
The open, scalable, and interconnected economy of the future: the Interchain.
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1/ Today is 2 years of IBC 💥
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
Since its inception, #IBC has undeniably cemented its place as the gold standard for blockchain interoperability.
As IBC continues to thrive, let’s have a look at major protocol developments and updates 🧵👇 pic.twitter.com/kcEizNjEUd -
2/ On-chain metrics ⛓️
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
The number of active chains connected via IBC is constantly increasing.
The interchain currently comprises 53 active chains!
With 20+ Chains projected to enable IBC in Q2-Q3 2023, the #Interchain expansion continues ⚛️ pic.twitter.com/wKLm50bJ2A -
3/ $29 billion is the total USD value of IBC transfers between Jan ‘22 - Feb ‘23
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
Despite difficult market conditions, in the last 3 months, the volume has been slowly recovering with $541 million of cross-chain transfers in Feb ‘23. pic.twitter.com/F5O04ZvbrZ -
4/ Releases🔧
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
The last year saw major IBC releases and applications 👇
- Fee Middleware
This implementation introduced an on-chain mechanism to fund relayers. The purpose of this feature is to incentivize relayers so that IBC scales in a sustainable manner. -
5/ Interchain Accounts
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
In March 2022, Interchain Accounts (ICA) was released as part of the ibc-go v3.0.0 release
IBC Interchain Accounts enable cross-chain communication and chain-to-chain interactions.
In simple terms, it enables cross-chain account management built upon IBC -
6/ From a user perspective Interchain Accounts enable Interchain-native business models and establish interoperability as a basic primitive.
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
This means that the user can interact with complex IBC tasks from one single interface. -
7/ Interchain Accounts unlock composability and a true feel of interoperability.
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
Read more about what Interchain Accounts mean for users, operators, developers, and the Interchain Ecosystem 👇https://t.co/uAoD517DZ7 -
8/ Client Refactor
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
Light clients are a key component of IBC. One of the main hurdles to the adoption of IBC was the development of light clients to track different consensus algorithms.
The 02-client refactor alleviates this concern and makes development of light clients easier -
9/ Read more on how the Refactor makes light client development significantly easier, laying the groundwork for #IBC to expand across ecosystems 👇https://t.co/QuVmWKZdKw
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023 -
10/ Cross-Chain Validation (CCV)
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
CCV is an application module leveraging the IBC transport layer that enables arbitrary shared security models. It allows chains to rent security from more established chains. @CosmosHub Replicated Security use CCV 👇 https://t.co/39VONPxr3Z -
11/ Interchain Queries
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
ICS-31 Cross-chain queries is a protocol that allows a ‘querying’ chain to request data from the ‘queried’ chain over IBC.
In simple terms, chains can query information/data across multiple chains, excluding the need to rely on 3rd party oracle services. -
12/ An Interchain Queries standard - ICS-32 - is also being developed, you can read more about this peculiar ICQ module design here 👇https://t.co/XDPs0AY8Kw
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023 -
13/ IBC is more of an interoperability standard, it allows the creation of new technologies empowering new use cases and solving blockchain problems.#IBC is bringing interoperability, composability, easy development, reliable data, and new security options.
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023 -
14/ Despite a bleak macroeconomic backdrop, #IBC continues driving growth and innovation!
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
Going into 2023, it’s clear that IBC will continue to play a crucial role in the evolution of blockchain, laying the foundation for the #Interchain to become a thriving economy. -
15/ Several teams and individual contributors work collaboratively to build #IBC
— Cosmos - Internet of Blockchains ⚛️ (@cosmos) March 29, 2023
IBC is a collective effort, a testament to the cohesion of the Interchain community.
Thank you to all the valuable contributors!