The Interchain Foundation, a Swiss non profit that serves as a steward for the Cosmos (ATOM), ecosystem, announced Wednesday the launch Gravity Bridge, which was built by Althea, a decentralized internet service provider. Gravity Bridge allows the transfer of ERC-20 tokens from the Ethereum (ETH), and Cosmos blockchains. Gravity Bridge initially will be a standalone chain. It will migrate to Cosmos Hub in the early part of next year. Its main technical features include the interchangeable token issuance across both chains as well as support for Ethereum to Cosmos oracles.
Simpier made the following statement about the launch:
Gravity Bridge is an interoperable piece of infrastructure that provides a foundation for all Cosmos chains. It can be accessed by all chains, openly. It was purpose-built to facilitate the needs of other chains and to quickly update and iterate. Transparency and open markets unlock liquidity for everyone. This is the future of Cosmos and supports the ATOM value, ecosystem and Internet of Blockchains.Gravity bridge is now live! Mainnet was launched via a decentralized pioneering launch. Our thanks to the teams, validators and community members now supporting the chain and deploying the front end, wallet integration and other tools to take GB to the next level pic.twitter.com/iaQplXMTgu
— Gravity Bridge (@gravity_bridge), December 14, 2021
The Inter-Blockchain Communication protocol, also known as IBC, was launched on the Cosmos network in March. It allows for communication and transfer between different blockchains. IBC is supported by more than 20 blockchains. Peng Zhong (CEO of Tendermint), the core developer for Cosmos, stated in an interview with Cointelegraph, that he anticipates seeing “about 200 chains connect through Cosmos’ IBC next Year.”
Billy Rennekamp (Cosmos Hub Lead at Interchain Foundation) added:
Stargate’s upgrade and the release of IBC were the dawn of interoperability. Now, the Gravity Bridge and Interchain Security’s collaboration to ensure safety for bridges cement Cosmos Hub as the foundation of the Internet of Blockchains.