Interoperability and staking hub Picasso Network has successfully integrated the Inter-Blockchain Communication (IBC) protocol with Ethereum.
This means that Ethereum can now natively transfer assets and data with Cosmos Hub, Polkadot, and Kusama via IBC. Picasso said more chains will be connected in the near future, including Solana.
Currently, most bridge protocols use lock-and-mint or lock-and-burn methods for transfers between blockchains, which can pose security risks. Other blockchains introduce an assumption of trust by introducing a third party to oversee these transactions. For this reason, native bridging is considered the most secure way for two separate blockchains to transact with each other.
read more: Rethinking crypto bridges after years of hacking
IBC was born in the Cosmos ecosystem and enables native bridging of tokens, messages, and accounts. To bring IBC to Ethereum, Picasso's team made changes to his IBC and created his IBC stack on top of Ethereum.
According to Picasso, the Ethereum-IBC connection involves two light clients. These relayers are responsible for forwarding his IBC packets between Ethereum and connected chains.
“As the first team to successfully connect Cosmos and Ethereum via IBC, we have achieved a pioneering breakthrough in cross-chain interoperability and are building on our promise in 2021 to bring the highest level of security to bridging. “We have achieved our biggest milestone yet,” said Henry Love. The executive director of the Composable Foundation, the foundation behind Picasso, said in a statement seen by Blockworks.
read more: Interoperability is more than just a buzzword
Osmosis, one of the largest decentralized exchanges in the Cosmos ecosystem, serves as the primary destination for Ethereum assets and liquidity within the Cosmos ecosystem.
“Our shared vision is to enable a unified and secure cross-chain DeFi ecosystem, and the connection between Cosmos and Ethereum is an important technical milestone, as well as improved UX and functionality for users. ,” said Aaron Kong, Growth Strategy Contributor at Osmosis.
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