Transforming IBC: Coreum’s Smart Tokens to Elevate Cross-Chain Transfers
In a monumental stride towards blockchain interoperability, Coreum has seamlessly integrated the Inter-Blockchain Communication (IBC) protocol allowing seamless asset transfers and innovative ‘Smart Token’ functionality across multiple Cosmos chains. IBC, in essence, acts as a bridge that connects different blockchains, allowing them to communicate and transfer assets. For blockchain development, this means a leap towards a more connected and versatile ecosystem, where the potential applications are boundless.
Why is IBC Relevant?
IBC’s significance lies in its capacity to overcome blockchain fragmentation. It empowers blockchains to transcend their isolated silos and engage in secure, trustless, and decentralized communication. This breakthrough fosters a dynamic environment where data, assets, and information can flow seamlessly between chains, opening doors for an array of cross-chain solutions.
However, what sets Coreum apart is its introduction of Smart Tokens into this interconnected landscape. Smart Tokens are not just tokens; they’re programmable assets with built-in intelligence. By embedding Smart Tokens into the IBC framework, Coreum enables these tokens to navigate the interconnected blockchain universe autonomously.
Bringing Smart Tokens Across the Cosmos Ecosystem
This synergy is a game-changer. It means that Smart Tokens can traverse IBC-supported chains, bringing their programmable features and functionalities along with them. Whether it’s executing complex smart contracts, facilitating secure and transparent transactions, or enabling custom business logic, Smart Tokens now operate seamlessly in a multi-chain environment.
For businesses and developers, this is a paradigm shift. It means they can harness the power of Smart Tokens across different blockchains, tapping into their versatility, security, and efficiency. It simplifies cross-chain asset management, accelerates decentralized applications, and opens up innovative possibilities in areas like decentralized finance (DeFi), tokenization of real-world assets, and more.
One of the latest Coreum Development Workshops elaborates on the process of deploying Smart Contracts with IBC functionality. The workshop covers the basics of the IBC protocol, creating chain-specific channels, and advanced smart contract programmability.
What Chains are Supported?
Coreum’s integration with IBC currently supports five prominent Cosmos-SDK-based chains through active relayers. Each of these chains brings unique strengths and contributions to the expanding Cosmos ecosystem:
- Osmosis: Osmosis stands as a dominant decentralized exchange (DEX) within the Cosmos ecosystem, boasting a substantial Total Value Locked (TVL) of $85.68 million, according to DeFi Lama. Osmosis empowers users with a decentralized marketplace for swapping a wide array of tokens, fostering liquidity and innovation.
- Evmos: Evmos is a Cosmos-based blockchain that brings Ethereum compatibility to the ecosystem. It supports Ethereum Virtual Machine (EVM) smart contracts, allowing developers to seamlessly migrate and deploy Ethereum-compatible applications, enhancing interoperability and facilitating the transition to Cosmos.
- Axelar: Axelar plays a pivotal role in enabling cross-chain communication within the Cosmos ecosystem. It acts as a crucial bridge between various blockchains, including those outside Cosmos, facilitating the secure transfer of assets and data between disparate networks.
- Gravity: Gravity is a blockchain network designed for decentralized finance (DeFi) and cross-chain asset management. It provides a framework for creating decentralized oracles, facilitating trustless price feeds, and ensuring robust cross-chain interoperability.
- Cosmos: As the foundational blockchain of the Cosmos ecosystem, Cosmos provides the infrastructure for various interconnected chains. Its interoperable design and support for IBC create the backbone for seamless communication between different blockchains, propelling the entire ecosystem forward.
The Coreum Development team has put together a series of tutorials under the Coreum documentation to serve as a practical guide for anyone looking to perform IBC transfers to each of these chains. IBC Tutorials.
This achievement places Coreum at the forefront of the blockchain ecosystem. It solidifies Coreum’s position as a leading force in pioneering cross-chain interoperability with Smart Tokens, making it an attractive choice for enterprises and developers seeking to harness the full potential of blockchain technology in the modern digital economy.
Coreum is a 3rd-generation layer-1 enterprise-grade blockchain built to serve as a core infrastructure for decentralized applications with ISO20022 compatibility, IBC interoperability, and novel Smart Tokens. Offering up to 7,000 TPS, it guarantees elevated throughput, cost-effective fees, and unparalleled scalability. WASM-based smart contracts enable diverse use cases, while the low-latency, PoS network propels rapid, secure, and modular applications, expediting decentralized tech adoption in large-scale organizations.