Ethereum joins the multichain by using Gravity Bridge
"An open and interoperable bridge between Ethereum and Cosmos has long been a shared vision of a fully connected Interchain," Deborah Simpier, CEO of Althea, stated
The Interchain Foundation, a Swiss non-profit stewarding the Cosmos (ATOM) ecosystem, announced the debut of Gravity Bridge, a decentralized internet service provider built by Althea, on Wednesday. The Gravity Bridge allows ERC-20 tokens to be transferred between the Ethereum (ETH) and Cosmos blockchains. Gravity Bridge will run as a stand-alone chain for the first few months before transferring to Cosmos Hub early next year. Interchangeable token issuance across both chains is one of its core technological characteristics, as is Ethereum support for Cosmos oracles.
The following is a statement from Simpier about the launch:
In this interoperable ecosystem, Gravity Bridge’s place is a foundational piece of infrastructure, available to all Cosmos chains openly, purpose-built to update and iterate quickly, and facilitate the bridge needs of the chains that interact with it. Open markets and frictionless trading unlock liquidity for all. This is the future that uplifts all in the Cosmos network and supports the ATOM value and ecosystem for the Internet of Blockchains.Deborah Simpier
In March, the Cosmos network unveiled the Inter-Blockchain Transmission, or IBC, protocol, which enables the communication and transfer of digital assets between several blockchains. Over twenty blockchains presently support IBC. Peng Zhong, CEO of Tendermint, the network’s primary developer, stated in an interview with Cointelegraph that he anticipates seeing: “about 200 chains connected through Cosmos’ IBC next year.”
Cosmos Hub lead at the Interchain Foundation stated:
The Stargate upgrade and release of IBC was the dawn of interoperability, now the Gravity Bridge and our collaboration to ensure bridge safety with Interchain Security cement Cosmos Hub as the bedrock for the Internet of Blockchains.Billy Rennekamp