With the recent trend of alt-coins making news in the crypto market, another recent event that took attention was product ‘Gravity Bridge’ which plans to connect the blockchain networks of Cosmos and Ethereum.
When considering Cosmos, it is a decentralized network that enables data exchanges between different blockchains. The project was launched in March 2019 via an Initial Coin Offering (ICO) in 2017 with its token begin ATOM. Cosmos says its goal is to create an “internet of blockchains” that resolves both scalability and interoperability issues in blockchains.
Staying true to their aim Cosmos have taken the first step in developing a cross-chain bridge. As many state, interoperability have been just a dream in the blockchain industry and with this new proposal, it is expected to come true. This product called ‘Gravity Bridge’ aims to connect Cosmos (ATOM) and Ethereum (ETH) blockchains.
What is this Gravity Bridge?
Althea Network which is a decentralized mesh internet network for rural communities, recently announced the new proposal for cross-chain development. Where the main goal is to create the Cosmos Hub which will be cable of bridging the gap between two blockchains.
In a statement Althea Network said, “backed by billions of dollars of Atoms staked, the Gravity Bridge is the most secure, efficient, and decentralized cross-chain bridge to ETH.”
To answer the question what is cross-chain technology? It is a protocol that ensures interoperability between blockchains, thus enabling the exchange of value as well as information between various networks.
The cross-chains better work with public decentralized chains such as Cosmos and Ethereum. It is also believed that cross-chain technology will lay the foundation for mass adoption and use of blockchain.
When Gravity Bridge is installed, Cosmos Hub’s validators will be able to participate directly in the bridge’s operations. The bridge is suppose to be highly efficient, which will be due to Ethereum’s smart contracts. Where these contracts are highly optimized to use only a small amount of gas.
What are the benefits of this?
As mentioned earlier, Cosmos blockchain is re-known for being high-speed and interoperable, while Ethereum is well known as the biggest development platform in the crypto industry. The project is already backed by billions of dollars in staked ATOM tokens, and it is said to be the most efficient and secure decentralized bridge to Ethereum.
Cross blockchain compatibility, allows different blockchains to communicate with one another without the help of intermediaries. Meaning, that blockchains sharing similar networks will be able to transfer value between each other much easily.
Due to the ability to use little gas as possible and transactions being batched, it allows for cheap and friction less transactions from Ethereum to Cosmos. This makes the future of blockchain technology to become promising.
Future developments on ‘Gravity Bridge’
Project will aim to bring ERC-20 tokens from Ethereum to Cosmos, thereby improving interoperability. Gravity was already tested on two testnets, with the incentivized testnet expected to emerge later during the first quarter of 2021. Further on this Althea said that, “here will be prizes available for validators, relayers, and hackers.”
Summary
The crypto and blockchain industries are developing at a rapid speed, and cross-chain bridges are integral to boost this development. Earlier blockchains attempted to be singular solutions for all of the crypto industry’s needs, which led to major speed and scalability issues.
With cross-chain bridges, every blockchain will be free to pursue its own goals while being a part of a network that will allow users to switch between different chains as per need.
