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Cosmos Stargate Upgrade Enables Cross-Chain Transfers

Cosmos’s Inter-Blockchain Communication (IBC) protocol, released last Thursday as part of the network’s so-called Stargate upgrade, enables token and data transfer across Cosmos-based blockchains. With the launch, Cosmos goal of creating a universe of interconnected blockchains can now become a reality. Over $6B in value, of which $2.8B comes from the Terra blockchain, can now…

By: Owen Fernau   

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Cosmos’s Inter-Blockchain Communication (IBC) protocol, released last Thursday as part of the network’s so-called Stargate upgrade, enables token and data transfer across Cosmos-based blockchains.

With the launch, Cosmos goal of creating a universe of interconnected blockchains can now become a reality. Over $6B in value, of which $2.8B comes from the Terra blockchain, can now move freely across chains built with the Cosmos SDK, according to Tendermint, core contributor to the Cosmos Network

To transfer value across chains, one blockchain signals a locked token to another blockchain, which will then issue a de facto voucher for the locked token.

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THORChain, itself a blockchain built on the Cosmos SDK, another project which will enable cross-chain swaps between non-Cosmos chains including Bitcoin, Ethereum and Polkadot, will launch a mainnet in the coming weeks according to DeFi investor Daniel Cheung.

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