Inter-Blockchain Communication Protocol (IBC): The TCP/IP Protocol of Blockchains, Bridges & Trends

The Stargate Upgrade

Current Status of the upgrade: 97% complete

Primary Features of the Stargate Upgrade

  1. Inter-Blockchain Communication (IBC): The ability to exchange transactions of value and data across compatible chains;
  2. Protobuf Migration: Accelerates front-end development and what is claimed to be a 10x to 100x better blockchain performance;
  3. High Node Synchronisation Speeds: A new node can synchronise 200x faster, participating in consensus in a matter of minutes;
  4. Chain Upgrade Module: Enables validators to upgrade the chain software asynchronously in a matter of minutes of the hour.
  5. Tendermint’s light client security model allows full nodes to bootstrap themselves securely without waiting days to sync all past state.

Introduction to IBC

What is IBC not?

IBC between homogeneous chains (chains existing within the Cosmos Ecosystem)

Source: https://figment.io/resources/inter-blockchain-communication-ibc-is-coming-to-cosmos/

IBC & non-Tendermint/heterogeneous Blockchains

Source: https://figment.io/resources/inter-blockchain-communication-ibc-is-coming-to-cosmos/
Source: https://www.cosmos.network/ibc

Secret Network’s standalone Ethereum Bridge

Althea’s Peggy Ethereum Bridge: Why is it Superior?

Blockchain Bridges are not Payment Channels

Suggestions for wide IBC adoption post-Stargate

Interchain Accounts

Source: https://medium.com/chainapsis/why-interchain-accounts-change-everything-for-cosmos-interoperability-59c19032bf11
  1. Deterministically create a new interchain account over IBC
  2. Relay the transaction to the interchain account and submit it to the target blockchain.
  • IBC integration for interchain connections and exchanges between Cosmos zones
  • Interoperability with Ethereum based tokens using our two way peg technology
  • Onboarding Ethereum smart contract based systems utilising Ethermint.

IBC Use Cases

  • Asset transfer (fungible tokens, non fungible tokens, vanilla & shielded payments)
  • Multichain Contracts (cross-chain contract calls, cross-chain fee payments, interchain collaterilisation)
  • Sharding (code migration, data migration)

Epilogue

Further Reading

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A Cøsmos pleb.

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Johnnie Cosmos

Johnnie Cosmos

A Cøsmos pleb.

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