For the past month, Datachain has been building an IBC bridge between Cosmos and Harmony on its local test network.
We are pleased to announce the successful completion of this project! The IBC bridge enables two blockchains to move tokens back and forth without going through a DEX or central exchange.
This technology makes it easy for blockchains to talk to each other, so they can easily transfer and trade assets within the blockchain family.
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What are Cosmos and IBC?
Cosmos is a decentralized network of independent blockchains, each powered by BFT consensus algorithms such as Tendermint.
The Inter-Blockchain Communication (IBC) protocol is a set of rules that govern how these two blockchains interact with each other. On October 12,
Datachain successfully completed the construction of the IBC bridge between universe and harmony on the local test network!
The goal was to demonstrate compatibility with the two networks using a series of transactions. First, transfer some ether from one account to another Harmony account while keeping Cosmos in sync.
Then, send some codes from one Cosmos account to another Harmony account. Both operations were successful and passed without problems.
It was also able to send tokens from one address to another on the same chain which validated our token to transfer tokens across chains.
The demonstration proves that interoperability is possible between these two protocols for various tasks including value transfer and token exchange!
How does IBC work Cosmos?
IBC, or Inter-Blockchain Communication Protocol, is a method of transferring data between blockchain networks.
The protocol defines a set of rules that must be followed in order for the transfer to be successful.
To achieve this goal, the IBC uses either proprietary nodes or transaction formats designed specifically for this purpose.
With these two tools at his disposal, he can link any number of block chains together so that they can interact with each other seamlessly.
The IBC is critical because it enables bridges to operate without introducing a new consensus algorithm like most other technologies via the blockchain.
It also allows them to integrate with different types of block chains without having to change their code base from the start.
Finally, the protocols provide compatibility with different consensus mechanisms by virtue of their dual design: transactions generated by either party are automatically valid for both parties when this method is used.
What is Harmony ?
- Harmony is a fast and secure blockchain that enables companies to expand globally.
- The platform uses hashing to improve transaction speed and scalability.
- Harmony also supports cross-chain transfers with other blockchains, such as Cosmos.
The Datachain team has now successfully built an IBC bridge between the two platforms on the local test network.
This will enable companies to easily transfer assets between the two blockchains and take advantage of the best features of both platforms.
When a user sends an origin from one chain to another over the bridge, they are actually sending it to their own account on that chain.
With this new ability, users can make more use of their holdings by exchanging them for assets in different chains.
The main difference between the two chains is how they approach privacy: while Cosmos places a heavy emphasis on privacy and only shares data with trusted parties,
Harmony takes a more public approach and allows anyone in its network to access the data. Because of this difference in philosophy, we recommend using the Datachain Privacy Mode feature when accessing data from Harmony nodes through Cosmos nodes.
What is cosmos ?
Cosmos is a decentralized network of independent blockchains, each powered by BFT consensus algorithms such as Tendermint.
The goal of the project is to create an ecosystem of blockchains that can expand and interact with each other.
These chains will be optimized for various purposes such as payment processing, token issuance, governance decisions, and data management.
What is Consonance?: Consonance is the Datachain blockchain where Datachain coins are issued.
What is Datachain ?
Datachain is a blockchain company that specializes in building infrastructure for other blockchain companies.
In particular, Datachain has successfully built an IBC bridge between the cosmos network and harmony on the local testnet.
This is a big achievement because it allows for easier cross-chain communication and interoperability between these two networks.
Plus, this will help improve the overall scalability of both networks.
There are still challenges to overcome when transferring data from one chain to another, but the team at Datachain are hard at work trying to overcome them.
