CRYPTO NEWS & DATA SPACE

CRYPTO NEWS & DATA SPACE

Datachain to Build Bridge Between Cosmos and Harmony

Published on:

Datachain has received a grant from Harmony to construct a bridge between Cosmos (Tendermint-based blockchain) and Harmony. The bridge will make it possible to move assets on Harmony to IBC-enabled blockchains such as Cosmos, Terra, JUNO and Osmosis and vice versa. With the IBC protocol, the bridge is built using trustless intermediaries to achieve interoperability.

Cosmos is now one of the largest interoperability ecosystems in the world, and IBC is the communication protocol developed by Cosmos and Interchain Foundation, which enables various chains to be interconnected. After the release of IBC in April 2021, it has made a huge progress. According to Map of zones, there are 27 active chains and over 3 million IBC transfers in 30 days.

Harmony is one of the latest EVM-compatible blockchain platforms. Harmony’s mainnet runs Ethereum applications with 2-second transaction finality and 1,000 times lower fees, as well as secure bridges to Ethereum and other chains. There is an increasing number of applications built on Harmony, such as DeFi KingdomTranquil.finance, Mars ColonyUnite Finance and Euphoria (Olympus fork).

With the funding, Datachain will connect Harmony and Cosmos (Tendermint-based) blockchain via IBC (on a private testnet) and transfer the HRC-20 token on Harmony to the Cosmos blockchain as an ICS-20 token.

ABOUT Datachain
Datachain
enable data from around the world to be connected securely by blockchain. Its blockchain interoperability solutions connect public and permissioned blockchains as well as traditional systems.

ABOUT Harmony
Harmony is an open and fast blockchain. Its mainnet runs Ethereum applications with 2-second transaction finality and 1000 times lower fees.

RESOURCES
Medium

Related

Market Stats:
BTC Dominance: 39.82%(-0.24%/24h)
ETH Dominance: 20.57%(-0.01%/24h)
Defi Market Cap: $0B(-30.60%/24h)
Total Market Cap: $1179.54B(-0.04%/24h)
Total Trading Volume 24h: $54.11B(-20.96%/24h)
ETH Market Cap: $0B
Defi to ETH Ratio: 0%
Defi Dominance: 0%
Altcoin Market Cap: $709.81B
Altcoin Volume 24h: $33.03B
Total Cryptocurrencies: 20562
Active Cryptocurrencies: 9984
Active Market Pairs: 61790
Active Exchanges: 508
Total Exchanges: 1704