In a recent tweet, the team at Cosmos (ATOM) announced the integration of an Inter-Blockchain communication protocol, also known as IBC, into its network system.
The team is focused on solving the major scalability problems using a technique named sharding. Cosmos (ATOM) implemented the IBC protocol at the start of 2021 to establish communication and information transfer between its network and the collection of financial accounts in the system, improving the communication capabilities of the network, providing easier access to financial information and complete transactions accordingly.
As of now, the support and feedback on the implementation of the IBC protocol have reached a great level. Users are happy with the way that the IBC protocol has been implemented and are expecting Cosmos (ATOM) to keep it that way. According to some sources, more than a thousand authenticators have shown support for the protocol since its launch. The protocol has helped the users at Cosmos (ATOM) to make successful cross-chain transactions and also provides the moving of NFTs between different blockchains.
The tweet from the team at Cosmos (ATOM) also stated that implanting this protocol will result in huge benefits and will open the path to many more possible trade opportunities to be conducted. The IBC protocol will also allow the deployment of blockchain-based smart contracts and a much robust security system keeping the system safe from hackers and exploiters.
Cosmos’s role in the DeFi Space
Not only will the IBC protocol provide communication benefits, but it also paves the way for Cosmos and other related projects to help users while also gaining experience in the DeFi space. Being active in the DeFi space is very important for Cosmos because the DeFi space is gaining popularity day by day, now peeking at an estimated net worth of around $40Billion. The team at cosmos is also partnering with a decentralized exchange named Gravity to implement AMM in the network, providing its users with even more trading opportunities for profits. The AMM will help Cosmos users to trade tokens and contribute to liquidity pools.
With this upgrade, Cosmos (ATOM) seeks a bright future ahead, increasing its value even further on top of its huge network containing support for more than 200 blockchains.