{"id":419468,"date":"2024-05-19T15:30:53","date_gmt":"2024-05-19T14:30:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=419468"},"modified":"2024-08-20T12:16:04","modified_gmt":"2024-08-20T11:16:04","slug":"ibc-to-ethereum-building-the-interconnected-internet-of-blockchains","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ibc-to-ethereum-building-the-interconnected-internet-of-blockchains\/","title":{"rendered":"IBC to Ethereum: Building the interconnected Internet of Blockchains"},"content":{"rendered":"

Since the advent of Bitcoin<\/a> in 2009 and the explosion of innovation that followed, the web3 industry has faced many challenges. Beyond dealing with regulators, improving UX, and weeding out bad actors, blockchain engineers continue to tackle two major hurdles: scalability and interoperability.\u00a0<\/span><\/p>\n

While many Layer 2s are working to scale Layer 1s like Bitcoin and Ethereum<\/a> by improving throughput and reducing transaction fees, protocols like <\/span>Union<\/strong><\/span><\/a> enable both\u2014interoperability at scale.<\/span><\/p>\n

The need for blockchain interoperability<\/b><\/h2>\n

Whatever your opinion on the WEF, its 2020 <\/span>whitepaper<\/a><\/strong> on blockchain interoperability hit the nail when it stated, “Organisations do not want to find themselves on a blockchain platform that may limit their options for external collaboration in the future.”<\/span><\/p>\n

To elaborate further on that point, imagine having a Gmail account, sending a message to a Yahoo account, and being unable to exchange communications. The internet was able to develop as quickly as it did because it factored in interoperability from the early days, and blockchains must do the same.<\/span><\/p>\n

A notable player in the interoperability space is Cosmos<\/a>, whose flagship Inter-Blockchain Communication (IBC) protocol has enabled a host of sovereign chains to connect, transact, exchange, swap tokens, and perform other actions without compromising sovereignty. Map of Zones shows <\/span>91 zones<\/a><\/strong> now connected via IBC transacting more than $2.1 billion over the last 30 days in more than 8.7 million transactions.\u00a0<\/span><\/p>\n

IBC isn\u2019t limited to Cosmos chains, either. The trustless interoperability protocol has broadened its scope to include EVM-compatible chains such as Ethereum, Polygon, and Avalanche. However, most bridging solutions so far have been offered by centralized providers, meaning users must trust the bridging protocol.\u00a0<\/span><\/p>\n

Union provides a permissionless bridging protocol that connects modular blockchains and rollups trustlessly, without depending on trusted third parties, oracles, multi-signatures, or MPC, using advanced zero-knowledge (ZK) cryptography.\u00a0<\/span><\/p>\n

Already connecting several ecosystems, Union recently announced a partnership with L2 developer Polygon Labs that will tap into Polygon\u2019s AggLayer \u201cto facilitate message passing and asset transfers between the Polygon ecosystem and IBC-enabled chains,\u201d bridging two of the largest blockchain ecosystems: Polygon and Cosmos.<\/span><\/p>\n

Permissionlessly bridging Polygon, Cosmos, and beyond<\/b><\/h2>\n

Union founder and prior CTO at Composable Finance <\/span>Karel Kubat<\/a><\/strong> told CryptoSlate, \u201cIt\u2019s not just a Cosmos to Polygon bridge but anything that's IBC-enabled, which includes Scroll, and soon Arbitrum, Berrachain, Movement Labs, M2\u2026 They can build and connect into the Agglayer using Union,\u201d permissionlessly tapping into the liquidity of one of the largest blockchain Layer 1s, Ethereum.<\/span><\/p>\n

\u201cRight now it's very interesting because we have big L1 ecosystems that really only have permissioned centralized bridges or something in between. You need to go to the bridge provider to get support for a small ecosystem. What Union does, is if you're building a new Cosmos chain or a new rollup that's IBC enabled, you don't need to go to a centralized provider to get support. You just open the connection to Ethereum and you're done\u2026 So we're going quite quickly from a world with only 200 to 300 ecosystems to a world with thousands and thousands.\u201d<\/strong><\/p><\/blockquote>\n

This type of seamless interoperability isn\u2019t possible with centralized solutions because the “wait queue” is too long. Every chain wanting to connect needs to request the bridging protocol's permission.<\/span><\/p>\n

With Union, chains can permissionlessly open a channel with Ethereum, enabling a seamlessly interconnected future\u2026 of potentially millions of chains. Karel gives the example of dYdX, one of the largest decentralized exchanges that began as a smart contract on Ethereum and moved ecosystems to become a sovereign Cosmos app chain.<\/span><\/p>\n

\u201cWe all went into crypto for sovereignty,\u201d he says. \u201cAny successful smart contract is contemplating going to their own L2 or app chain.\u201d This means the total addressable market for Union is potentially vast. \u201cIt isn\u2019t anyone that wants to build a blockchain. It\u2019s any existing app on Ethereum and Solana that could benefit from making this move.\u201d<\/strong><\/p><\/blockquote>\n

Union\u2019s IBC to Polygon bridge should be completed by the end of this year and you can keep up with the latest developments by following <\/span>Union on X<\/a><\/strong>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Since the advent of Bitcoin in 2009 and the explosion of innovation that followed, the web3 industry has faced many challenges. Beyond dealing with regulators, improving UX, and weeding out bad actors, blockchain engineers continue to tackle two major hurdles: scalability and interoperability.\u00a0 While many Layer 2s are working to scale Layer 1s like Bitcoin […]<\/p>\n","protected":false},"author":230,"featured_media":419476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,25891,5789,37],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nIBC to Ethereum: Building the interconnected Internet of Blockchains<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ibc-to-ethereum-building-the-interconnected-internet-of-blockchains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBC to Ethereum: Building the interconnected Internet of Blockchains\" \/>\n<meta property=\"og:description\" content=\"Since the advent of Bitcoin in 2009 and the explosion of innovation that followed, the web3 industry has faced many challenges. 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