Cosmos (ATOM) implemented a major update yesterday! The network launched its Blockchain Communication standard, or IBC, on the Cosmos Hub yesterday. The update is a very important step for the interoperability of sovereign blockchains within the Cosmos ecosystem and allows users to transfer crypto between blockchains.
On March 12, the question whether IBC transactions can be activated was presented to the Cosmos community. They voted over a period of 14 days with 111.8 million votes in favor and 75 million votes against. So the update was accepted and saw its official launch yesterday.
“Iqlusion believes that the IBC software is sufficiently stable for small value transfers. We expect there will be issues with stuck funds and UX confusion, but resolving these issues will only happen when IBC is live. ”
IBC is a standard that makes it possible to move cryptocurrencies and non-fungible tokens (NFTs) running on IBC blockchains between these blockchains. This is also called interoperability. Cosmos calls itself the internet of blockchains.
Despite the relatively big news, ATOM continued to trade sideways. At the time of writing, ATOM’s value is $ 20.23 making it the market’s 26th largest cryptocurrency. In February, the Stargate update was launched that made it possible for Cosmos blockchains to exchange data with each other.