Cosmos’ ICF releases Interchain Accounts to boost interoperability

The goal of the Interchain Accounts is to allow a blockchain to access the features of the other, including voting rights, staking, swapping tokens, etc. As aforementioned, the Interchain Accounts will be based on IBC, which has been behind the activation of 38 projects.

IBC makes it easy to develop application composability, the same as smart contracts interaction on the Ethereum Virtual Machine (EVM). However, the composability feature maintains the unique benefits of blockchains specific to certain applications.

“Enabling composability in IBC allows innovation in distinct applications to be deployed without needing to upgrade the entire Interchain, providing a more scalable innovation model that preserves compatibility,” said the IBC product lead at the Interchain Foundation, Charleen Fei.

Next major development after Stargate

One of the major milestones on the Cosmos blockchain was Stargate. Stargate brought several upgrades to the Cosmos blockchain, such as integrating new features and boosting performance. The upgrade applied to blockchain networks developed using the Cosmos software developer kit (SDK).

The Interchain Blockchain Communication protocol was one of the features developed from the Stargate upgrade. The goal of IBC is to boost interoperability between Distributed Ledger Technologies (DLT) networks.

Towards the end of last year, Cosmos announced that IBC had recorded 5.8 million in transactions and similar growth in adoption from decentralized finance (DeFi). The growth is attributed to the ability of networks to interact with each other. Before IBC, projects on the Cosmos blockchain had to create their own bridges to communicate and link to the broader blockchain network.