The Internet of Blockchains - June Update

Disclaimer:

For those who are unfamiliar with the term Internet of Blockchains, this post is about the Inter Blockchain communication Protocol (IBC) or in other words: The Cosmos Ecosystem

Review:

The Inter blockchain communication protocol has grown to connect ~50 self souvereign blockchains into one seemless, interoperable ecosystem in 2022. Notable Blockchains include the Cosmos HUB, Osmosis, Juno, Secret network, Evmos & many others.

While Terra (Luna) has been a part of the Cosmos ecosystem & has been built upon the Cosmos SDK, the modular nature of IBC allowed for the wider ecosystem to contain the problematic event to the Terra chain. Nonetheless, economic damages have of course occured due to the rapic decline in value of both Luna & UST.

Notably, both Bitcoin and Ethereum have been connected to Cosmos in 2022 and are available for purchase throughout the ecosystem.

Moreover, the underlying technology of both the IBC as well as the Cosmos SDK has worked flawlessly throughout 2021 & 2022.

Statistics:

The Cosmos SDK is the most widely adopted underlying blockchain development kit out there, which does not only include the 50 chains that are already IBC connected but also the likes of Polygon, Binance Smart chain as well as Thorchain. This does not mean, that chains that are not utilising the Cosmos SDK cannot connect to IBC though - on the contrary! Both POS & POW chains of any variety can connect to IBC and many chains are already working on joining the biggest of Crypto Families!

Cosmos Ecosystem 30 day stats:

The Cosmos Ecosystem is currently processing around 5.000.000 cross chain transfers a month with a volume of around 10 billion USD. In addition, there are millions upon millions of onchain transactions each month of course.

News:

Most recently and after some delay, EVMOS, the Cosmos SDK EVM compatible IBC connected blockchain has launched successfully (including a significant airdrop) and has quickly become a vibrant part of the wider cosmos ecosystem. Some Projects have already launched their applications upon Evmos and many more are expected to expand their services from Ethereum to EVMOS in the future.

Crescent Network (formerly gravity dex) has migrated to becoming its own blockchain DEX and has had a successful launch as well (including a significant airdrop).

... there are bazillions of other news but I cannot cover all of them, these were the two most significant ones to me anyway.

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Conclusion:

full disclosure: I just love the Cosmos ecosystem and I think that everyone who believes in Crypto should already be a part of the Cosmos ecosystem as it provides everything one could want from it imo.

anyway, until next time.