Cosmos, a blockchain network aiming to create the 'internet of blockchains', has announced the launch of Eureka — an interoperability layer that connects its Inter-Blockchain Communication (IBC) protocol with Ethereum.
What is Eureka?
Eureka expands the Cosmos IBC protocol, transforming it from an ecosystem standard into a universal interoperability protocol. This will allow Cosmos-based constructs to interact more effectively with other blockchains, including Ethereum.
How IBC Eureka Works
Eureka provides a distribution zone, allowing developers to access all IBC connections, users, liquidity, and services without additional infrastructure. The Cosmos Hub also enables users to interact with apps, services, and assets across various ecosystems.
Future Integrations and Applications
Among the first use cases of Eureka are the Bitcoin staking protocol and the DeFi protocol Elys, which will allow users to exchange tokens from Ethereum on the Cosmos-based chain. More integrations with major decentralized exchanges and platforms are expected in the future.
The launch of Eureka by Cosmos marks a significant step towards improving compatibility between different blockchains. This could greatly simplify the development and use of multichain applications.
