Gravity Bridge makes Ethereum multimodal

Gravity Bridge makes Ethereum multimodal. “An open and interoperable bridge between Ethereum and Cosmos has long been a shared vision of a fully networked interchain,” said Althea CEO Deborah Simpier.

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On Wednesday, Interchain Basis, a Swiss non-profit organization that manages the Cosmos Ecosystem (ATOM), announced the launch of Gravity Bridge by a decentralized World Wide Web service provider. Gravity Bridge enables the transfer of ERC-20 tokens between the blockchains of Ethereum (ETH) and Cosmos. In the early stages, Gravity Bridge will operate as a standalone chain before moving to Cosmos Hub early next year. The main technical features include the issuance of exchangeable tokens on both chains and the support of Ethereum for Kosmos oracles.

Simpier made the following statement about the launch:

In this interoperable ecosystem, as part of the underlying infrastructure that is publicly available to all Cosmos chains, the place of Gravity Bridge is specially designed for quick updates and iterations while also facilitating the bridging requirements of the chains that interact with it. Open markets and smooth trading create liquidity for everyone. This is the future that elevates everything in the Cosmos network and supports the ATOM value and ecosystem for the world wide web of blockchains.

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In March, the Inter-Blockchain Communication or IBC protocol was introduced in the Cosmos network, which enables the communication and transmission of digital assets across different blockchains. Since then, more than 20 blockchains have supported IBC. Peng Zhong, CEO of Tendermint, the core developer of the Cosmos network, said in an interview with Cointelegraph that he hopes “next year about 200 chains will be connected by Cosmos IBC”.

Billy Rennekamp, ​​Cosmos Hub team leader at Interchain Basis added:

IBC’s Stargate upgrade and release marks the beginning of interoperability, now Gravity Bridge and our partnership to secure the bridge with Interchain Security, which is cementing Cosmos Hub as the foundation for the World Wide Web of blockchains.