Yesterday, we saw how the Inter-Blockchain Communications (IBC) protocol has developed in the past 18 months.
Today let's look at why IBC is needed 🧵
Today let's look at why IBC is needed 🧵
https://twitter.com/interchain_io/status/1576534106279903232
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But first, be sure to join our Thursday call to celebrate IBC’s achievements so far and learn about where it is heading.
📅 Set a reminder 👇
#IBCGang
twitter.com/i/spaces/1vAxR…
But first, be sure to join our Thursday call to celebrate IBC’s achievements so far and learn about where it is heading.
📅 Set a reminder 👇
#IBCGang
twitter.com/i/spaces/1vAxR…
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Every blockchain caters to one or more specialized use cases. If these use cases cannot be leveraged across multiple blockchains, it severely handicaps their utility.
IBC solves the problem of blockchains existing as silos with limited interaction.
Every blockchain caters to one or more specialized use cases. If these use cases cannot be leveraged across multiple blockchains, it severely handicaps their utility.
IBC solves the problem of blockchains existing as silos with limited interaction.
4/
The breakthrough that the internet provided is that information can easily flow across different parts of the world with ease.
Similarly, the utility of different blockchains need to be freely accessible across multiple platforms.
The breakthrough that the internet provided is that information can easily flow across different parts of the world with ease.
Similarly, the utility of different blockchains need to be freely accessible across multiple platforms.
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IBC is a fundamental paradigm shift in interoperability, allowing for arbitrary data transfer across blockchains in a trust-minimized, secure, and extensible manner.
#NotABridge
IBC is a fundamental paradigm shift in interoperability, allowing for arbitrary data transfer across blockchains in a trust-minimized, secure, and extensible manner.
#NotABridge
6/
ELI5: IBC allows 2 blockchains to talk to eachother, securely, without having to trust anyone in the middle.
“Talking” can mean anything from token & NFT transfers, to managing assets on one chain while using another chain - limited only by app developers’ imagination.
ELI5: IBC allows 2 blockchains to talk to eachother, securely, without having to trust anyone in the middle.
“Talking” can mean anything from token & NFT transfers, to managing assets on one chain while using another chain - limited only by app developers’ imagination.
7/
Right now, bridges are a popular option to transfer data and assets between blockchains. But use of a bridge requires you to trust third-parties who developed and/or maintain the bridge.
IBC is not a bridge.
Right now, bridges are a popular option to transfer data and assets between blockchains. But use of a bridge requires you to trust third-parties who developed and/or maintain the bridge.
IBC is not a bridge.
https://twitter.com/buchmanster/status/1509532884570357762
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One of the most important properties of IBC is trust-minimization
With IBC, you only trust the two blockchains you are interacting with - there is no need to trust third parties.
One of the most important properties of IBC is trust-minimization
With IBC, you only trust the two blockchains you are interacting with - there is no need to trust third parties.
9/
And to be clear, IBC is not just for Cosmos SDK chains.
Some active projects:
- @ComposableFin is taking IBC to @Polkadot & @NEARProtocol
- @datachain_en is taking IBC to Enterprises on @hyperledger & @cordablockchain
- @labs_electron using #zkProof to bring IBC to #Ethereum
And to be clear, IBC is not just for Cosmos SDK chains.
Some active projects:
- @ComposableFin is taking IBC to @Polkadot & @NEARProtocol
- @datachain_en is taking IBC to Enterprises on @hyperledger & @cordablockchain
- @labs_electron using #zkProof to bring IBC to #Ethereum
10/
In order to understand how IBC works, it is important to separate the two different layers of IBC:
1) the transport layer, and
2) the application layer
In order to understand how IBC works, it is important to separate the two different layers of IBC:
1) the transport layer, and
2) the application layer
11/
Messages communicated over IBC are transported within data packets. The transport layer is responsible for transporting, authenticating & ordering these packets
Key components of this layer are light clients, relayers, connections, & channels…more on these later in the week
Messages communicated over IBC are transported within data packets. The transport layer is responsible for transporting, authenticating & ordering these packets
Key components of this layer are light clients, relayers, connections, & channels…more on these later in the week
12/
The application layer is what end-users interact with. It consists of apps built on top of the transport layer.
As well as token transfers, some of the key applications of IBC:
-Interchain Accounts (ICA)
-Interchain Queries (ICQ)
-Interchain Security (ICS)
-Interchain NFTs
The application layer is what end-users interact with. It consists of apps built on top of the transport layer.
As well as token transfers, some of the key applications of IBC:
-Interchain Accounts (ICA)
-Interchain Queries (ICQ)
-Interchain Security (ICS)
-Interchain NFTs
14/
Are you a blockchain developer? Still using bridges or stuck in a siloed chain?
Consider using #IBC.
Join the 47+ chains in the #IBCGang
Learn more: ibcprotocol.org
Are you a blockchain developer? Still using bridges or stuck in a siloed chain?
Consider using #IBC.
Join the 47+ chains in the #IBCGang
Learn more: ibcprotocol.org
https://twitter.com/interchain_io/status/1577034740531879937
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