The Interchain Foundation provided Datachain a grant to allow interoperability for users and allowed Ethereum blockchains via Inter-Blockchain Communication (IBC). Datachain is the first award recipient of this grant from Japan.
Datachain will use the funds to develop an IBC module called the IBC-Solidity. Interoperability between users and permission ETH blockchains and other heterogeneous ledgers like Hyperledger Besu, Tendermint, and Corda is enabled via this module. IBC-Solidity is a fundamental feature of Hyperledger Lab YUI, implementing IBC modules for enabling interoperability for multiple blockchain systems using the IBC protocol.
The Cosmos IBC protocol is quickly becoming industry-oriented for inter-blockchain communication: a peer-to-peer protocol enabling reliable and authentic communication across heterogeneous blockchains grouped in an uncertain and dynamic topology. The protocol does this by defining a collection of data structures, semantics, and abstractions, implemented by any distributed ledger as long as they meet a few conditions. Token transfers, multiple smart contracts, and atomic swaps are just a few of the cross-chain applications built using IBC.
What is Interchain Foundation and Cosmos?
As a non-profit service provider, Interchain Foundation funds advance blockchain infrastructure, emphasizing the Cosmos Network. This Cosmos Network acts as an independent decentralized network and interoperable blockchain, laying the groundwork for a future open and linked economy. Blockchains were previously isolated and not connected till Cosmos came along. They were difficult to construct and could only process limited transactions per second.
The Cosmos Communities have builders of:
- Cosmos SDK- It is a modular, developer-friendly platform that allows developers to modify their decentralized apps while concentrating on business freely.
- Tendermint Core– It is a first-of-its-kind, fault-tolerant Byzantine consensus mechanism.
What is Hyperledger Lab YUI?
YUI as Hyperledger Lab uses IBC to enable interoperability across different blockchain systems. Various blockchains may connect without relying on a third party with YUI’s adoption of IBC.
YUI supports the grant’s goals, ETH and Hyperledger Besu, and other essential business blockchains like Corda and Hyperledger Fabric.