Picasso connects Ethereum to Cosmos IBC

Osmosis will serve as the primary destination for Ethereum assets in the Cosmos ecosystem

article-image

Inked Pixels/Shutterstock modified by Blockworks

share

Interoperability and staking hub Picasso Network has successfully integrated the Inter-Blockchain Communication (IBC) Protocol with Ethereum. 

This means that Ethereum can now transfer assets and data natively with the Cosmos Hub, Polkadot and Kusama via IBC. According to Picasso, more chains will be connected in the near future, including Solana.

Most bridging protocols today use the lock and mint or lock and burn method to transfer across blockchains, which can pose a security risk. Other blockchains introduce trust assumptions by introducing third parties who oversee these transactions. For this reason, native bridging is often considered the most secure way for two separate blockchains to transact with each other. 

Read more: Rethinking the crypto bridge after year of hacks

IBC originated in the Cosmos ecosystem and enables native bridging of tokens, messages and accounts. To bring IBC to Ethereum, the Picasso team made changes to IBC and created an IBC stack on Ethereum. 

According to Picasso, there are two light clients involved in the Ethereum and IBC connection. These relayers are responsible for transferring IBC packets between Ethereum and connected chains. 

“As the first team to successfully connect Cosmos to Ethereum via IBC, we have achieved a pioneering breakthrough in crosschain interoperability, fulfilling the biggest milestone of our promise we made in 2021 to bring the highest level of security to bridging,” Henry Love, the executive director of the underlying organizational behind Picasso, Composable Foundation, said in a statement reviewed by Blockworks. 

Read more: Interoperability isn’t just a buzzword

Osmosis, one of the largest decentralized exchanges in the Cosmos ecosystem, will serve as the primary destination for Ethereum assets and liquidity within the Cosmos ecosystem. 

“The shared vision is to allow for a unified and secure crosschain DeFi ecosystem, and connecting Cosmos with Ethereum is both a significant technical milestone and a UX and functionality improvement for users,” Aaron Kong, a growth and strategy contributor at Osmosis, said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.