Each of us is familiar with the Ethereum and Cosmos blockchains separately. Let’s forget about this time and become bigger than ever before. Because we have a ready-made solution — Gravity Bridge. Two mastodons, two truly great blockchains will be able to unite to at least surprise the entire Crypto community. A testament to the ambition and engineering strength of the teams working in Cosmos.
How it works?
Cosmos Gravity Bridge is a decentralized neutral Cosmos blockchain, the main goal of which is to provide bridges between Cosmos-based chains and other L1 blockchain ecosystems, starting with Ethereum. Gravity allows people to transfer tokens between Ethereum and Cosmos by locking tokens on the Ethereum side and minting equivalent tokens on the Cosmos side.
This means that all Ethereum assets will be able to be transferred on the «Internet of Blockchains» via IBC. The Inter-Blockchain Communication (IBC) protocol allows blockchains to communicate with each other. As the backbone of the Cosmos ecosystem, IBC handles inter-blockchain transport with IBC modules. Cosmos Gravity Bridge will be able to transfer ERC20 assets from Ethereum to Cosmos, as well as Cosmos assets to Ethereum ERC20 representative offices.
Assets from Ethereum will be able to flow into the Cosmos ecosystem and interact with unique applications that exist on Interchain, such as Akash Network, Sentinel, Regen, Juno and Osmosis. Meanwhile, ATOM and any other asset in the Cosmos ecosystem will be able to trade on Uniswap and other Ethereum AMMs and interact with Ethereum DeFi like any ERC20 token. The Gravity Ethereum contract is highly optimized, using packages to significantly reduce the cost of Cosmos → Ethereum transfers. Sending funds from Cosmos back to Ethereum can be up to 50% cheaper than sending ERC20 normally.
Safety
Cosmos Gravity Bridge is protected by a set of network validators. An independent and neutral blockchain built on Cosmos-SDK, providing the entire community with a neutral bridge to Ethereum and all major EVM chains. In order to hack the bridge, an attacker would have to hack the entire foundation of Cosmos — this is unlikely to be possible.
Conclusion
The Gravity Bridge connecting Cosmos and Ethereum is a truly big event that will revolutionize the Defi space. Cosmos has something to surprise avid users of the Ethereum network. A high level of convenience and respect for the community are the hallmarks of a rapidly developing blockchain. Thank you for reading this article, more to come.
https://www.gravitybridge.net/