1/ I had an amazing chat with @susevans, product lead for the IBC-go team about @cosmos interoperability, IBC, and what's to come for you as a user at the @NebularBuilders Summit in Paris! 🇫🇷
Here are 17 of the most actionable takeaways from it 👇🏽🧵
Here are 17 of the most actionable takeaways from it 👇🏽🧵
/2 The interoperability space is booming w/ a lot of activity & countless teams involved.
IBC has been a game-changer, connecting over 60 chains and facilitating >$20B asset value going beyond Cosmos w/ projects using Rust IBC, adding more diverse chains to the mix.
IBC has been a game-changer, connecting over 60 chains and facilitating >$20B asset value going beyond Cosmos w/ projects using Rust IBC, adding more diverse chains to the mix.
/3 Certainly, there's a strong following and enthusiasm for IBC, with some believers seeing it as superior without any comparison.
So many builders I spoke to at Nebular shared a similar view.
Very convicted. I like that.
So many builders I spoke to at Nebular shared a similar view.
Very convicted. I like that.
/4 We spoke on how Ethereum compatibility is crucial.
Various teams are exploring solutions to directly connect Cosmos to Ethereum.
Some propose to run a more cost-effective, Tendermint-like client on Ethereum, while others, like @PolymerDAO, consider off-chain verification!
Various teams are exploring solutions to directly connect Cosmos to Ethereum.
Some propose to run a more cost-effective, Tendermint-like client on Ethereum, while others, like @PolymerDAO, consider off-chain verification!
/5 These decisions entail trade-offs between decentralization, security, and cost.
Depending on the use case, some may be willing to compromise on absolute security for certain transactions, especially for low-value or non-financial applications.
Depending on the use case, some may be willing to compromise on absolute security for certain transactions, especially for low-value or non-financial applications.
/6 When it comes to the ethos of Cosmos & IBC teams, they hold firm to the principles of trustless, permissionless & decentralization.
However, there might be adjustments depending on specific use cases & involvement of TradFi institutions w/ regulatory requirements.
However, there might be adjustments depending on specific use cases & involvement of TradFi institutions w/ regulatory requirements.
/7 Everyone seems aligned on the need for IBC to expand beyond just connecting Cosmos chains, turning it into a true interoperability standard.
That means continuous improvement, adaptation to changing conditions, and making IBC available everywhere.
That means continuous improvement, adaptation to changing conditions, and making IBC available everywhere.
/8 A challenge lies in native IBC integration, as it involves a waiting period to implement.
Approaches like the one taken by Polymer, focusing on building the right interface first, seem practical to onboard new chains quickly, even if it means other sacrifices.
Approaches like the one taken by Polymer, focusing on building the right interface first, seem practical to onboard new chains quickly, even if it means other sacrifices.
/9 One major advantage of IBC over other solutions is its credible neutrality & absence of fee extraction at the protocol level.
Some other integration solutions may involve more centralized entities w/ control over fee extraction leading to uncertainty...
Some other integration solutions may involve more centralized entities w/ control over fee extraction leading to uncertainty...
/10 In contrast, IBC ensures that fee extraction comes from applications built on top of the protocol!
This provides a user-centric experience without compromising the protocol's neutrality and agnosticism across the ecosystem.
This provides a user-centric experience without compromising the protocol's neutrality and agnosticism across the ecosystem.
/11 IBC stands on its own as a generic protocol & while Cosmos has been the 1st to utilize it, IBC intends to encompass a much broader scope.
As more projects connect, there's a possibility of convergence, where other ecosystems & chains merge through this interop standard!
As more projects connect, there's a possibility of convergence, where other ecosystems & chains merge through this interop standard!
/12 It's exciting to see how the IBC technology can be extrapolated to various industries beyond crypto, as it is fundamentally a generic protocol for heterogeneous ledgers, not just blockchains.
/13 Although some projects claim to be "compatible" with the IBC transport layer, there might be a difference between marketing statements and actual compatibility.
True IBC compatibility means adopting the IBC transport layer and not having its own transport layer.
True IBC compatibility means adopting the IBC transport layer and not having its own transport layer.
/14 The ecosystem involves various projects and builders, all genuinely interested in building with IBC and improving the protocol.
This organic and authentic drive for interoperability is a bullish signal for the long-term success of IBC.
This organic and authentic drive for interoperability is a bullish signal for the long-term success of IBC.
/15 Indeed, IBC is a long-term project, focused on getting things right rather than opting for quick wins or technical debt.
The dedication to getting it right will shape the future of this powerful interop standard for years to come.
The dedication to getting it right will shape the future of this powerful interop standard for years to come.
/16 TLDR? Some of my main takeaways:
- IBC has focused on all the RIGHT things in their ethos
- App specific chains/ rollups are very very interesting to follow in Cosmos
- The teams at @NebularBuilders were so bullish on IBC it reminded me of the conviction @EthCC for zkTech
- IBC has focused on all the RIGHT things in their ethos
- App specific chains/ rollups are very very interesting to follow in Cosmos
- The teams at @NebularBuilders were so bullish on IBC it reminded me of the conviction @EthCC for zkTech
/17
-IBC sort of operates as a public good and simply needs more adoption
- The IBC/Cosmos ecosystem is still very nascent, and its a very clear opportunity that you can be early here
- They have solved their stablecoin dilemma and moved well past the Terra situation
-IBC sort of operates as a public good and simply needs more adoption
- The IBC/Cosmos ecosystem is still very nascent, and its a very clear opportunity that you can be early here
- They have solved their stablecoin dilemma and moved well past the Terra situation
Hope you enjoyed this thread! Gib follow @ayyyeandy & @therollupco for more Cosmos, scaling, IBC and broader crypto education! Its our mission statement 😊
and smash the RT here for others to learn! Thx for the support fam 🙏
and smash the RT here for others to learn! Thx for the support fam 🙏
@therollupco Asking for feedback & insights from IBC chad frens(must follow):
@DeanTribble
@sunnya97
@0xSalazar
@TheDeFISaint
@jackzampolin
@zmanian
@Ismael_H_R
@JunoNetwork
@StargazeZone
@kado_money
@fraser_again
@DeanTribble
@sunnya97
@0xSalazar
@TheDeFISaint
@jackzampolin
@zmanian
@Ismael_H_R
@JunoNetwork
@StargazeZone
@kado_money
@fraser_again
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