Cosmos Revs Up for Mass Adoption with Ethereum Interoperability
• Cosmos is attempting to revive its blockchain interoperability concept, which was championed by the likes of the Cosmos network.
• The network plans to work on the implementation of IBC with solidity, a move that will make it possible for Ethereum [ETH] to be connected to Cosmos.
• The demand for ATOM should go up as more blockchains get connected to the Cosmos hub.
Cosmos Revives Blockchain Interoperability Concept
Cosmos is reviving its blockchain interoperability concept in order to push towards building and expanding an interconnected internet of blockchains. Through the implementation of IBC with solidity, Ethereum [ETH] can now be connected to Cosmos. This will facilitate smoother flow of value across different blockchain networks while also tapping into the robust liquidity offered by Ethereum’s network.
IBC-Solidity Connects Ethereum To Cosmos
The implementation of IBC-solidity will enable data, tokens and messages to be transferred from one blockchain network (Ethereum) to another (Cosmos). This enables enterprise Ethereum and all EVM-compatible blockchain networks to take advantage of this feature. Additionally, other projects looking top join the Cosmos ecosystem can do so easily through ATOM token use.
Strategic Global Expansion Plans For 2021
As part of its global expansion plans for 2021, Cosmos has been working on onboarding Ethereum before executing their strategy. This makes the network more attractive for potential prospects as well as helping increase ATOM demand due its use when joining the Cosmos ecosystem.
ATOM Performance & Volatility Analysis
At press time, ATOM was still trading at a slight premium compared to its December 2022 lows despite having delivered sideways action over the past 12 days or so. However, given that more blockchains are getting connected through IBC-solidity, this could have a positive effect on ATOM’s performance and volatility in 2021 and beyond.
The announcement about connecting Ethereum via IBC-solidity has come at an opportune time for both parties involved as they look forward towards mass adoption in 2021 and beyond . With increased connectivity between networks thanks to IBC-solidity and improved demand for ATOM due to new projects entering the cosmos ecosystem , it looks like there’s plenty of room for growth in 2021!