What is IBC technology? Getting to know the inter-blockchain communication protocol
The Inter-Blockchain Communication Protocol (IBC) is an amazing technology that is responsible for authenticating and transferring data between two different blockchains. IBC technology requires a minimum set of functions to pave all possible paths for communication between different blockchains. In order for this technology to work properly, there is a need for inter-chain standards called ICS be at the disposal of its mechanism. Unlike most technologies that have been proposed for inter-blockchain and cross-chain data transfer, IBC technology can do this in a safe and secure manner.
The IBC protocol has a structure similar to the Internet network; Blockchains are connected to each other through it and exchange data with each other without the need for additional tools. Due to the principle of decentralization, it is unlikely that blockchain technology will be managed only by a specific network and its tokens. IBC technology was created to realize this problem and currently only for private blockchains like Hyperledger Fabric And Cora is used. To learn more about this technology, join us on the Wallex blog.
What is IBC technology?
Inter-blockchain communication technology, for the first time by the Cosmas network team (Cosmos was presented. The goal of the Cosmas team was to create an internet in the world of blockchain networks to prevent the one-way activity of different networks without interaction. In simpler words, the Cosmas team intended to turn the big world of cryptocurrency into a small interactive village by creating a powerful protocol; Just like the effect that the internet has on the world around us. The IBC protocol allows different blockchain networks to communicate with each other directly in the form of a multi-chain network. IBC technology is the last part of the Cosmas network development project and one of its 3 main components. Two other components of the Cosmas network that complete its structure and IBC technology, Tendermint Core And Cosmos SDK have names
To fully understand IBC, it is best to think about the mechanism and structure of the World Wide Web. Protocols such as TCP and IP allow computers to communicate between users by providing centralized servers. The connection between TCP and IP addresses makes the Internet as we know it and we as users use it. Instead of having large servers, IBC technology connects all blockchain networks together. Users who benefit from IBC can create an intermediate account (Interchain Account) build, participate in the world of DeFi and transact using multiple blockchain networks at the same time.
Basically, all networks connected to IBC have a Tendermint kernel; This core is the foundation of the Cosmas network and is necessary for the proper launch of IBC. All networks developed according to Tendermint and Cosmos SDK protocols have the same common infrastructure of Cosmos; Of course, with the difference that their end user interfaces are different. Since the infrastructure of all these networks originates from the same protocol, they can interact with each other by connecting to the IBC. IBC technology can take data from a blockchain network, run it according to another format, and allow them to communicate despite their different programming languages.
A brief overview of the Tendermint concept
Tendermint core, from two parts of the blockchain consensus engine (Blockchain Consensus Engine) and general user interface (Generic Application Interface) Composed. Cosmas network is the first blockchain network implemented in Tendermint and founded by Jae Kwon. The main network of this platform, which is connected to the IBC technology, is called Cosmos Network Tendermint, and its structure makes the components of the IBC protocol achieve significant results.
The Tendermint core consensus engine is built from a section called Tendermint Core. This core ensures the recording of transactions executed by nodes. On the other hand, the user interface or Application Blockchain Interface, abbreviated as ABCI, allows transactions to be processed regardless of programming languages (whether Haskell, Python or Plutus). In simpler terms, developers can use Tendermint to reproduce the BFT engine of applications written in their programming language of choice.
Overall, Tendermint allows developers to easily launch a blockchain network or set of applications using their preferred programming language and connect them simultaneously to compatible networks.
Introducing networks that are compatible with IBC technology
The number of projects that are compatible with IBC is numerous; Even many of these projects and platforms have been developed and launched according to the Comos SDK software kit. Some of the most prominent blockchain networks that have adapted to the IBC protocol structure include:
- Binance Smart Chain
- Crypto.org Chain
It should be noted that IBC has also provided a practical solution to solve the scalability problem of the Ethereum network, which was built using Tendermint. This solution could theoretically make IBC work on networks like Ethereum that have less scalability. To see the full list of projects that have been adapted according to the IBC protocol, List of Cosmos network applications read the
IBC technology: Internet of Blockchain networks
The IBC protocol is essential for blockchain networks, especially those developed in the Cosmas network. Inter-blockchain communication (IBC) technology provides a standard communication channel for applications on 2 different blockchain networks. For example, an application can accept tokens from another blockchain network as a method of payment. For example, using IBC technology, you can use the ATOM token, which is the native token of the Cosmas network, to pay transaction fees in the Yelockchain Ethereum (ETH) network. This unique feature is used for the first time in the cryptocurrency space and its structure is similar to an all-in-one exchange.
IBC technology is not only limited to blockchain networks of the Cosmas platform. For example, this technology previously enabled the connection and interaction between Cosmas and the Ethereum blockchain, enabling Ethereum’s Proof-of-Work (PoW) consensus protocol to become Proof-of-Stake (PoS) consensus. Of course, all these events happened while Ethereum was not updated yet and was in a pre-merge state. The existence of IBC makes the unique capabilities of different blockchains not only exclusive to themselves. For example, by using IB, you can connect to Ethereum from the Cosmas network and use Ether (ETH) digital currency and Ethereum Virtual Machine (EVM) to record transactions. This technology can increase scalability and be considered as the always-connected internet of blockchain networks. IBC technology actually includes a set of bridges that connect different platforms; The bridge of blockchains, without which one should doubt the decentralization of blockchain technology.
Security issue and new technology of IBC
Extensibility, reliability and scalability aside, the question is how secure are users and their accounts at IBC? With IBC connecting to all blockchains and removing the boundaries between different networks, isn’t it possible for security to decrease and fraud to increase? Clients, connections and channels related to IBC technology cause the transfer of any data, and this issue may have negative security consequences. But what has IBC planned for this challenge?
The security design of IBC technology is based on 2 principles; These 2 principles are:
- Users should check the security of the networks they are connected to and be sure about them.
- The implementation of fault isolation mechanism makes any potential damage or high-risk data isolated from the network connection chain.
IBC technology does not include what definitions?
- IBC technology is not an Application-Layer Protocol; That is, it is only responsible for data transfer, authentication and reliability.
- IBC is not an Atomic-Swap Protocol. The transfer of a token is done using the application layer of the IBC protocol.
- This technology is not a sharding protocol. There is no single state machine that can be shared between blockchains; Rather, there are different sets of state machines in networks that share some common interfaces.
- IBC technology is not a Layer-Two Scaling Protocol. This technology implements all chains that exist in layer one.
Projects built with IBC technology
In the following, we refer to a long list of projects that have been formed on the basis of IBC technology:
- Cosmas network (ATOM): The economic core of the Cosmos network is called the Cosmos Hub and, according to the IBC, provides vital and important connections for the blockchain.
- IRISnet: It is an infrastructure provider platform with the Interchain Service Protocol (Interchain) and is built to create reliable and practical applications.
- OSMO network: In fact, Osmosis is a cross-chain DEX exchange where users can trade all kinds of tokens using IBC in addition to generating liquidity.
- Sentinel Network: It is an international and global network of practical applications that has been formed in a private web space that is resistant to filtering and censorship.
Final remarks about the Internet of Blockchains
The Cosmos Network Software Kit, known as the Cosmos SDK, allows many blockchain networks to interact and collaborate with each other. The last piece of the Cosmos SDK puzzle is called IBC technology, which launched in 2021 and is now known as the Internet of Blockchains. What do you think about IBC technology and the projects launched by it?
What is the text of IBC technology? Getting to know the protocol of communication between blockchains for the first time on Wallex blog. appeared.