Dec 2, 2017
INTERCHAIN 2017
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INTERCHAIN 2017
Does an interchain future mean dApps developers have the responsibility to unify?
Does an interchain future mean dApps developers have the responsibility to unify?
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On the first day of the city-wide crypto event that was EthDenver, Steven Fluin, Head of Developer Relations at Axelar, put the onus of developers to build a more connected web3 by stating that âdApps developers have the responsibility to unify.â
Talking at the InterOp Summit, Fluin began by asking the audience to join a poll asking who had participated in either Cosmos, Bitcoin, or Ethereum. Following a sea of hands for both Cosmos and Ethereum, Bitcoiners were slim in numbers but still ever-present. Fluin then declared that âInterOp is the only place during EthDenver Buidl Week where you guys can talk to each other.â
Regardless of the humor, the message aligned with Axelarâs goal of creating an interchain world where blockchains safely interact without using risky bridging mechanics and sub-par UX. However, Fluinâs talk, entitled âThink Interchain,â opened up a series of important issues that need to be considered related to the difficulties of managing a multi-chain world.
Multi-chain frustrations
Fluin retold an anecdote that most crypto users will be familiar with concerning attempting to bridge a token to another blockchain. While working on a personal project, Fluin wanted to deploy a smart contract to the Polygon blockchain. Firstly, he bought some MATIC on Coinbase only to discover that it was MATIC on the Ethereum blockchain, not Polygon.
Next, he then had to bridge the MATIC to Polygon using the native bridge, only to realize he needed some ETH to pay for the gas involved in bridging. Finally, Fluin made a bold statement regarding the current developer perception of an interchain world, stating that the thinking is âfundamentally flawed.â
âThe way we make developers think about these chains is fundamentally flawed[âŠ] This is a problem that is getting worse.â
While interchain is âthe futureâ from the point of view of the Axelar team, there is work to bring benefits such as better, more accessible dApps and more âmeaningful abstractions.â
The growth of web3 chains and decentralization
Fluin established that the ânumber of chains is increasing,â with over 455 mainnet EVM chains listed on Chainlist. However, the reality of a decentralized world means there is no single point of truth regarding the total number of public blockchains available to developers.
âDecentralized needs drive decentralized innovation.â
Every user has different needs concerning privacy, cost, and security. However, Fluin pointed out that usersâ and developersâ needs do not always necessarily align. For example, proxy upgradeability of a smart contract exists to allow developers to update and âfixâ smart contracts should there be a requirement. However, the end users must trust the developers not to upgrade the contract to perform logic detrimental to their own experience.
Given the core philosophy of web3 is âverify, donât trust,â asking users to trust that developers will not maliciously upgrade a smart contract appears to fall short of the decentralized goal of the industry.
Lack of standards
Fluin then recanted the story of the birth of the internet, wherein standards such as SMTP and HTTP helped build a unified global network that we today call the world wide web. However, in web3, there are no such standards, given that each blockchain acts like its own âinternetâ of connected smart contracts and wallets, with their own languages, standards, functions, and logic.
Here, Fluin put the onus on developers to âunifyâ regarding connecting the decentralized world of web3. In order to scale, the Axelar representative argued that âbeing interchain should be a fundamental architecture choice⊠not an afterthought.â Assessing gas, tokenomics, security, performance, reliability, and chain choice should be tied directly to the need to connect with other blockchains.
The adoption of interchain standards is something Fluin believes will bring âmeaningful abstractionsâ and a âworld where which chain doesnât matterâ along with full availability of tokens across chains, real interactivity of dApps, and universal web3 IDs.
Further, as an example implementation, he argued that having a semi-centralized marketplace like OpenSea with access to NFTs across all chains would be better for users.
In a call to action, Fluin declared that âwe need to uniteâ to explain web3 to the world of web2 to allow them to embrace the ability to build software on-chain, create interchain standards, focus on the end user, and collaborate with a âyes andâ mentality.
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GameFi News
Cosmos ecosystem to launch interchain NFTs via $270K incentivized testnet
Cosmos ecosystem to launch interchain NFTs via $270K incentivized testnet
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Interchain NFTs, powered by the ICS-721 update to the IBC protocol, will be the fourth publicly incentivized testnet for the Cosmos Hub as registration opened on Feb. 15 with a 20,000 ATOM prize pool.
Game of NFTS
The event, entitled Game of NFTs, is an endeavor designed to create a two-phase initiative to test the application of ICS-721 in a practical sense. Phase 1 is open now through the testnet, and phase 2 will contain a hackathon that includes developers from Amazon Web Services (AWS), HashKey Capital, and IDG Capital. Phase 1 of the Game of NFTs is scheduled to kick off on March 1st, 2023, and will last around a month.
Validators and developers will be testing Interchain NFTs across multiple IBC-compatible chains, including IRISnet, Stargaze, Juno, OmniFlix, and Uptick.
âThe Interchain NFT upgrade for IBC brings the connectivity and interoperability already enjoyed by fungible tokens to NFTs, creating all new surface areas for developers and artists to unleash their creativity.â
Participants can sign up for Phase 1 and submit team information via the registration form. The Cosmos Network Discord will be used to coordinate participation in the Game of NFTs.
Powered by ICS-721
The implementation of ICS-721 brought the ability to transfer non-fungible tokens between chains connected with the IBC protocol. It ensures the preservation of non-fungibility, permissionless token transfers, and fault containment.
Technically speaking, ICS-721 is designed to enable multi-chain classId handling with permissionless channel opening and ensuring that only one instance of any token is live across all the IBC-connected blockchains.
According to the GitHub synopsis, it is assumed that application logic in host state machines (existing asset tracking module that is already running on a blockchain) will be responsible for the metadata immutability of IBC tokens minted. Therefore, developers will be âstrongly advised to check upstream blockchains (all the way back to the source) to ensure its metadata has not been modified along the way.â
Integrating ICS-721 into Interchain NFTs
The Interchain Foundation is leveraging the cross-chain abilities of ICS-721 to create Interchain NFTS and the Game of NFTs event. This is a significant step forward for the IBC-blockchain ecosystem as it allows for even greater interoperability between different networks on an already extremely interconnected blockchain.
The launch aims to increase the usefulness and value of non-fungible tokens in the Cosmos ecosystem. Additionally, the protocolâs focus on non-fungibility preservation, permissionless token transfers, fault containment, and record-keeping aims to make it a reliable and secure method for transferring non-fungible tokens across different networks.
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NFT News
Will New Interchain Station Wallet Launch Spike LUNC Price, Any Possibility?
Will New Interchain Station Wallet Launch Spike LUNC Price, Any Possibility?
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After the collapse of the popular blockchain network Terra, developers have been trying to revive it; many reforms have already taken place to sustain the Terra Classic (LUNC and prevent further collapse). Terra Classic, the original blockchain, was forked to create Terra (LUNA).
Among these reforms is a recent integration with Interchain Station. The news boosted the Terra Classic (LUNC) price. According to Jared, lead developer at Terraform Labs, more integrations and reforms are coming to Terra soon.
The sudden crash of Terra LUNA sent a cascade effect across the crypto industry, leading several firms to bankruptcy. Many investors are yet to recover from the loss incurred from the Terra implosion.
There are still uncleared controversies surrounding the ecosystemâs sudden collapse. Some say Terra LUNA was a rug pull scheme by Do Kwon, founder of Terraform Labs, to launder and steal peopleâs money. Meanwhile, Do Kwon and his executives are still on the run from South Korean prosecutors.
More Integrations Coming To Terra Classic Network
In a Twitter announcement, Jared revealed that the Terra Network would partner with other blockchains, including SEI, Juno, Osmosis, Mars, Pisco, and many more. He said the integrations aim to protect the network in the right direction and allow seamless cross-chain communication between Terra and other blockchains.
Jared also told the Terra community to expect a rollout of more features while their main focus is to launch the wallet on mobile devices. The current station supports many mainnets including LUNC, LUNA, Osmosis, Juno, Kujira, Carbon, HuaHua, and Cresent.
Terraâs interchain station wallet would simplify the complex process of interacting with multiple blockchain networks. The wallet would allow users to stake, vote, send, receive tokens, and interact with decentralized applications (dApps) across supported chains.
LUNC price soared by 3% on January 10 when Jared first shared news of the interchain wallet feature via his Twitter handle. Jared referred to the development as a breakthrough in chain integrations.
This move comes after several attempts by the Terra Classic community to revive the sinking Terra Classic project. With the new station wallet, DeFi developers can now access oracle data from several chains through the interchain facility.
Why New Governance Implementation Is Important To LUNC Community
The Terra Classic blockchain saw a rough start in 2023 after being impacted by crypto exchange KuCoinâs December 30 move. On December 30, 2022, KuCoin removed (undelegated) 48 billion Terra Classic (LUNC) tokens from circulation. This issue reduced the voting power of KuCoinâs Terra Classic Validator by 0.25%, taking it up to the 44th position.
The exchange later said it would continue pledging LUNC tokens after a 14-day lock period. However, the move caused a drastic reduction in on-chain activity and stirred much anxiety in the LUNC community, causing the price to fall.
After Kucoinâs move, the community responded by approving and implementing new governance proposals to improve the overall operation of the chain. The Terra ecosystem also started burning tokens to stir up on-chain activity.
The new governance proposals got overwhelming votes from the community with the support of major crypto exchanges. As a result, one of the new implementations is governance proposal 11242, which aims to stop the reminting of already destroyed LUNC tokens.
Once the implementation is complete, it will ensure the effective elimination of tokens from LUNCâs circulating supply which will also boost its price. Presently, the amount of Terra Classic tokens in circulation is nearly 6 trillion.
After the reduction in on-chain activity in the past month, the developers published proposal 11242 at the beginning of January. The aim of proposal 11242 is to stop the reminting burnt LUNC tokens and effectively reduce the seigniorage reward policy to zero.
LUNC price declines on the daily candle l LUNCUSDT on Tradingview.com
LUNC price is trading at $0.000177 with a minor decline. The token has gained up to 15.50% in the past week.
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Crypto News
Cosmos reveals next step regarding Proposal 72 but what of ATOM
Cosmos reveals next step regarding Proposal 72 but what of ATOM
A few months ago, the Cosmos networkâs community voted in favor of Proposal 72. Fast forward to the present and the network has released a follow-up update. The latter reveals that Proposal 72 might play an important role in facilitating organic growth and utility for the Cosmos blockchain. The approval of Proposal 72 marketed a [âŠ]
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