Blockchain technology has continued to emerge with innovations, which are believed by many to smoothen the adoption of cryptocurrencies and make the lives of users better. The space’s rapid boom has been the fuel behind the recent surge of activities, with many crypto players not wanting to be left out of the party.
Cosmos Network, popularly called- the internet of Blockchain, has recently launched an inter-Blockchain Communication (IBC) protocol called Gravity. The Cosmos Network, described by its developers as a network of blockchain networks, believes that Gravity will solve the age-long problem of transferring digital assets from one independent Blockchain to another.
Gravity set to allow smooth transacting between fungible and non-fungible tokens
Gravity was launched yesterday, much to the delight of many users of the Cosmos Blockchain who have voted in support of launching the new system. The new protocol is set to allow the Cosmos Blockchain users to transfer their tokens from the Blockchain to other compatible Blockchain servers. According to the Cosmos Blockchain developers, the project has been in the pipeline for about five years now.
They have been tirelessly working hard to ensure that the project is successful. According to Cosmos, Gravity will allow new applications by creating a platform that allows both fungible and non-fungible tokens to thrive. The Blockchain has also announced that Gravity will provide a market for tokens of any interconnected nature to thrive. Albeit, it will focus more on tokens from IBC-enabled blockchains, wrapped ETH, and ERC20 tokens.
The announcement by the internet of Blockchain-giants also states that it will continue to incorporate other tokens into Gravity, to allow smooth trading of operations. The Blockchain network has also confirmed that the launch of Gravity has propelled it to launch a Gravity DEX. Like a typical decentralized exchange, Gravity DEX will ensure that the IBC tokens on its platform will be provided with a market to be traded upon.
ATOM isn’t excited with the announcement
According to the Blockchain network, the announcement of Gravity is part of a long list of innovations and improvements in the Blockchain giants pipeline. The Blockchain is set to launch an upgrade called Stargate. The birth of Stargate will likely coincide with the launch of GravityDEX, with Stargate offering a different upgrade approach.
The launch of Stargate is set to see the synchronization of new nodes on the Cosmos Blockchain increase by more than 100%, as the developers of the project have set sights on the development of the Blockchain.
Unfortunately, despite the Blockchain’s progress, its native token- ATOM, has seen a downward spiral in fortunes, much to many investors and admirers’ dismay. The altcoin is currently at an all-time low of $20.39, as trading volumes reach another low of $206.9 million. Unfortunately, the token dropped by 27% in the last 24hours, with its market cap reaching another low of $4.86 billion.