Cosmos Dev Team, Tendermint, to Launch Decentralized Exchange With B-Harvest Acquisition

Even as the race to solve the blockchain trilemma heats up, blockchain protocols are rolling out features to navigate blockchain technology into a more sustainable ecosystem.

While others have done this through rolling out upgrades, some others have relied on acquisitions of blockchain projects addressing a part of the challenges to scale up.

Tendermint Brings B-Harvest Onboard

In a move to further solidify its place in the crypto space, Tendermint announced the recent addition of B-Harvest to its development team.

The announcement made on April 7 will see it achieve its goal of launching a decentralized exchange.

Before the acquisition, B-Harvest was focused on building a decentralized exchange (DEX) that would facilitate interchain token exchange. The project called Gravity decentralized exchange would use Cosmos’ ATOM utility tokens to maintain its network consensus. This would see the Cosmos Hub used as the heart of the interchain to aid the trading of tokens from connected chains, including those from Cosmos-powered networks.

B-Harvest is not a stranger to the Cosmos blockchain. According to the Tendermint development team, it is one of the oldest validator nodes in the Cosmos ecosystem. A September 2020 partnership saw Tendermint and B-Harvest join forces in developing the Gravity DEX Liquidity Module.

Tendermint claims to have great plans for B-Harvest’s Gravity DEX.

According to the blockchain company, Gravity DEX would serve as an interchain bridge on the Cosmos Hub between network activity for the Cosmos network and other blockchains.

B-Harvest itself will continue providing validation services for multiple delegated proof-of-stake (dPoS) networks and ensure the growth of decentralized applications (dApps). It will also look into the decentralized governance of the ecosystem.

Speaking on the acquisition, Tendermint’s Chief of Staff Jin Kwon said it is a strategic move to further build and develop the Gravity DEX while adding valuable features to the Cosmos Hub.

Tendermint, however, did not state how much it cost them to bring B-Harvest on board.

Tendermint Becomes Fully Interoperable With IBC

Tendermint has been working hard in the past couple of months to create a more collaborative blockchain ecosystem.

In the Feb. 2021 release of its much anticipated “Stargate” upgrade, Tendermint drew closer to its goal of creating a protocol that would allow different blockchains to transfer data and tokens amongst themselves. The launch, built for developers, came with some other enhancements, notably faster upgrades and auto-sync of full nodes. The blockchain was also expected to run more efficiently, cutting downtime and energy waste.

Stargate, an early form of interoperability, is the first step towards the Cosmos Network agenda of introducing a fully interoperable ecosystem for private and public blockchains.

In a tweet post, Cosmos announced that its Inter-Blockchain Communication (IBC) protocol was live on the Cosmos Hub, making it easier for sovereign blockchains to communicate with one another. This interchain exchange will lead to the cross-pollination of data and tokens between private and public blockchains.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *