ADA Ripe For Explosive Growth As Cardano Embraces IBC Protocol For Enhanced Interoperability
By Muthoni Mary Kiama – June 29, 2024
The Cardano blockchain has announced the integration of the Inter-Blockchain Communication Protocol (IBC) to boost interoperability.
This integration seeks to support reliable transactions and data exchange across blockchains. It will make Cardano a cross-chain ecosystem, bolstering adoption by decentralized applications (DApps).
Cardano Integrates Inter-Blockchain Communication Protocol
According to the Cardano Foundation, the IBC Protocol will address challenges such as interoperability, scalability, and data privacy in the blockchain space. It will facilitate data and asset transfer across blockchains while allowing users and creators to benefit from improved security and reduced fees.
The IBC protocol will establish a bridge between the projects created on Cardano and Cosmos SDK chains. Cardano DApps will also be part of the larger interchain ecosystem comprising more than 115 interconnected chains.
This integration will further bring Ethereum Virtual Machine (EVM)-based sidechains to Cardano. It will allow developers to launch EVM-based DApps on Cardano sidechains.
Developers will benefit from the security offered by Ethereum and the scalability offered by the Cardano blockchain.
The other benefits of this integration include improved flexibility and cross-platform innovation, where businesses will leverage the strengths of multiple blockchains.
“We hope that by adding IBC to Cardano, we will contribute to broadening the scalability, reach, and connectivity of blockchain technology, providing easier and better ways to deploy blockchain in an interoperable future,” the Cardano Foundation states.
Cardano Emerging as a Reliable Blockchain Solution
Cardano’s recent integration of the IBC protocol adds to the latest developments, boosting the chain’s reliability.
As earlier reported by ZyCrypto, the Cardano blockchain recently mitigated against a Distributed Denial of Service (DDoS) attack. The attack did not affect the network’s operations, nor did the attacker steal any funds.
This development saw the network receive much praise from the crypto community, given the rise of hacking exploits in the industry.
The blockchain is also readying for a significant hard fork this month. The Chang hard fork will see Cardano enter the Voltaire era, which will be more decentralized and entirely run by community members.
The Cardano blockchain has a total value locked (TVL) of more than $212 million as more DApps continue building on the chain. Data from DeFiLlama also shows that Cardano on-chain volumes have more than doubled compared to the start of the month to $5.69 million in the last 24 hours.
In the last 24 hours, the price of Cardano’s native token, ADA, has surged by 1.6% to trade at $0.39 at the time of writing.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Muthoni Mary Kiama and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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