The emergence of Inter-Blockchain Communication (IBC) makes exchanging assets and data across platforms easier. What does that mean? And how to use Inter-Blockchain Communication (IBC)? The following is a complete explanation.
What is Inter-Blockchain Communication (IBC)
IBC, which stands for Inter-Blockchain Communication, is a protocol that allows blockchains to communicate and interact with each other. This opens the door to cross-blockchain exchange of assets and data, allowing blockchain ecosystems to develop and collaborate more effectively.
One of the main advantages of IBC is its ability to increase interoperability between blockchains. For example, tokens issued on one blockchain can be easily moved to another blockchain that supports IBC. This opens up new opportunities for cross-project collaboration and cross-platform integration that were previously difficult to achieve.
How Inter-Blockchain Communication (IBC) Works
So how does IBC work? Check out the explanation below.
1. Basic Concepts of IBC
IBC works by facilitating communication between two or more blockchains that operate separately. Each blockchain involved in this communication is referred to as a “zone,” and there is a single entity referred to as a “hub” that coordinates and facilitates the exchange of information between these zones.
2. Hubs and Zones
Hub: Is an entity that acts as an intermediary or link between blockchains. The Hub manages information about the zones involved and helps secure transactions.
Zone: This is a part of a blockchain that participates in communications via IBC. These zones can be part of the same blockchain or different blockchains.
3. Connection and Channel Opening
Connection: This is a communication channel between two blockchains. This connection allows zones on different blockchains to communicate with each other.
Channel Opening: Once a connection is established, a channel is opened to allow the transfer of assets or data between blockchains.
4. IBC module
At the blockchain implementation level, IBC is usually implemented as a module. This module enables the blockchain to support the IBC protocol and provides functions for initiating, managing, and terminating communication channels.
5. Messaging
Once the channel is open, zones can send messages through the channel. These messages can contain instructions for transferring assets or data between blockchains.
6. Confirmation and Verification
After sending the message, the recipient or destination zone will verify and confirm the transaction. This can involve consensus and validation mechanisms in the respective blockchain.
7. Closure of Channels and Connections
Channels can be closed after a transaction is completed or if a problem occurs. Connections can also be disconnected if they are no longer needed.
8. Security
IBC security is maintained through cryptographic signatures, smart contracts, and consensus mechanisms on their respective blockchains.
9. Interoperability
IBC enables inter-blockchain interoperability, allowing assets and data to move freely between different blockchain ecosystems.
Types of Blockchain Compatible with Inter-Blockchain Communication (IBC)
It is recorded that there are more than 50 blockchains that are compatible with Inter-Blockchain Communication (IBC). Here are 10 of them.
1. Cosmos (ATOM)
Cosmos is a blockchain that designs IBC and offers an ecosystem of interoperability between various blockchains.
2. Polkadot (DOT)
Polkadot is a multichain platform that supports interoperability between various blockchains, including through the IBC protocol.
3. Binance Smart Chain (BNB)
Binance Smart Chain, developed by Binance , supports IBC to enable the transfer of assets and information between blockchains.
4. Avalanche (AVAX)
Avalanche is a blockchain that provides a bridge to Cosmos Hub via IBC, enabling information exchange across blockchains.
5. Earth (MOON)
Terra uses IBC to communicate with the Cosmos blockchain and enable cross-blockchain asset transfers.
6. Coffee (COFFEE)
Kava leverages IBC to enable integration and exchange of assets between the Cosmos and Kava blockchains.
7. Secret Network (SCRT)
Secret Network supports IBC to communicate with the Cosmos blockchain and enables secure exchange of information.
8. Osmosis (OSMO)
Osmosis is a DeFi protocol that runs on top of the Cosmos blockchain and uses IBC to interact with other blockchains.
9. Regen Network (REGEN)
Regen Network uses IBC to enable the exchange of information and assets with the Cosmos blockchain.
10. Irisnet (IRIS)
Irisnet is a blockchain that uses IBC to connect various networks and supports cross-blockchain interoperability.
How to Use Inter-Blockchain Communication (IBC)?
Following are the general steps for using Inter-Blockchain Communication (IBC) in Indonesian:
1. Basic Understanding
Make sure you have a basic understanding of blockchain concepts, specifically how blockchain works and what IBC is.
2. Installation and Configuration
Make sure that you have installed and configured software or a blockchain platform that supports IBC. For example, Cosmos SDK is one of the frameworks that supports IBC.
3. Understanding Hubs and Zones
Understand the concept of hubs and zones in the context of IBC. A hub is an entity that facilitates inter-blockchain communication, while a zone is a part of a blockchain that communicates with other zones through a hub.
4. Configure IBC Module
Make sure that the IBC module is enabled and properly configured on your blockchain. This configuration involves setting up hubs, zones, and other parameters required to initiate communication.
5. Zone Registration
Register your zone in the hub you want to use. This involves a registration and authorization process to ensure that your zone can communicate with other zones in the hub.
6. Messaging
Use the functions or commands provided by your blockchain protocol to send messages via IBC. This message may contain instructions for transferring assets or data to another blockchain.
7. Verification and Confirmation
After sending the message, make sure to verify and confirm that the transaction was successful. Check transaction status and ensure that assets or data have reached their destination correctly.
8. Monitoring and Maintenance
Continuously monitor your IBC communications and perform necessary maintenance. Make sure that all zones remain connected and communication is running smoothly.
9. Study the API and Documentation
Study the APIs and documentation provided by your blockchain platform regarding IBC. This will help you understand more about the features and how to use IBC effectively.
10. Community and Support
Join a community of blockchain developers and users to exchange experiences and get support if you encounter problems using IBC.
Read Also:
What is Cosmos (ATOM)? Listen to the explanation!
What is a Blockchain Consortium?
What is a Block and How it Works in Blockchain
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.