Cosmos Set to Release Stargate Update in February
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Cosmos Set to Release Stargate Update in February

January 29, 2021      Jafrin Ahmed

Blockchain network Cosmos set to release the Stargate update on the network on Feb. 18. This will enable the tools for native blockchain interoperability to be live on the mainnet. Stargate could mark a new era where a big system will let lots of different chains trade value and build on each other’s strengths. While Ethereum is testing its beacon chain, Cosmos will have something very similar to a sharded system running on the mainnet.

Stargate to Mark as Next Big Thing in Crypto Industry

Once the  Stargate update goes live, a governance vote will be required to switch on the inter-blockchain communication (IBC), which will take almost two weeks to finalize. Iqlusion’s Zaki Manian, who leads development for Cosmos, explained that at the earliest, all systems to go for inter-blockchain communication (IBC) would be by early March.

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If the Tendermint-based chains activate Stargate, this will mark as a big thing for the crypto industry. Hence, Tendermint chains need to upgrade to the Cosmos SDK for this to happen. This will probably require one or two weeks of work for most developer teams as they don’t need to wait for Stargate to kick in to start.

Cross-chain data oracle, Band Protocol’s Kevin Lu told:

“This is a long-awaited release for many Cosmos-based projects out there. For us this will enable seamless and simple integrations with any Cosmos-based decentralized application, relaying oracle data in a highly scalable and tamper-proof manner.”

Lu added:

“The current plan for Band Protocol’s Stargate connection is to have testnet by Q1 and mainnet by Q2 for Stargate support.”

Initial Launch of Stargate Pushed Back

The native token of Cosmos (ATOM) is currently trading around $8 with a market cap of $1.9 billion.

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The initial launch of Stargate was set for Jan. 28, but the date was pushed back. The decision was driven by a bug that was found and fixed. Meanwhile, the pushback was necessary as the exchanges still were not ready for the update.

#Cosmos #IBC #Inter-Blockchain Communication #Mainnet #Stargate
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.