SifChain Finance: Cosmos & Cardano: A New Era of Interoperability
Sifchain is applying for a grant to connect Cardano to the Cosmos ecosystem through our Peggy 2.0 bridge. Peggy 2.0 will be our latest advancement in cross-chain bridge technology and would serve as the seminal bridge deployment between Cosmos and Cardano (via its EVM-compatible layer).
The Cosmos-Cardano bridge powered by Peggy 2.0 and Sifchain will deliver never-before-seen network effects that will scale the reach and adoption of both families of blockchains.
Connecting Cosmos & Cardano
Cosmos and Cardano share common goals around research-backed development, community-driven applications, and global accessibility of blockchain-based solutions, with interoperability at heart.
The Peggy 2.0 bridge will unlock new cross-chain opportunities between these two ecosystems and offer new solutions to existing problems such as access to decentralised governance protocols for growth, new liquidity markets, token-based economies, and much more. In addition, the productive interaction between the vibrant communities of each side, Cosmonauts and the Cardano Community, holds the potential to set new and innovative socioeconomic relations and even cross-chain standards for better interoperability.
Interoperability & Mutual Expansion
One of the core tenets of Cosmos is interoperability and as such, it is popularly dubbed the ‘internet of blockchains’ in the cryptocurrency community. To that end, Cosmos-native chains have the inherent functionality to utilize the Inter-Blockchain Communication (IBC) system that allows for seamless asset transfers and data messaging between IBC enabled chains.
A bridge that connects Cardano’s EVM-compatible layers to Cosmos effectively connects said EVM environment to an enormous ecosystem of chains, dApps, assets, and utilities.
A clear commonality between the Cardano and Cosmos worlds is their commitment to eco-friendly and efficient methods to secure their networks through the use Proof-of-Stake technology. With that said, the Cosmos ecosystem would benefit from a connection to Cardano in many ways.
The Cardano community is well-known as one of the most active, vibrant, and committed communities in the cryptocurrency space. Their on-chain organizational and governance structures are well-established and continuously evolving with a focus on providing decentralised tools, solutions, and opportunities that are accessible to millions of people across the globe.
With a Cosmos <> Cardano bridge, more projects from Cosmos could propose ideas and qualify for funding assistance via this governance on Cardano. This helps solve major problems for many Cosmos projects, namely the cost of development and the lack of similar governance and open-access funding structures in the Cosmos ecosystem.
To know more: https://medium.com/sifchain-finance/cosmos-cardano-a-new-era-of-interoperability-568def097539
by: Wilmina Dela Pena