Interchain Foundation Allocates $26.4 Million for Cosmos Ecosystem Maintenance
Switzerland-based Interchain Foundation (ICF) has announced that it will allocate $26.4 million to maintain the Cosmos ecosystem in 2024. The ICF’s roadmap for next year prioritizes funding for the optimal functionality of the Interchain Stack. Of the allocated amount, $3 million will go towards CometBFT, Cosmos’ Byzantine fault-tolerant engine. Another $4.5 million will be used for the development of the Cosmos software kit, while $7.5 million will be allocated to the native inter-blockchain communications protocol (IBC). The remaining funds will be used for CosmWasm, CosmJS, and ecosystem security audits.
Strengthening Interconnectedness in Blockchain
The ICF’s funding program aims to fortify the open-source Interchain Stack and enhance blockchain interconnectedness. The goal is to support interoperable sovereignty within the interchain ecosystem. Currently, Cosmos’ IBC bridge connects 46 blockchains with a combined token value of $13 billion. However, this falls short of the target set by Tendermint (now Ignite) to connect 200 IBCs by 2022.
Prioritizing Ecosystem Development
In addition to ecosystem maintenance, the ICF has allocated $40 million for various development areas this year. These include the Interchain Developer Academy, Cosmos Developer Portal, and Interchain Builders Program. Integration with other blockchain technologies like Polkadot and Hyperledger is also being pursued. Despite potential security concerns surrounding cross-chain bridges, the Cosmos ecosystem has largely avoided major hacks.
Hot Take: Expanding Inter-Blockchain Communication Protocol
The Inter-Blockchain Communication Protocol (IBC) continues to expand and secure over $30 billion in annual asset transfers across 100+ chains. The ICF’s allocation of $26.4 million for the Cosmos ecosystem maintenance demonstrates its commitment to supporting the growth and interoperability of blockchain networks. With ongoing efforts to connect more blockchains through IBC, the vision of enhanced interconnectedness within the blockchain industry is becoming a reality.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.