Celo awarded a grant to participation service provider Chorus One to build a bridge that facilitates interoperability between the Cosmos and Celo networks.
This tool enables “two-way communication” between Celo and CosmosThis means that Celos cUSD stablecoin can be operated in the Cosmos network and on Cosmos-based assets. including ATOM, BAND and KAVAare kept in the Celo reserve.
According to an announcement made on November 19 The association will lay the foundation stone for the construction of future bridges between Celo and “chains like Polkadot, Near and Solana”.
Cosmos is also working on building numerous cross chain bridges. even with Ethereum, Polkadot and Kadena.
The post explains that The work is split between two service contracts and requires the implementation of a “single thin client” in each blockchain.
The Interchain Foundation, a non-profit foundation that was established support the development of the cosmos, funded a WASM-based light client that allows Cosmos to review Celo transactions without going through a hard fork.
The Celo Foundation will also fund a Tendermint Light Client that enables Celo’s blockchain network Review signatures and block headers created by both Cosmos and Cosmos SDK-based strings.
The co-founder of Celo, Marek Olszewskiemphasized his belief that The cryptocurrency sector will understand an interoperable ecosystem that spans many blockchain networks::
“We believe the industry is not a zero sum or that the winner takes it all. In a future with many chains, cooperation is required to achieve our goal of a globally accessible and inclusive financial system. We consider the implementation of a cross-chain architecture to be a mutually secure development act. “
Cosmos and Celo are not just networks that strive for interoperabilityWith Near Launch of its Ethereum bridge and Ontology Neo Y. Switching Introduction of the “Interoperability Protocol Alliance” Poly Network in August.
In May, The Web3 Foundation awarded Chorus One a grant Similar to creating aspects of a bridge that enables interoperability between Substrate and Cosmos SDK-based blockchain networks.