Celo has awarded a grant to Chorus One, the staking service provider, for building a bridge facilitating interoperability between the Cosmos and Celo networks.
It has been reported that the proof-based bridge will allow “bidirectional communication” between Celo and Cosmos by allowing Celo’s cUSD stablecoin to operate on the Cosmos network, and Cosmos-based assets including ATOM, BAND, and KAVA to be held in the Celo Reserve.
However, the partnership will lay the groundwork for building future bridges between Celo and “chains like Polkadot, Near, and Solana.”
The report said that Cosmos is also working to build numerous cross-chain bridges, including Ethereum, Polkadot, and Kadena.
The bridge will bring Celo’s cUSD stablecoin to Cosmos, while allowing the Celo reserve to support Cosmos-based assets https://t.co/6K6FZAWRL4 — Cointelegraph (@Cointelegraph) November 19, 2020
The post explains that work will be split between two service agreements, and will require the implementation of a “unique light client” on each blockchain.
Likewise, the Interchain Foundation, a nonprofit foundation formed to support the development of Cosmos, will fund a WASM-based Light Client to allow Cosmos to verify Celo transactions without undergoing a hard fork.
Also, the Celo Foundation will fund a Tendermint Light Client allowing the Celo blockchain to verify signatures and block headers created both by Cosmos and Cosmos-SDK-based chains.
Marek Olszewski, the co-founder of Celo, emphasized his belief that the crypto sector will come to comprise an interoperable ecosystem spanning many blockchain networks.
He added:
“We believe that the industry is not zero-sum, or winner takes all. In a future with many chains, cooperation is necessary to realize our goal of a globally accessible and inclusive financial system. We view the implementation of cross-chain architecture as an act of Mutually Assured Development.”
Thus, Cosmos and Celo are not only networks pursuing interoperability, with Near launching its Ethereum bridge and Ontology Neo and Switcheo unveiling their “interoperability protocol alliance,” Poly Network, in August.
Source: Cointelegraph