Developers announced that the Hub Theta upgrade to the Cosmos blockchain network was online yesterday.
The upgrade adds interchain accounts, a feature that the Cosmos community has been clamouring for. These allow blockchains to modify data on another blockchain that is supported. Updated versions of Cosmos SDK – a developer framework – and the Inter Blockchain Communication (IBC) protocol, which allows users to transfer crypto assets between supported blockchains, are also included in the release.
Users can grant authorization to a programme running on one blockchain to conduct an operation on another using interchain accounts. This necessitates the creation of a mutual interchain account and the use of Cosmos SDK or Tendermint, two protocols for replicating and launching blockchain apps.
The feature is a step ahead of IBC, which was also created by Cosmos. “In a typical system,” Cosmos developers stated in a blog post, “the end-user would log into an interface representing chain A and send an asset to chain B via an IBC transaction.” “The user would next need to log into a different interface, this time representing chain B, and finish the rest of the product flow.”
While blockchains are reliable and unchangeable data storage systems, they are unable to communicate with one another. Cosmos is a network that aims to solve this problem by allowing users to access several blockchains via a single interface.
According to CoinGecko data, ATOM, Cosmos’ native coin, has gained 1.2 percent in the last 24 hours. Since last week, the tokens have lost 7% of their value due to a broader market downturn.
Read more: ETC group launches ETPs for Avalanche, Polygon, and Cosmos
