by Rushali 
Blockchains communicate via tacked-on solutions like state channels, sidechains, swaps, bridges etc. With the Stargate update to Cosmos on Feb. 18, the tools for native blockchain interoperability will be live on mainnet.
Band Protocol’s Kevin Lu said: “This is a long-awaited release for many Cosmos-based projects out there,” he further added, “For us this will enable seamless and simple integrations with any Cosmos-based decentralized application, relaying oracle data in a highly scalable and tamper-proof manner.”
Iqlusion’s Zaki Manian, who leads much of the development for Cosmos, explained that once this up-gradation start working, a governance vote will be required to switch on inter-blockchain communication (IBC), which will take two weeks to finalize.
So, by March all systems will start working for IBC. Tendermint chains need to upgrade to the Cosmos SDK for this to happen. Manian said this is probably one or two weeks of work for most dev teams and they don’t need to wait for Stargate to kick in to start.
If Tendermint-based chains activate Stargate, then it would be a history for the crypto industry.
There have been many chains are developed between blockchains, but this will mark a new era in composability, where we see one big system that lets lots of different chains trade value and build on each other’s strengths.
A new site called Cosmos-Cap is tracking the market capitalization of projects in the ecosystem, currently valuing all the chains together at just under $13 billion. The native token of Cosmos, ATOM (+2.96%), is currently trading around $8, with a market cap of $1.9 billion on its own.
Cosmos-Cap shows (among others) the Binance Chain, the stablecoin system Terra, the aforementioned oracle project Band, the privacy blockchain Oasis and the MakerDAO-like collateralized debt platform Kava.
THORChain, which enables assets to be swapped across chains (sort of like Uniswap), told CoinDesk, “THORChain is Stargate-ready, but more work needs to be done to make it IBC-ready, that is in the works currently.”
a co-founder of Terraform Labs, Do Kwon, which runs the Terra chain said that they will upgrade to Stargate. He said; “The earliest we would move to upgrade in May.”
Binance, whose BNB coin has the largest value in the ecosystem has said that “We will not be able to join the Stargate timeline to support the IBC. The Binance Chain community will discuss when and how to support this initiative.”
THORChain also said that, like many big upgrades, Stargate will add other benefits for Tendermint-based blockchains, such as faster throughput and implementation of Google’s protocol buffers standard.
The followers said that the project would have launched on Jan 28, but the team has found a bug due to which the date got postponed.
This project has been really volatile, but with this project, the future of blockchains will be great.
