Today, Jacob Gadikian announced on Twitter that the code needed to re-open IBC has been written (now undergoing testing).
I’m making this short article as many don’t understand what IBC is or why they should care.
IBC stands for Inter-Blockchain Communication. This allows different blockchains to easily transfer tokens and other information, effectively talk to each other.
The Cosmos ecosystem uses the ideology of “blockchain symbiosis” and the IBC protocol stands at its heart. Re-enabling it on Luna Classic will help LUNC be part of the Cosmos family, therefore bringing more utility and users.
For example, projects that operate on other blockchains in Cosmos may choose to integrate LUNC in their payment options, bringing more transactions (on-chain volume) to LUNC.
This will bring LUNC into the spotlight, strengthen the chain with utility, and feed the burn tax because of micro-transactions. Keep in mind part of the tax goes towards the Community Poll, which could further be used to support the LUNC growth in the future. In other words, IBC is a really big deal.
I’d like to thank the following wonderful people for dedicating their time and resources to help write this code: Jacob Gadikian, Osmosis, Cat Shark, Zarradar, Edward Kim, BeeJee, and many others who made this happen.
