Ethereum (ETH) developers Garvit Goel and Jinank Jain propose revolutionary technological design to advance Ethereum/Cosmos interoperability
- Here’s how Ethereum-IBC interaction can be faster and cheaper
- Kosmos (ATOM) price jumps 50% ahead of big announcement
Zero-knowledge proofs (zk proofs) are one of the most common scaling techniques used to scale Ethereum (ETH) and EVM blockchains. This reduces the volume of information that needs to be verified in the chain.
Here’s how Ethereum-IBC interaction can be faster and cheaper
In 2022, this approach could also be used to promote cross-network interaction between Ethereum (ETH) and Inter Blockchain Communication (IBC), which is the cross-chain standard in the Cosmos (ATOM) ecosystem.
rent-seeking billion dollar trusted bridging protocol in shambleshttps://t.co/YzFLyr8qPc
— Scott Sunarto (@smsunarto) September 12, 2022
As explained by Garvit Goel and Jinank Jain of Electron Labs, to achieve seamless interaction between the two protocols, IBC’s Tendermint light client must be implemented in Ethereum (ETH) as a solid smart contract.
Currently, such an operation appears to be extremely inefficient in terms of gas consumption. Namely, it takes the verification of hundreds of thousands of signatures in Solidity.
As such, the engineers proposed zk tokens to promote the cost efficiency of such transactions. The new tool can build a zk proof of signature validity and verify it on the Ethereum (ETH) mainnet.
Kosmos (ATOM) price jumps 50% ahead of big announcement
With zk tokens used to “compress” the data in this way, one cross-blockchain transaction can be charged with only $2 in fees, which is equal to an average Uniswap (UNI) conversion.
However, with multiple light heads compressed into a single proof, the system can also reach a sub-dollar gas level.
As previously covered by U.Today, the price of ATOM, the core native asset of Cosmos inter-blockchain protocol, is notably outperforming the majority of large-cap altcoins.
In two weeks, it managed to rise from $10.5 to $16.5 on key spot trading platforms.