Cosmos Unveils IOBScan For Smooth Cross-Chain Interactions And Interoperability

Published: June 25, 2024 at 5:58 am Updated: June 25, 2024 at 5:58 am

Edited and fact-checked:
June 25, 2024 at 5:58 am

In Brief

Cosmos released IOBScan, which enables tracking of IBC tokens, blockchains, channels, and relays, offering users insights into transfers.

Decentralized network Cosmos introduced IOBScan, an inter-chain aggregator designed to integrate with more than sixty IBC-supported blockchains. IOBScan enables detailed tracking of IBC tokens, blockchains, channels, and relays, offering users comprehensive insights into transfer progress.

IOBScan features account aggregation capabilities, offering an overview of all addresses linked to the same public key to streamline multi-chain interactions. Additionally, it includes a comprehensive Relayer Profile feature that highlights service relayers’ accomplishments and contributions to the interchain ecosystem. IOBScan also provides an application programming interface (API) service. It allows users to access detailed blockchain data for analysis and smooth integration of the information into their projects.

IOBScan enables users, service providers, researchers, blockchain projects, and participants in interchain ecosystems to leverage comprehensive, real-time, and precise data. This capability enhances comprehension, visibility, and management of cross-chain activities, fostering progress towards an interoperable future.

Master the interchain with #IOBScan

Effortlessly track #IBC transfers and gain real-time data for 60 IBC-enabled chains.

Discover how IOBScan empowers users to navigate the interchain https://t.co/9WkqA5Z3i0

— Cosmos – The Interchain (@cosmos) June 25, 2024

What Is Cosmos And IBC Protocol?

Cosmos operates as a decentralized network comprising independent parallel blockchains, each employing BFT consensus algorithms. It provides developers with tools to build interoperable and scalable applications. The network utilizes the Inter-Blockchain Communication (IBC) protocol for seamless blockchain interaction and features a modular framework that supports the creation of customized blockchains.

IBC is a protocol designed to facilitate communication between blockchains. Blockchains that support IBC can exchange data of any type encoded in bytes, enabling cross-chain interactions across the industry. This protocol serves as a foundation for developing diverse cross-chain applications such as token transfers, atomic swaps, multi-chain smart contracts, cross-chain account management, and various forms of data and code sharding.

Recently, Cosmos launched Valence, a cross-chain protocol that facilitates programmatic relationships between crypto-native entities, referred to as the Valence Zone. Valence extends the capabilities of the IBC protocol by enabling economic agreements, such as adjusting treasury compositions based on market conditions or facilitating POL lending.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson