“Ultra Fast” Blockchain Network IOST Connects Gravity Network to Support Cross-Chain Functionality

IOST, an “ultra-fast” and “decentralized” blockchain network based on the “next-generation consensus algorithm “Proof of Believability,” recently connected with the Gravity Network in order to support cross-chain functionality.

As mentioned in a blog post by Waves Protocol developers:

“As Gravity expands the list of its target chains, IOST is joining the likes of Waves, Ethereum, and Tron. … IOST network is joining Gravity, a cross-chain oracle and communication network, as a target chain. IOST will become one of the platforms connected to Gravity, along with Waves, Ethereum and Tron. … users [may] benefit from the cross-chain compatibility between IOST and all Gravity target chains, gaining access to … Web 3.0 solutions, such as inter-chain DeFi.”

The announcement also noted that the SuSy gateway protocol is being used for enabling cross-chain token swaps. The protocol currently operates on top of the Gravity protocol. IOST tokens are accessible as “wrapped” tokens on blockchains that have integrated the Gravity protocol (including Ethereum, Tron, Solana and Waves). This integration should help IOST get listed on decentralized or non-custodial crypto exchanges, like the Waves.Exchange.

Gravity is a “blockchain-agnostic” solution. There is no actual “Gravity” token, instead, the protocol simply uses the tokens of target blockchain networks. In a manner that’s similar to Ethereum, Tron, Waves and others, it will now be possible to use IOST to pay transaction or network usage fees and the tokens may be used by node owners as collateral, which should help with adding liquidity to IOST.

The announcement explained:

“Adding the Gravity oracle solution to the IOST network will bring about new opportunities for IOST (decentralized application) dApp developers. The use of Gravity data providers will make it possible to retrieve off-chain data via smart contracts in a decentralized way, improving developers’ experience in the IOST network.”

It added:

“In turn, the integration of IOST will make the Gravity network more powerful, providing access to new dApps and tokens for users of all connected blockchains.”

The Waves protocol developers noted that they’re glad to welcome IOST, which has quickly become a leading public blockchain or distributed ledger tech (DLT) platform. IOST has reportedly partnered with government agencies and large enterprises in order to work on various blockchain-related initiatives.

Sponsored Links by DQ Promote



Send this to a friend