Inter Blockchain Communication
Inter Blockchain Communication, or IBC, is a protocol that’s part of the Cosmos technology stack, allowing seamless communication between blockchains. It’s designed to overcome one of the core challenges of legacy public blockchains, which is that they were built to operate as silos, with no opportunity to transfer data or tokens between platforms.
IBC enables BitSong to interoperate with any other IBC-enabled blockchain in the Cosmos ecosystem. Furthermore, with innovations such as the Gravity Bridge, IBC is also being used to power bridges to non-Cosmos blockchain ecosystems like Ethereum.
In practice, IBC allows BTSG to become listed on any Cosmos DEX such as Gravity DEX or Osmosis or others that will be deployed in the future. It will also allow anyone holding NFTs, Fan Tokens, or BTSG, the opportunity to use them in applications on other compatible blockchains.
For instance, as the Cosmos DeFi ecosystem develops, someone could use the value stored in their BitSong-issued NFTs as collateral to take out a loan. Please note that this documentation will be updated as and when such integrations become available to users.
IBC is also a critical enabler for the Liquidity Module.
Sending a packet (Source chain)
Receiving a packet (Destination chain)
Sending an acknowledgement (Destination chain)
Receiving an acknowledgement (Source chain)
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