Tuesday, 27 February 2024

Crypto News

Cosmos Interchain Foundation budgets $26M for ecosystem development in 2024

Cosmos Interchain Foundation budgets $26M for ecosystem development in 2024

Swiss-based Interchain Foundation (ICF), the core developer behind cross-chain communications protocol Cosmos, will allocate $26.4 million for maintaining the said ecosystem next year.

According to a December 13 announcement seen by Cointelegraph, the ICF 2024 roadmap “prioritizes funding for the Interchain Stack’s optimal functionality.” Out of the amount, $3 million will be allocated to CometBFT, the Cosmos’ Byzantine fault-tolerant engine for state machine replication. Meanwhile, $4.5 million will go towards the Cosmos software development kit (SDK), and $7.5 million will be allocated to Cosmos’ native inter-blockchain communications protocol (IBC).

The remaining $4.155 million will go towards smart contract framework CosmWasm, digital library CosmJS, and ecosystem security audits. “This year’s funding program is designed to fortify the free-to-use, open-source Interchain Stack, serving as a catalyst for enhanced blockchain interconnectedness,” said ICF Board Director Maria Gomez, “The role we play in the ecosystem is that of a steward that aids the interchain to achieve its goal of interoperable sovereignty.”

Cosmos’ IBC bridge currently connects 46 blockchains with a combined token value of $13 billion. Although plenty, it remains below the 200 IBCs by 2022 target set out by Cosmos core developer Tendermint (now Ignite) back in November 2021.

This year, the ICF allocated a total of $40 million for ecosystem development in areas such as the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program, as well as integration with other blockchain technologies such as Polkadot and Hyper Ledger. Although there have been numerous hacks surrounding cross-chain bridges, they have largely steered clear of the Cosmos ecosystem. 

Related: What is Cosmos: A beginner’s guide to the ‘Internet of Blockchains’