Interchain Foundation Pledges $26.4M to Boost the Cosmos Ecosystem in 2024
Summary:
The Interchain Foundation (ICF), the Swiss organization behind Cosmos, will allocate $26.4 million in 2024 towards bolstering its ecosystem. The funds will be distributed amongst various initiatives, including CometBFT, Cosmos' software development kit, and its native inter-blockchain communication protocol, amongst other aspects. Despite underperforming in their IBC bridge connection goal, ICF continues to focus on fostering an interoperable blockchain environment.
In 2024, the Interchain Foundation (ICF), a Swiss organization leading the development of the communication protocol Cosmos, plans to earmark $26.4 million towards sustaining its ecosystem. This funding plan was unveiled on December 13, revealing that the ICF's 2024 roadmap is aimed at harnessing resources to ensure the optimal functioning of the Interchain Stack.
From this dedicated funding, $3 million will be channeled to CometBFT, Cosmos' engine built on Byzantine fault tolerance for state machine replication. The Cosmos software development kit (SDK) will receive $4.5 million, and $7.5 million will be aimed at enhancing the native inter-blockchain communications protocol (IBC) of Cosmos.
The leftover funds amounting to $4.155 million will be invested in the CosmWasm smart contract framework, the digital library CosmJS, and to conduct audits of ecosystem security. Maria Gomez, a director on the ICF Board, stated that the allocated funding is set to strengthen the open-source, fee-free Interchain Stack, as it becomes a crucial element in augmenting blockchain interoperability.
As it stands, Cosmos' IBC bridge is linked to 46 blockchains owning a combined token worth of $13 billion. But this falls short of the ambitious target Cosmos set to connect 200 IBCs by the end of 2022.
In the current year, ICF has assigned a total of $40 million for the development of the ecosystem in various sectors. This includes the Cosmos Developer Portal, Interchain Developer Academy, Interchain Builders Program, and for amalgamation with other blockchain technologies like Polkadot and Hyper Ledger. Thankfully, in spite of troubled experiences with cross-chain bridges in the past, the Cosmos ecosystem has been significantly unaffected by such incidents.
Published At
12/13/2023 8:30:00 PM
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