A Quick Read on Antelope IBC
The main points of the Antelope IBC explained in simple terms.
What is IBC?
The Inter‐Blockchain Communication Protocol (IBC), an open‐source protocol for relaying messages between independent distributed ledgers, was created to connect independent blockchains to one another.IBC allows heterogeneous chains to trustlessly communicate with each other and exchange value, particularly tokens, which makes them interoperable.
A key feature of IBC is that the connected blockchains do not need to communicate with each other directly. Instead, they are able to send packets of information via dedicated channels using smart contracts to connect to the chains.
IBC, in its most basic form, is a method for two distinct blockchains to connect with one another and exchange data regarding their unique ledgers. In other words, IBC enables anyone to prove to contracts on one blockchain that a specific contract action took place on a totally different blockchain.
Traditional IBC is achieved with bridges that are essentially multi signature oracles. An major need in creating an IBC solution for Antelope chains was that the user had to be able to conduct the transaction without the need for any additional trust or third parties.
This was done in order to ensure that users could move tokens and carry out cross-chain operations without the need for a separate infrastructure run by authorised parties.
In order to achieve this there is still a bridge methodology in play, but it’s happening at the chain’s base layer, rather than through a third party.
A user of one Antelope chain is likely to trust the consensus of another Antelope chain. So, with this implementation, the two chains are acting as trusted clients of each other.
To generate action on the destination chain, the transactions must reach finality on the source chain. This means that a user is guaranteed to always have a matching state on both networks and will not experience the problems that other chains do due to failing bridges. This is as clean and secure as IBC solutions get, rendering traditional bridges between Antelope chains obsolete.
" In simpler terms, a user can lock a token on Chain A, then prove that the token is locked on Chain B in order to mint a new token representing that asset on Chain B. When a user wants to return their tokens to Chain A, they can do so by reversing the process. This entails burning the token on Chain B and demonstrating that it was burned on Chain A, allowing the original token to be unlocked there. "
Now let's replace Chain A and Chain B with something more relatable.
" In simpler terms, a user can lock a token on EOS, then prove that the token is locked on TELOS in order to mint a new token representing that asset on TELOS. When a user wants to return their tokens to EOS, they can do so by reversing the process. This entails burning the token on TELOS and proving that it was burned on EOS , allowing the original token to be unlocked on EOS . "
- IBC is a technology that allows for separate blockchains to communicate with each, enabling features such as cross chain token transfers.
- Unlike other IBC solutions in the space, Antelope IBC offers unmatched security by implementing IBC without any additional trusted third parties.
- IBC will dramatically improve the Antelope user experience by allowing for seamless communication and asset transfers across all Antelope powered chains.
- Initiatives such as Yield+ and the UX AMM can leverage Antelope IBC to bring an even greater user experience to DeFi projects on EOS.
- Antelope IBC Deep Dive: Seamless Horizontal Scaling Launches on EOS
- What is the Inter-Blockchain Communication Protocol (IBC)?