Bitcoin arrives on Cosmos with Nomic nBTC upgrade

An upgrade that brings Bitcoin (BTC) into the Cosmos ecosystem has been completed,  according to assorted announcements connected Oct. 31.

Cosmos announced successful a tweet that its Inter-Blockchain Communication Protocol (IBC) tin present transportation nBTC — a token that represents 1:1 ownership of Bitcoin. Cosmos said that different group, Nomic, made this imaginable arsenic it completed its interchain upgrade.

Cosmos added that Nomic’s non-custodial Bitcoin span is present “fully functioning,” furthering its scope passim the blockchain manufacture via IBC.

Nomic itself announced that nBTC is disposable connected Osmosis, a apical Cosmos decentralized exchange, and Kujira, a decentralized crypto ecosystem.

Nomic’s official dashboard suggests that $105,900 worthy of Bitcoin (3 BTC) has already been bridged to the network. Atlas Staking, a genesis validator connected Nomic, reported that the upgrade had seen conscionable 1.85 BTC ($63,109) bridged 1 time earlier connected Oct. 31. The archetypal maximum capableness is 21 BTC, presently worthy much than $737,000

Upgrade progressed during October

Nomic explained successful an Oct. 3 announcement that the latest upgrade allows users to deposit BTC and usage nBTC connected assorted Cosmos applications.

Nomic besides stated that determination person been fewer decentralized and seamless ways to usage Bitcoin connected Cosmos until its latest upgrade, which is termed the nBTC Interchain Upgrade. Cosmos is different known for bridging with respective different blockchains and assets, including but not constricted to Ethereum (ETH) and its assorted ERC-20 tokens.

Though the afloat upgrade adding enactment for nBTC connected Cosmos was not completed until the extremity of October, Nomic said astatine the opening of the period that it had performed definite upgrades successful beforehand of the last upgrade. Other updates amusement that Nomic launched a staking web for its NOM token successful January 2022 and introduced nBTC successful July 2022.

Nomic besides commented connected the task to CryptoSlate connected Oct. 3. A typical said that the span has undergone a information upgrade, adding that the squad intends to springiness immoderate power to a decentralized autonomous enactment (DAO) successful the future.

The station Bitcoin arrives connected Cosmos with Nomic nBTC upgrade appeared archetypal connected CryptoSlate.