Internet of Blockchains Communications (IBC), also known as Cosmos, recently shared its 2024 roadmap, outlining its plans for the coming year.
The ATOM price has been far from impressive in recent months. But, the new roadmap offers a glimmer of hope to the Cosmos faithful. Let’s discover what this Roadmap has to say.
IBC 2024 Roadmap
In summary, Cosmos plans to focus on usability and scalability in 2024. Cosmos first announced its new roadmap in a tweet. The tweet also noted that IBC has overseen 52 million transfers of $29 billion in value across over 100 chains since 2022. Let’s look at the roadmap.
1/ Introducing the #IBC 2024 Roadmap 💥
Let's dive into the future of the Inter-Blockchain Communication Protocol!
A future where diverse blockchain ecosystems are united through seamless interoperability, where secure, reliable, and trust-minimized communication is the norm 👇 pic.twitter.com/KAzQniuPac
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) September 18, 2023
Usability and Scalability Plans
In terms of usability, the IBC teams want to improve middleware by enabling multi-packet atomicity. And boosting the movement of arbitrary data alongside a token transaction. The usability goals also focus on the development of advanced cross-chain workflows on top of IBC. Furthermore, it will work on enhancing and differentiating the developer experience for IBC users.
4/ The two main themes for the 2024 roadmap are expansion and usability.
Expansion goals include shortening the time required to natively implement IBC, reducing IBC maintenance costs, and enabling a diverse range of blockchains to form IBC connections.
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) September 18, 2023
In addition, there are technical improvements to expand IBC in the coming year. This includes decoupling IBC-go from the Cosmos SDK, OP Stack integration, scoping generic IBC-go, and IBC-rs integration with the Sovereign SDK for ZK rollup compatibility. These plans, according to the tweet, are consistent with the goals of increasing IBC’s scope and applicability.
6/ The main challenge faced by the distributed development teams is serving more users with the existing implementations to reduce risks of bugs and ease code maintenance overhead.
The distributed development teams are committed to overcoming these concerns.
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) September 18, 2023
The roadmap’s scalability goals include reducing the time needed for native IBC implementation, lowering IBC maintenance expenses, and making it possible for several blockchains to make IBC connections.
Conclusion
The Cosmos roadmap highlighted four core areas of interest to the network:
- User adoption.
- Market strategy.
- Clearing technical debt.
- Developer experience.
9/ As we look ahead, the collective efforts of the distributed development teams promise an exciting future for IBC.
Together, they aim to overcome challenges and unlock new possibilities in blockchain interoperability.
— Cosmos – Internet of Blockchains ⚛️ (@cosmos) September 18, 2023
The IBC protocol has the potential to revolutionize blockchain interoperability, and these plans could lead to huge growth for the network in 2024.
In addition, experts are optimistic about ATOM’s price in 2024 due to the rising demand for cross-chain abilities and the new roadmap. ATOM currently trades at $7.15. Data from Coingecko shows that the Cosmos community is bullish. Over 88% of users have a positive outlook on the project.
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