Interchain Foundation Acquires Skip to Enhance Cosmos Development

by

As a seasoned crypto investor with a knack for spotting promising projects, this latest move by the Interchain Foundation (ICF) has piqued my interest. The acquisition of Skip, a company renowned for its innovative solutions in the blockchain space, seems like a strategic decision aimed at revitalizing the Cosmos ecosystem.

To refresh and redefine the development and perspective of the Cosmos system, the Interchain Foundation (ICF) has taken a daring step by purchasing Skip, a company known for its cutting-edge breakthroughs in the realm of blockchain technology.

As stated in a Medium article dated December 10th, the primary objective of this acquisition is to streamline initiatives within the Cosmos system, improve the functionality of the Cosmos Hub, and promote a cohesive strategy for advancements in blockchain technology.

A Strategic Solution to Cosmos Ecosystem Fragmentation

The takeover of Skip by the ICF includes a rebranding, changing its name to Interchain Inc. This new entity will function as a specialized subsidiary. This action signifies the ICF’s renewed dedication to tackling issues of inefficiency and fragmentation within the Cosmos system, as demonstrated by their continued commitment.

As reported by CoinDesk, Josh Cincinnati, who is the President of the Interchain Foundation (ICF), expressed that the acquisition aims to assist developers in overcoming difficulties within the Cosmos system.

He stated, “The environment from which we originate provided us with invaluable insights; we paid attention and took appropriate action. This purchase will significantly boost the advancement of the interchain, as it allows one of our most robust developers to tackle issues with both intention and speed.

This protocol, sometimes referred to as the “Internet of Blockchains,” is leading the charge when it comes to blockchain interconnectivity through its Inter-Blockchain Communication (IBC) network. Yet, this environment has encountered challenges such as fragmented decision-making and delays in implementing crucial projects.

Through this purchase, the ICF aims to simplify development workflows and prioritize the Cosmos Hub as a crucial hub for liquidity, safety, and cross-chain cooperation.

Leadership Changes and Strategic Goals

By incorporating Skip’s innovative offerings such as The Block SDK, Skip:Connect (previously known as Slinky), and mev-tendermint, this strategic alignment will find a harmonious match with the Cosmos ecosystem, as these solutions have significantly boosted the capabilities of both the Cosmos Software Development Kit (SDK) and CometBFT.

Furthermore, it’s worth noting that one of our key offerings, Skip:Go, plays a pivotal role in our system, handling approximately a quarter to half of all transactions for International Banking Corporation (IBC) each month.

With the guidance of Barry Plunkett and Maghnus Mareneck, co-founders of Skip, Interchain Inc. will spearhead significant projects including the creation of “IBC Eureka,” an initiative designed to introduce Ethereum compatibility within the Cosmos network.

ICF contends that reinventing the Cosmos Hub will significantly contribute to attracting users and developers within the system’s community.

As a crypto investor, I’ve been eagerly watching the journey of Cosmos, a uniquely fragmented network we’ve been seeking to strengthen for quite some time. The acquisition of Skip seemed like the perfect solution, and I couldn’t be more pleased with the outcome. Barry, Mag, and the entire Skip team have plunged headfirst into the Cosmos vortex and swiftly demonstrated their capabilities. I’m thrilled to see them stepping up as stronger leaders, ready to rebuild the ecosystem, the interchain stack, and the Cosmos Hub. Ethan Buchman, co-founder of Cosmos and outgoing ICF Council member, expressed this sentiment.

Read More

2024-12-11 01:48