Summary
- Cosmos announced its plan to halt EVM development and concentrate on developing the IBC protocol.
- Cosmos explained that advancing the IBC protocol is more effective for ecosystem expansion.
- This decision is said to be a strategic move to enhance asset transfers and communication between different blockchains.
According to CoinDesk, a virtual asset (cryptocurrency) specialized media outlet, on the 16th (local time), Cosmos announced that it will discontinue development of the Ethereum Virtual Machine (EVM) and instead focus on developing its own Inter-Blockchain Communication (IBC) protocol for interoperability between blockchains. Cosmos stated, "We believe that advancing the IBC protocol, a unique strength of Cosmos, is more effective for ecosystem expansion than focusing on EVM." This decision is interpreted as part of a strategy to enhance seamless asset transfers and communication between various blockchains.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
