Cosmos contributes IBC protocol to Linux Foundation initiative

The move places the Inter-Blockchain Communication protocol under a neutral foundation’s governance as its contributors seek to establish a common standard for connecting independent digital ledgers. IBC enables networks to exchange assets and data, including in systems used for payments and tokenized assets.

Cosmos said the foundation would offer organizations beyond its existing ecosystem a way to help develop the protocol. The project will remain free and open source, and existing chains, applications and services will continue using the public IBC network, the company said. A public charter and contribution guidelines will set out how work is organized. LF Decentralized Trust will hold the IBC trademark under its policy, while maintainers coordinate the technical roadmap.

Cosmos Labs will remain a primary maintainer and continue contributing engineering resources. Datachain and OpenZeppelin are joining as code maintainers. Cosmos also named individuals from Wells Fargo, Figure Markets, Injective, Cronos, Cardano Foundation, Zenith Foundation and Espresso Systems, among others, as supporters. Cardano Foundation said it was joining Cosmos and 22 other sponsors to promote IBC as a standard for finance.

The foundation had already named Wells Fargo among 15 new members in a Sept. 24 announcement, alongside Swift, Cosmos and the Interchain Foundation. That membership is separate from individuals’ support for the IBC contribution. Cosmos says more than 500 builders have contributed to IBC, which it links to applications in finance, Web3, the Internet of Things and artificial intelligence, including across Ethereum, Solana and Hyperledger. In September, Cosmos Chief Commercial Officer Eran Barak said banks still needed industry agreements on compliance standards, liquidity practices and settlement finality, even where IBC connects their ledgers.