Bitcoin and the Nomic nBTC update arrive on Cosmos.

Bitcoin and the Nomic nBTC update arrive on Cosmos.

The Inter-Blockchain Communication Protocol of Cosmos now has a token tied to Bitcoin thanks to a Nomic upgrade that was recently finished.

Some announcements on October 1st stated that an update integrating Bitcoin (BTC) into the Cosmos ecosystem was finished. 32.

The transfer of nBTC, a token that represents 1:1 ownership of Bitcoin, is now possible via Cosmos' Inter-Blockchain Communication Protocol (IBC), the company announced in a tweet. Cosmos claimed that Nomic, a different organization, made this feasible while it finished its interchain upgrade.

Cosmos continued, "Nomic's non-custodial Bitcoin bridge is now "fully functioning," expanding its reach through IBC throughout the blockchain sector.

Nomic itself declared that nBTC is accessible on Kujira, a decentralized cryptocurrency ecosystem, and Osmosis, a leading Cosmos decentralized exchange.

According to Nomic's official dashboard, $105,900 in Bitcoin (3 BTC) have already been bridged to the network. Only 1.85 BTC ($63,109) had been bridged one day prior to the upgrade, according to Atlas Staking, a genesis validator on Nomic. (31). The 21 BTC initial maximum capacity is currently valued at over $737,000.

October saw advancements with the upgrade.

Nomic clarified in an October. 3 announcement that the most recent version enables users to use nBTC on different Cosmos applications and deposit BTC.

Furthermore, according to Nomic, until Cosmos' most recent update—dubbed the nBTC Interchain Upgrade—there were not many seamless and decentralized methods to use Bitcoin. As an alternative, Cosmos is renowned for establishing connections with a number of different blockchains and resources, such as Ethereum (ETH) and its different ERC-20 tokens.

At the beginning of October, Nomic announced that it had completed some upgrades ahead of schedule, even though the full upgrade that added support for nBTC on Cosmos was not finished until the end of the month. Other updates indicate that in January 2022, Nomic introduced nBTC, and in July of the same year, it launched a staking network for its NOM token.

On October, Nomic also offered insights about the project to CryptoSlate. Three. A representative announced that the bridge had undergone security upgrades and that the team plans to eventually transfer some authority to a decentralized autonomous organization (DAO).

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