- October 3, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Non-custodial Bitcoin (BTC) bridge Nomic revealed that it would soon allow the top cryptocurrency to be “universally accessible” within the Cosmos (ATOM) ecosystem through a planned upgrade scheduled for Oct. 27.
Cosmos, a prominent blockchain network boasting a market capitalization exceeding $2.5 billion, grapples with a notable challenge—the absence of a decentralized means to integrate Bitcoin into its ecosystem.
Nomic addresses this challenge through nBTC, an IBC-compatible token pegged to the top digital asset. The cross-chain bridge planned nBTC Interchain Upgrade aims to pave the way for a seamless and interoperable Bitcoin experience within the Cosmos ecosystem.
As per information shared with CryptoSlate, this upgrade will empower users to conduct BTC transactions throughout the Cosmos network.
Furthermore, Nomic’s nBTC will debut on Osmosis, Cosmos’s leading decentralized exchange. This will allow users to deposit and withdraw Bitcoin within the Osmosis Zone app.
Sunny Aggarwal, a co-founder of Osmosis, has highlighted how Nomic addresses the long-standing challenge of moving Bitcoin from its native chain to another blockchain.
He emphasized that introducing Nomic Bitcoin would facilitate a symbiotic relationship between the two ecosystems, adding that Bitcoin requires a DeFi ecosystem, while Cosmos benefits from having a foundational asset for value storage.
In addition, Nomic’s nBTC will be accessible on widely used Cosmos applications such as Kujira and Levana.
Nomic bridge to be handed to DAO
Nomic’s core contributor, Turbofish, revealed that the bridge was undergoing a security audit to ensure the bridge’s safety before the upgrade.
Turbofish also outlined plans to hand control the bridge’s capacity and fee management to Nomic DAO. This move empowers the DAO to oversee the bridge’s BTC capacity limits, transaction fees, and overall development.
In a statement, Turbofish CEO Matt Bell emphasized that the Cosmos DeFi ecosystem needed secure and seamless access to BTC. Matt Bell, CEO of Turbofish, said, “With these forthcoming upgrades, Nomic is poised to be the most secure bitcoin bridge on the market today.”
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