Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Inter-Blockchain Communication (IBC) is expanding like never before. Today, TOKI and Oasys are delighted to announce that we are teaming up to bring IBC to Oasys, the leading gaming EVM blockchain: offering brand-new gaming experiences and enhanced UX through cross-chain functionalities.
Blockchain game is a hot topic worldwide, with a significant demand for blockchain platforms tailored to gaming. Oasys has garnered support from leading game companies such as SEGA, Bandai Namco, Square Enix, and Ubisoft.
These companies not only back Oasys blockchains as validators but also some have announced games set to be released on Oasys. For instance, Ubisoft is poised to launch âChampions Tactics,â the first blockchain game for Ubisoft. Additionally, double jump.tokyo will launch âBattle of Three Kingdoms,â a game that utilizes IP from SEGAâs renowned action games.
In other words, one of the hottest gaming blockchains will come to the interchain.
In this post, we will take a closer look at IBC, introduce you to Oasys, and explore why Oasys is integrating IBCâââsomething both IBC and Oasys communities will find exciting.
TL;DR
- TOKI and Oasys have joined forces to enable trust-minimized interoperability with IBC on Oasys, a leading gaming EVM-compatible blockchain.
- IBC is the most widely used interoperability protocol at present, and TOKI is one of its leading contributors.
- Oasys opted to adopt IBC for several reasons: its status as the go-to standard for blockchain interoperability, the benefits of its permissionless nature for the Oasys community, and its capability to enable single-click cross-chain transactions across multiple chains with a built-in response feature.
TOKI and IBC
TOKI is at the forefront of expanding IBC to non-Cosmos SDK blockchains. As key contributors to ibc-solidity, our current focus includes EVM blockchains such as Ethereum, BNB Chain (BSC), Avalanche, and Polygon.
Weâre also in the process of implementing an IBC bridge that connects across EVM blockchains and Cosmos SDK blockchains. Excitingly, our testnet linking Ethereum and BNB Chain is set to launch early next year. Keep an eye on this space for our latest updates here.
Moreover, through our collaboration with Progmat and MUFG, Japanâs largest banking group, TOKI is enabling cross-chain transactions with fully-regulated stablecoins, compliant with Japanese legislation.
IBC stands as the most widely used, reliable, and universally adopted interoperability protocol in the world to date. According to the Cosmos Chain registry, more than 100 zones have been connected via IBC. As of December 13, 2023, according to Map of Zones and DappsRadar, the total value of IBC transfers has reached $808 million in the past 7 days, more than double the combined transaction volumes of Stargate (LayerZero), Wormhole, Synapse, and Hop protocol.
IBC offers a permissionless way for transferring data packets between blockchains, setting it apart from many other cross-chain technologies that rely on trusted intermediaries. This unique approach of being permissionless and minimizing trust has ensured zero losses for IBC since its inception in 2021.
While the blockchains currently using IBC are predominantly Cosmos SDK appchains, the technology is expanding its reach. For instance, TOKI is pioneering the connection of Ethereum and BSC (BNB Chain) via IBC. Composable Finance has completed building an IBC bridge between Polkadot and Cosmos, and Polymer Labs is actively developing a hub to connect Ethereum and Cosmos via IBC.
What is Oasys?
Oasys is a gaming-centric blockchain, EVM-compatible and renowned for providing an optimal user experience with its quick transaction speeds and the benefit of zero gas fees.
Its significance is emphasized by the substantial support it garners from major gaming companies such as SEGA, Bandai Namco, Square Enix, Ubisoft, Com2uS and so on. These industry giants are more than just supporters; they play a crucial role as validators for the blockchain.
The upcoming games on Oasys are also fantastic. For example, âCaptain TsubasaâââRIVALS-â, a highly anticipated title from the renowned Captain Tsubasa series, is scheduled to launch on Oasys in the first half of 2024.
CAPTAIN TSUBASA -RIVALS- on Twitter: "đ #Oasys Chain Adoption Confirmed đ #TsubasaRivals is leveling up with multi-chain support! Thrilled to share that we're teaming up with the gamer-centric blockchain 'Oasys'. Gear up for this epic update, set to roll out in early 2024đïžhttps://t.co/nkYnbD81tf pic.twitter.com/JHaFWb77JW / Twitter"
đ #Oasys Chain Adoption Confirmed đ #TsubasaRivals is leveling up with multi-chain support! Thrilled to share that we're teaming up with the gamer-centric blockchain 'Oasys'. Gear up for this epic update, set to roll out in early 2024đïžhttps://t.co/nkYnbD81tf pic.twitter.com/JHaFWb77JW
Also, as mentioned in the introduction, Ubisoft will release its first blockchain game title, âChampions Tacticsâ, on Oasys in 2024.
Why Oasys Choose to Adopt IBC
So, why did Oasys decide to adopt the IBC out of several cross-chain protocols?
Daiki Moriyama, Director at Oasys, explained to our team the reason behind this decision.
Oasys has set âInteroperabilityâ as one of the three pillars of its 2024 vision, âOasys Dragon Updates.â Interoperability is one of the important milestones for Oasys, and we believe it will become increasingly important for the further spread of blockchain games in the future.
IBC has become the go-to standard for cross-chain protocols. Itâs kind of a no-brainer that supporting this standard is crucial.
The fact that IBC is permissionless plays a huge role for Oasys. Itâs key for giving both users and game devs a secure platform and for growing their ecosystem.
Another cool thing about IBC is its response feature. It lets you know if your cross-chain transactions worked or not. This means you can do transactions across multiple chains with just a single click.
How to Implement IBC on Oasys
Technically speaking, Oasys is an EVM-compatible blockchain that comprises two distinct chains: the Oasys Hub (L1) and multipleVerses (L2). Weâre planning to employ IBC to facilitate connections both between individual Verses and between the Hub chain and other ecosystems, such as Ethereum and Cosmos.
As depicted in the figure above, our approach involves utilizing ibc-solidity and implementing light clients for both the Oasys Hub chain and the Verses.
Furthermore, weâre integrating the Light Client Proxy (LCP), a middleware utilizing Trusted Execution Environment (TEE), to replace light client verification in hardware-based secure environments.
This approach will not only facilitate secure and gas-efficient cross-chain transactions, but it will also streamline the process of connecting with multiple blockchain ecosystems. It achieves this by eliminating the need for implementing separate light clients for each blockchain within the Oasys ecosystem.
Use Cases
Oasys is planning to introduce innovative cross-chain features through IBC, as outlined below:
Single-Click Cross-Chain Payment:
Users will be able to purchase NFTs using OAS tokens across different Verses with just a single click.
Single-Click Cross-Chain Swap:
Users will have the ability to swap their tokens for any token on the Oasys DEX and then transfer them to a different Verse Chain, all with a single click.
Looking Ahead
Weâre excited to share all the latest on this and other exciting developments.
Donât miss outâââfollow us on X (Twitter) for all the updates and exclusive insights!
TOKI and Oasys Unite to Bring IBC to the Leading Gaming Blockchain was originally published in Interchain Ecosystem Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.