Composable Finance aims to connect all blockchains using a novel cross-ecosystem IBC solution called Centauri.
Composable says they are on a mission of Any Money, Any Chain, Anywhere, and want to expand IBC “everywhere.” Getting there has taken just shy of two years of hard work and is about to hit the Cosmos like a comet.
“Our main goal is to establish IBC everywhere,” Composable Founder Brainjar said. “We want to compose functionality across all ecosystems as well.”
With Centauri, Composable has created a trustless transfer protocol which enables IBC cross-ecosystem communication that can be used between various blockchains. Users of Kusama and Polkadot (AKA Dotsama when referring to both) can transfer assets right now over IBC and plans are in the works to have IBCÂ connections working between Dotsama and Cosmos appchains later this month.
Composable started out by creating a connection between Kusama and Polkadot. To achieve this, the team created parachains on both chains. Now Composable is focusing on extending IBC to other ecosystems with the next stop being the Cosmos ecosystem. Cosmos chains utilizing cross chain swaps, lending, and other DeFi components will soon be able to talk to Dotsama over IBC.
Making different blockchains communicate over IBC has not been without it’s challenges for the Composable team. If a chain does not have a light client –which can only be implemented on proof of stake chains– Composable will work on establishing the necessary infrastructure to support IBC on those chains.
As far as security is concerned, there have been bridge hacks in crypto, but IBC has never been hacked, and it’s a big reason why Composable chose to use it for their goals. Bridging is done on the consensus level, so no third party can control funds.
Picasso, a Kusama parachain run by Composable, will be able to communicate with Cosmos chains. The Composable team plans to have Picasso connected with Cosmos later this month. Another parachain on Polkadot, called Composable, will also be able to communicate with IBC enabled chains around the same time.
Composable says a Cross Chain Virtual Machine (XCVM) which is powered by Composable’s CosmWasm Virtual machine is how developers can compose functions like swapping and lending in multiple chains. We’ll spare you the technical details, but if you’re interested: XCVM.
Composable’s next goals after Cosmos are connecting IBC enabled chains with Ethereum, NEAR Protocol and then other blockchains.
One of the benefits of being in this new IBC enabled network would be the ability to send native tokens across the system. As it stands now, wrapped versions of tokens are essentially promissory notes or redeemable vouchers on separate chains. IBC compatible tokens would be preferred over wrapped tokens according to many crypto users.
“Composable has implemented CosmWasm which enables existing CosmWasm projects to deploy an outpost on Picasso,” Composable CTO Blas Rodriguez said. “So if a CosmWasm project wants to deploy their dApp on Picasso, they can do that.”
In an industry where people have been comparing interoperability projects like Polkadot and Cosmos together and highlighting competition, it’s refreshing to see a project bringing collaboration into the spotlight.
