THIS NEWSLETTER IS SPONSORED BY |  |  | A look at how Cosmos is enabling swaps between blockchains | Quick Takes - Blockchains in the Cosmos ecosystem can make cross-chain swaps once they have adopted the IBC standard.
- While takeup of IBC is reaching an inflection point, it's starting to result in some growing pains.
| Cosmos is moving full-steam ahead with its radical plan to enable swaps between blockchains.
The plan, in development for two years, finally kicked off earlier this year with the launch of the Inter‑Blockchain Communication Protocol (IBC) — a technological standard for enabling crypto assets to be swapped between blockchains. A blockchain that supports this standard can connect to any other blockchains that do as well.
The Cosmos ecosystem is made up of around 50 blockchains, all built using the Cosmos software. One such blockchain is Cosmos Hub (ATOM), supported by a company called Tendermint. Others include Terra (LUNA) — the 13th biggest blockchain by market cap — ThorChain (RUNE) and Osmosis (OSMO).
There are also a few firms developing the technologies underlying the ecosystem, including Informal Systems, which has been rolling out IBC gradually. Lately, the adoption of the protocol has started to pick up steam. So far, 22 blockchains have activated IBC, with several more on the way.
As more chains have integrated IBC, one result has been a big increase in cross-chain swaps. Since its launch at the end of March, it took just six months to see more than a million swaps across these blockchains in a single month, namely September. Then, in October, there were 1.5 million swaps.
"IBC adoption has exceeded my expectations, grown faster than any of us at Tendermint/Cosmos core companies have expected," says Tendermint CEO Peng Zhong at Cosmoverse, a community-run conference in Lisbon, Portugal.
So how does IBC work? And what are the biggest challenges standing in the way of the Cosmos dream for interconnected blockchains? | | |  | Indian government is expected to introduce a crypto bill in Parliament | The government of India is expected to introduce a crypto bill in the winter session of Parliament, according to an official bulletin. The bulletin is published by the Lok Sabha — the lower house of India's bicameral Parliament. It confirms recent reports that said a crypto bill will be presented in the winter session of Parliament, which begins on November 29 and concludes on December 23. | Fold launches Pokémon GO-like game that rewards players in bitcoin | The game is called Fold AR (augmented reality) and is available within the Fold app. It allows players to explore their surroundings while searching for bitcoin and other rewards "every 10 minutes." | IMF warns El Salvador of bitcoin-related risks in new statement | El Salvador should not use bitcoin as legal tender due to the financial and consumer risks it poses, International Monetary Fund (IMF) staff wrote in a concluding statement related to a mission in the Central American country. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY |  | The traditional technology you are using is not built for crypto assets.
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