How Have the Cosmos Interachain Accounts Changed?

by 99Crypto

Cosmos is the world's first decentralized network made for interchain communications. It was designed to provide an open-source blockchain that can be created through a decentralized protocol, and integrated with different chains to allow them to communicate. With its many features, such as interoperability, public-key cryptography, and data transfers, Cosmos promises to be the biggest upgrade to cryptocurrency. Here, we will discuss why interchain accounts are the biggest upgrade to Cosmos since Stargate.

  1. Anyone Can verify interchain Accounts

The most notable feature of Cosmos is that it's designed to allow people from different chains to communicate with each other. It also allows people from different chains to verify transactions made between these chains. If a person wants to verify the transaction, they can create their chain and connect it with the desired chain. This will allow them to confirm the transaction, and prevent double-spending issues.

  1. Interchain Accounts Can Be Transferred Between Chains

The second most notable feature of Cosmos is that it allows for transferring tokens between different chains. This is because it has been designed to be compatible with other chains and enable them to communicate with each other. However, the transferability of tokens from one chain to another will not be possible if there is no way for the sender and recipient to verify that the same person owns their tokens. This means that when Cosmos was first released, people could only send and receive tokens from their own chain.

  1. Interchain Accounts Can Be Used for Payments and Debit

Interchain accounts are the ultimate solution for payments and debit. Transactions can be done within a private chain, a public chain, or both. The beauty of such a design is that it allows us to choose which blockchain we want to interact with. So if we want to make payment in BTC, we don't have to use ETH or other altcoins. We can use BTC directly from our private chain, and pay from there. This is much more convenient and safer than using an altcoin for payments.

If you're new to cryptocurrencies, you might be curious as to why we need interchain accounts. These are reasons why Cosmos is setting a new standard in crypto, and making it much easier for different chains to communicate with each other.