ISTANBUL, Oct. 3, 2023 /PRNewswire/ -- The Nomic DAO Foundation announced today that Nomic, a decentralized, non-custodial Bitcoin bridge, will soon enable Bitcoin (BTC) to be universally accessible within the Cosmos ecosystem. Presented at Cosmoverse, the Cosmos Network's premier conference, by Nomic's founders and core-contributors, Turbofish, Nomic will be upgraded to enable seamless BTC deposits and withdrawals throughout the entire Cosmos Network, from any platform or chain in the ecosystem.
At present, there is a lack of decentralized and streamlined methods available to users for bringing BTC into the Cosmos Network. To address this, Nomic instead empowers users to bring their BTC into Cosmos with nBTC, an IBC-compatible token, which saves users from having to convert their BTC into a different cryptocurrency.
During today's keynote, Turbofish CEO Matt Bell unveiled Nomic's nBTC Interchain Upgrade, scheduled for release on October 27, 2023 and activation on October 30, 2023, which will unlock a truly seamless and interoperable Bitcoin experience in Cosmos. The upgrade will do so by enabling users to deposit, withdraw, and transfer BTC from anywhere in the Cosmos ecosystem. Additionally, as demonstrated on stage, nBTC is launching on Osmosis, the premier decentralized exchange of Cosmos, with the ability to deposit and withdraw Bitcoin directly within the Osmosis Zone app.
"I believe the destiny of Cosmos is to become the application layer of Bitcoin; in fact it was that vision that drew me to the ecosystem many years ago in the first place. However, getting BTC off the Bitcoin chain in a secure and decentralized way remained a challenge -- until now. With Nomic, users will be able to use native Bitcoin on Osmosis and throughout the Cosmos ecosystem," said Sunny Aggarwal, co-founder of Osmosis. "Bitcoin is in deep need of an application DeFi ecosystem, and Cosmos is in need of a base money asset that can serve as its primary store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality."
In addition to Osmosis, from day one users can deposit and withdraw BTC directly in other popular Cosmos applications like Kujira and Levana.
To ensure BTC security, Nomic is currently undergoing an auditing process that will test the integrity of the bridge. Following the publishing of the audits, an update will transfer bridge capacity and fee controls to the Nomic DAO, which will control any BTC capacity limits along with deposit and transfer fees and result in expansion of bridge utilization. These upgrades represent a significant step toward advancing the functionality and accessibility of the Nomic platform.
"The Cosmos ecosystem is too important for it to lack a seamless and secure way to receive BTC. With these forthcoming upgrades, Nomic is poised to be the most secure bitcoin bridge on the market today," said Matt Bell, CEO of Turbofish, who spoke at Cosmoverse today to introduce the upgrades. "We see today's announcement as the beginning of the most seamless and secure way to on-ramp users into the Cosmos ecosystem with BTC. With these upgrades, we are thrilled that Nomic will now unlock the exciting DeFi capabilities of the Cosmos ecosystem for any user holding BTC."
With Nomic, rather than merely holding BTC in wallets without active utilization, users can participate in various markets and DeFi products, such as liquidity provisioning (LPing). This approach is designed to maximize the potential benefits of BTC within the Cosmos network, fostering growth and sustainability for both the platform and its users.
Cosmos, known for its scalability and security since its 2019 launch, features the IBC Protocol for token transfers between different blockchains. Until now, a secure method for transferring BTC into Cosmos was lacking — a gap now addressed by Nomic.
To learn more, visit https://www.nomic.io/.
About the Nomic DAO Foundation
The Nomic DAO Foundation is a non-profit dedicated to the growth and integration of the Nomic ecosystem. The Foundation supports the goals and objectives of the Nomic DAO (decentralized autonomous organization), is the initial steward of the Nomic blockchain, and will support and grow the Nomic DAO until it becomes self-sufficient.
Nomic is a blockchain which offers a decentralized, non-custodial Bitcoin bridge. Built on Turbofish's Orga, a custom high-performance blockchain application framework, Nomic uses IBC to securely and efficiently bridge your BTC to Cosmos for use on any IBC-enabled chain.
Turbofish is building the next generation of open-source blockchain technologies, focusing on security, decentralization, and efficiency. Turbofish is the founder and core-contributor of Nomic, a decentralized, non-custodial Bitcoin bridge dedicated to bringing Bitcoin to the entire Cosmos ecosystem. As a proud member of the Rust Foundation, Turbofish is committed to supporting and expanding open-source software ecosystems.
SOURCE Nomic DAO Foundation