Octopus Network, a Web3 infrastructure leveraging the Near Protocol, has revealed the launch of its Adaptive IBC at NearCon 2023. This groundbreaking initiative is designed to foster interoperability between the Cosmos ecosystem and Near, marking a significant advancement in the blockchain industry.
In a notable development, Secret Network, renowned for its emphasis on confidential computing, is set to be the inaugural user of Adaptive IBC in early 2024. This collaboration establishes the first-ever connection between the Cosmos and Near ecosystems, amplifying the capabilities of the Inter-Blockchain Communication Protocol (IBC).
During NearCon 2023, Louis Liu, the founder of Octopus Network, and Alex Zaidelson, CEO of SCRT Labs (the core development team behind Secret Network), jointly announced this strategic partnership. Liu described Adaptive IBC as a “groundbreaking development in the space of interoperability.”
The Inter-Blockchain Communication Protocol (IBC) is acknowledged as one of the most comprehensive open blockchain interoperability protocol stacks. The NEAR-IBC project is a crucial component of Octopus 2.0’s roadmap, aiming to facilitate seamless asset transfers between the NEAR and Cosmos ecosystems.
Secret Network, utilizing the Cosmos SDK and Tendermint consensus while prioritizing confidentiality-preserving smart contracts, is exploring additional collaborations with Octopus Network. These endeavors aim to enhance confidential computing capabilities between NEAR and Cosmos.
An anticipated feature involves enabling smart contracts on NEAR to leverage Secret Network’s confidential computation capabilities. This integration allows NEAR-based smart contracts to conduct most operations within their native network while utilizing a proxy contract on Secret Network for tasks requiring confidential computation.
“The partnership with Octopus is part of the overall 2024 strategy to make Secret Network’s confidential computing power accessible to developers and users across the Web3 ecosystem, targeting Ethereum, NEAR, and other leading blockchains.” – Alex Zaidelson, CEO of SCRT Labs
Louis Liu outlined Octopus Network’s broader vision, including plans to connect NEAR with other major blockchain ecosystems like Ethereum, BNB Chain, and Solana through the development of the NEAR IBC Port.
With the introduction of the NEAR IBC Port, Octopus Network is positioned to play a pivotal role in reshaping the future of blockchain interoperability, unlocking new possibilities for blockchain ecosystems.
About Secret Network:
Secret Network offers scalable permissionless smart contracts with a confidential-by-default design, introducing novel use cases not feasible on public systems. Powered by the Cosmos Software Development Kit (SDK), Secret Network brings interoperable confidential computing to the entire Cosmos ecosystem. Secret Network utilizes Intel SGX Trusted Execution Environment technology, various encryption schemes, and key management to deliver confidentiality by default to blockchain users. Secret Contracts, based on the Rust-based smart contract compiling toolkit CosmWasm, add confidential metadata possibilities. The Native public coin SCRT is the backbone of Secret Network, used for fees, Proof-of-Stake, security, and governance. With over 30 DApps on mainnet and a dedicated team of over 100 builders, Secret Network aims to bring confidential computing to the entire Web3 landscape.