[Cosmoverse 2023] IBC Gets Ready to Land on Ethereum

This is the deck for Cosmoverse 2023. Daiki, the founder of TOKI, gave a presentation titled "IBC Gets Ready to Land on Ethereum."

Find our more:
- GitHub repo for the demo : https://github.com/datachainlab/cosmos-ethereum-ibc-lcp
- X(Twitter): https://twitter.com/tokifinance

Transcript

2. Why IBC? IBC is a modularized transport layer that connects all blockchains, with its inherent natures by design. Dynamic connection Various security models Permissionless relayer Core natures of the IBC
3. The Internet of Blockchains Blockchains would be spun up and gone every day, where hundreds of trillion dollars would stream back and forth.
4. High-level Architecture of IBC Client(ICS-02) and Connection(ICS-03)are key specs to differentiate from other bridges. Chain A Chain B App layer Core layer Client layer ibc-app ibc-module Light client B (ICS-02) ibc-app ibc-module Light client A (ICS-02) Packet Channel Connection (ICS-03) relayer IBC-TAO
5. Various security models 1/2 IBC can set up various security models defined by ICS-02 based on the requirements that app chains or dApps have. Validity Proof Light Client E.g., ICS-07 ZK-Proof Solomachine ICS-06 (i.e. multi-sig) Proof based Committee based Fraud-Proof External Networks MPC TEE-Proof
6. Various security models 2/2 IBC allows app chains and dApps to opt for the optimal security models depending on requirements. Light client Solomachine Light client ZK-Proof TEE-Proof Light client The combination of several security models will accelerate the adoption of IBC.
7. Dynamic Connection Applications can permissionlessly and instantly establish IBC channels while using pre-existing connections defined by ICS-03. A B D C Permissionless and hop functionalities will bring dynamic network expansion Bridge Chain A B D C Network expansion will be limited by permissioned and stand-alone connection Hop Hop Hop With a connection standard Without a connection standard
8. Permissionless relayer Those natures enable the permissionless relayer, and it functions to minimize the fees based on the balance of demand and supply. App Chain App Chain App Chain App Chain Bridge Chain Has own ecosystem Has own ecosystem Has own ecosystem Need to incentivize validators Has own ecosystem Anyone can operate relayers. Costs will be optimized. relayer App chains rely on bridge chains. Costs will be depend on bridges.
9. IBC for the Internet of Blockchains IBC has very important natures in making the vision a reality and is a modularized standard to build it in diverse ways. Core natures of the IBC No more protocol wars Source: GoGoDiego Dynamic connection Various security models Permissionless relayer
10. IBC gang!! #IBCgang are on a same mission and working on wide range of IBC-related modules. Let’s keep building together. IBC Go Relayer, Packet forward, Wasm LC ibc-go, ibc-rs ZK-IBC, Multi-hop IBC BEEFY LC, GRANDPA LC (the first IBC CosmoDot connection) LC for Avalanche and more… IBC-Solidity, LC for Ethereum, BSC, etc.
11. Announcement No more spec, just build, to enhance dev experience and make our vision a reality. Testnet will go live in this Q. https://github.com/datachainlab/cosmos-e thereum-ibc-lcp
12. High-level architecture In order to compress the light client verification cost, we utilize TEE. 3. Submit a packet with proofs IBC-Solidity LCP Client Relayer 1. Submit a packet 2. Verify a packet and generate proofs 4. Verify the proofs Enclave Light Client (ELC) ELC for Ethereum ELC for Tendermint TEE (LCP Node) Enclave Key and more… LCP A LCP B LCP C LCP D And more Verification cost(Source) - updateClient: 190k - verifyMembership: 17k IBC-go LCP Client Anyone is allowed to operate LCP nodes.
13. Stablecoins via IBC The stablecoins backed by MUFG will move around among Ethereum, Noble, and dYdX through IBC!! ×
14. One more thing We completed developing BSC light client, too. IBC will connect Ethereum, BSC, and Cosmos soon!
15. Lastly, We will expand this effort to L2s, Avax, Solana, etc. If you are interested in, please let us know. For more information Follow us on X! @tokifinance https://linktr.ee/tokifinance
16. ありがとう！