Side Protocol delivers IAS & onboards high-level functionality
Side Protocol happens to have delivered the Interchain Atomic Swap (IAS), which is a trustless and decentralized protocol serving the purpose of inter-chain asset swaps. For this, it utilizes the Inter-Blockchain Communication (IBC) Protocol standard (ICS-100). The IAS happens to have been developed by Side Labs, being an application layer protocol that is presently accommodated into IBC.
The reason for the increasing interest in atomic swaps is because of their ability to offer a decentralized, safe, and private method of carrying out activities related to the exchange of digital assets through various blockchain networks. It is also not necessary to have an intermediary token or pool or a dependable third party.
The highlighting feature of atomic swaps happens to be its atomicity property that makes sure either the process of trade is carried out totally or else it will not happen. This discourages the opportunity for fraudulent activities.
It is possible to carry out atomic swaps only between two blockchain networks that function in tandem with each other and back similar Hash Time-Locked Contracts (HTLC). The need is also for them to back the same cryptographic hash function, along with transaction scripting language. If the two networks are not in tandem, a substitute cross-chain bridge or interoperability protocols will be required.
The enhancements that have been carried out in the recent past, where interoperability protocols are concerned, like the Inter-Blockchain Communication (IBC) Protocol in the Cosmos network, provides the opportunity for carrying out atomic swaps through various blockchain networks.
The Inter-Blockchain Communication Protocol (IBC), on its part, happens to be an end-to-end, connection-based, stateful protocol for carrying out dependable ordered and verified communication between heterogeneous blockchains put out in an unknown and dynamic topology.
The IBC protocol has been created in a way that it remains modular, permitting the IBC application builders to focus on advanced functions without having to delve into clients, connections, or proof authentication. The modular framework allows builders to create a retinue of inter-chain applications for special use cases. ICS-20 carries out inter-chain fungible token transfers, ICS-27 provides inter-chain account management, and ICS-28 is utilized in the case of inter-chain safety sharing.
Inter-chain Atomic Swap (IAS) has been created by Side Labs and has the support of the IBC Protocol team. It happens to be a fresh IBC application (ICS-100) for carrying out inter-chain asset swaps. It is bridgeless, upgradeable, and composable, necessary features for cross-chain interoperability. Through the utilization of IAS, builders are able to build various types of DEX. It is also possible to carry out inter-chain liquid staking and payment channels.
As an entity, Side Labs happens to be a prime player where the building of Side Protocol, the open-source interchain explorer Ping Pub, and IBC-oriented applications like ICS-100 and ICS-101 are concerned. The team consists of expert builders, engineers, as well as researchers.
Their future plan happens to be the execution of open-source standards in different ways in order to fulfill user requirements. This also includes a conventional x/IAS model written in Go, along with IBC-capable CosmWasm-oriented smart contracts written in Rust. They will also be continuing the backing of EVM-oriented chains.