Ethan Buchman, co-founder of Inter-Blockchain Communication (IBC), announced that a major security vulnerability has been identified in Cosmos that affects all IBC-enabled Blockchains. Meanwhile, hedge funds have increased their purchases of Cosmos in recent weeks as it offers better returns than Ethereum. Analysts, on the other hand, say that the price of the leading altcoin is ready for a new rise.
Ethereum and Cosmos: Endgame for which Blockchain?
Cosmos Blockchain is facing a crisis due to a major vulnerability in IBC. The smooth execution of Ethereum’s Merge has brought the two rival Blockchains even closer in consensus mechanisms and future roadmaps. Analysts discuss the bullish potential of Ethereum and Cosmos.
Ethan Buchman, co-founder of the IBC ecosystem, announced a ‘major vulnerability’ for all versions of IBC that affects all IBC-enabled Cosmos Blockchains. IBC is a trust-minimized data transport layer for cross-chain communication. There is another cross-chain application layer built on top of IBC. cryptocoin.comAs you follow, the vulnerability was first noticed after the $100 million cross-chain bridge hack on Binance Blockchain. The core developers of two decentralized exchanges, Cosmos and Osmosis, increased their security checks in response to the attack.
Buchman assured users that all major public IBC-enabled Blockchains have been fixed. After an official patch is released, two-thirds of the remaining blockchains need to be patched. Cosmos and Ethereum separated from the ancestor of their common Blockchain, Bitcoin. Both drew their own roadmaps. Now, endgames have begun to converge across multiple regions. More than 50 Blockchains in the Cosmos ecosystem are connected by IBC. Also, Cosmos has found multiple use cases similar to Ethereum. At the same time, Ethereum’s transition to PoS is similar to Cosmos’ Tendermint.
Tendermint is a blockchain protocol used to securely and consistently replicate and launch Blockchain applications across machines. Cosmos, Binance Smart Chain, and Tezos are just a few projects using Tendermint. As Ethereum and Cosmos get closer to their final game, the two altcoins converge in several regions. The line between application blockchains and aggregations is getting thinner. Because they both have similar results. However, the two altcoins take different approaches to independent interoperability.
Why are hedge funds turning to Cosmos instead of leading altcoin?
Modular Asset Management’s crypto hedge fund is buying more Polkadot and Cosmos than Ethereum. According to the fund, Polkadot and Cosmos came out stronger after the $2 trillion jolt that hit the crypto ecosystem recently. They also have the potential to perform better. Daniel Liebau, Modular Asset Management’s Chief Investment Officer, said that with the recent drop in the token price, the fund has increased its purchase of Cosmos.
“Explosive rally potential for leading altcoin”
Experts on the financial comparison site Finder evaluated the Ethereum price trend. Experts predict a massive rally for the altcoin. They say that Ethereum will likely gain bullish momentum in 2023 and 2024. Thus, they suggest that it will rise to $4,000, which is the previous ATH level from current levels. Finder’s analysts give a target of $11,700 for 2030. Also, they expect a steep climb in altcoin price in the period between 2025 and 2030.
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