Nomic Announces Groundbreaking Upgrade That Allows Universal Accessibility Of Bitcoin Within Cosmos Ecosystem

Nomic, the layer-1 blockchain that offered a decentralized, noncustodial Bitcoin bridge, announced groundbreaking upgrades coming to the Cosmos ecosystem, which allowed its users to smoothly and seamlessly deposit and withdraw Bitcoin from any platform or chain in the ecosystem.

Presented during the Cosmos Network’s premier conference Cosmoverse by Nomic’s founders and core contributors, Turbofish, the upgrade, which involved the use of nBTC, intended to not only streamline and decentralize available methods of bringing Bitcoin into the Cosmos Network, but also empower users.

nBTC is an Inter-Blockchain Communication Protocol (IBC)-compatible token that enables users to save time and effort by bypassing the need to convert their Bitcoin into a different crypt asset when transacting within the Cosmos ecosystem.

Dubbed Nomic’s nBTC Interchain Upgrade, it is scheduled to roll out on Oct. 27 and will be activated on Oct. 30, promising a “truly seamless and interoperable Bitcoin experience in Cosmos.”

Apart from this was another upgrade involving Osmosis, the premier decentralized exchange in Cosmos — an IBC launched in 2019, renowned for its security and scalability — that will enable users to deposit and withdraw Bitcoin directly within the Osmosis Zone app.

Users can also withdraw and deposit their Bitcoin directly in other Cosmos apps like Levana and Kujira, as soon as the upgrades kick off.

Currently, Nomic is undergoing an auditing process to ensure Bitcoin security by subjecting the bridge to a series of integrity tests.

After the audits are published, the team will deploy an update that will move bridge capacity and fee controls to the Nomic DAO, which will allow for the expansion of bridge utilization.

The Nomic DAO is responsible for controlling any Bitcoin capacity limits.

“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,” Turbofish CEO Matt Bell said during the Cosmoverse event to announce the upcoming 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,” the executive said in a press release sent to International Business Times.

Meanwhile, Osmosis co-founder Sunny Aggarwal shared his belief that Cosmos was destined to be an application layer of the world’s largest crypto asset by market capitalization, Bitcoin.

“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,” Aggarwal said.

“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,” the executive added.