diff --git a/.gitignore b/.gitignore
index e24dd0d2ac..a8961a7111 100644
--- a/.gitignore
+++ b/.gitignore
@@ -11,9 +11,10 @@ examples/basecoin/app/data
 baseapp/data/*
 docs/_build
 .DS_Store
+coverage.txt
+profile.out
 .vscode
 
-
 ### Vagrant ###
 .vagrant/
 *.box
diff --git a/docs/spec/ibc/ibc.md b/docs/spec/ibc/ibc.md
new file mode 100644
index 0000000000..dedbdc3016
--- /dev/null
+++ b/docs/spec/ibc/ibc.md
@@ -0,0 +1,31 @@
+# IBC Specification
+
+IBC(Inter-Blockchain Communication) protocol is used by multiple zones on Cosmos. Using IBC, the zones can send coins or arbitrary data to other zones.
+
+## Terms
+
+How IBC module treats incoming IBC packets is simillar with how BaseApp treats incoming transactions. Therefore, the components of IBC module have their corresponding pair in BaseApp.
+
+| BaseApp Terms | IBC Terms  |
+| ------------- | ---------- |
+| Router        | Dispatcher |
+| Tx            | Packet     |
+| Msg           | Payload    |
+
+## MVP Specifications
+
+### [MVP1](./mvp1.md)
+
+MVP1 will contain the basic functionalities, including packet generation and packet receivement. There will be no security check for incoming packets.
+
+### [MVP2](./mvp2.md)
+
+IBC module will be more modular in MVP2. Indivisual modules can register custom handlers to IBC module.
+
+### [MVP3](./mvp3.md)
+
+Light client verification is added to verify the message from the other chain. Registering chains with their ROT(Root Of Trust) is needed.
+
+### [MVP4](./mvp4.md)
+
+ACK verification / timeout handler helper functions and messaging queue are implemented to make it failsafe. Callbacks will be registered to the dispatcher to handle failure when they register handlers.
diff --git a/docs/spec/ibc/mvp1.md b/docs/spec/ibc/mvp1.md
new file mode 100644
index 0000000000..3cfaf88ce8
--- /dev/null
+++ b/docs/spec/ibc/mvp1.md
@@ -0,0 +1,64 @@
+# IBC Spec
+
+*This is a living document and should be edited as the IBC spec and implementation change*
+
+## MVP1
+
+The initial implementation of IBC will include just enough for simple coin transfers between chains, with safety features such as ACK messages being added later.
+
+### IBC Module
+
+```golang
+// User facing API
+
+type IBCPacket struct {
+    DestAddr sdk.Address
+    Coins    sdk.Coins
+    SrcChain string
+    DestChain string
+}
+
+// Implements sdk.Msg
+type IBCTransferMsg struct {
+    IBCPacket
+}
+
+// Implements sdk.Msg
+type IBCReceiveMsg struct {
+    IBCPacket
+}
+
+// Internal API
+
+type IBCMapper struct {
+    ibcKey sdk.StoreKey // IngressKey / EgressKey             => Value
+                        // Ingress: Source Chain ID           => last income msg's sequence
+                        // Egress: (Dest chain ID, Msg index) => length / indexed msg
+}
+
+type IngressKey struct {
+    SrcChain string
+}
+
+type EgressKey struct {
+    DestChain   string
+    Index       int64
+}
+
+```
+
+`egressKey` stores the outgoing `IBCTransfer`s as a list. Its getter takes an `EgressKey` and returns the length if `egressKey.Index == -1`, an element if `egressKey.Index > 0`.
+
+`ingressKey` stores the last income `IBCTransfer`'s sequence. Its getter takes an `IngressKey`.
+
+## Relayer
+
+**Packets**
+- Connect to 2 Tendermint RPC endpoints
+- Query for IBC outgoing `IBCOutMsg` queue (can poll on a certain time interval, or check after each new block, etc)
+- For any new `IBCOutMsg`, build `IBCInMsg` and post to destination chain
+
+## CLI
+
+- Load relay process
+- Execute `IBCOutMsg`
diff --git a/docs/spec/ibc/mvp2.md b/docs/spec/ibc/mvp2.md
new file mode 100644
index 0000000000..6cada51cc0
--- /dev/null
+++ b/docs/spec/ibc/mvp2.md
@@ -0,0 +1,86 @@
+# IBC Spec
+
+*This is a living document and should be edited as the IBC spec and implementation change*
+
+## MVP2
+
+IBC module will store its own router for handling custom incoming msgs. `IBCPush` are made for inter-module communication. `IBCRegisterMsg` adds a handler in the router of the module.
+
+### IBC Module
+
+```golang
+// User facing API
+
+type Packet struct {
+    Data      Payload
+    SrcChain  string
+    DestChain string
+}
+
+type Payload interface {
+    Type() string
+    ValidateBasic() sdk.Error
+}
+
+type TransferPayload struct {
+    DestAddr sdk.Address
+    Coins    sdk.Coins
+}
+
+// Implements sdk.Msg
+type IBCTransferMsg struct {
+    Packet
+}
+
+// Implements sdk.Msg
+type IBCReceiveMsg struct {
+    Packet
+}
+
+// Internal API
+
+type rule struct {
+    r string
+    f func(sdk.Context, IBCPacket) sdk.Result
+}
+
+type Dispatcher struct {
+    rules []rule
+}
+
+func NewHandler(dispatcher Dispatcher, ibcm IBCMapper) sdk.Handler
+
+type IBCMapper struct {
+    ibcKey sdk.StoreKey // IngressKey / EgressKey             => Value
+                        // Ingress: Source Chain ID           => last income msg's sequence
+                        // Egress: (Dest chain ID, Msg index) => length / indexed msg
+}
+
+type IngressKey struct {
+    SrcChain string
+}
+
+type EgressKey struct {
+    DestChain   string
+    Index       int64
+}
+
+// Used by other modules
+func (ibcm IBCMapper) PushPacket(ctx sdk.Context, dest string, payload Payload)
+```
+
+`egressKey` stores the outgoing `IBCTransfer`s as a list. Its getter takes an `EgressKey` and returns the length if `egressKey.Index == -1`, an element if `egressKey.Index > 0`.
+
+`ingressKey` stores the last income `IBCTransfer`'s sequence. Its getter takes an `IngressKey`.
+
+## Relayer
+
+**Packets**
+- Connect to 2 Tendermint RPC endpoints
+- Query for IBC outgoing `IBCOutMsg` queue (can poll on a certain time interval, or check after each new block, etc)
+- For any new `IBCOutMsg`, build `IBCInMsg` and post to destination chain
+
+## CLI
+
+- Load relay process
+- Execute `IBCOutMsg`
diff --git a/docs/spec/ibc/mvp3.md b/docs/spec/ibc/mvp3.md
new file mode 100644
index 0000000000..bcbf39a921
--- /dev/null
+++ b/docs/spec/ibc/mvp3.md
@@ -0,0 +1,111 @@
+# IBC Spec
+
+## MVP3
+
+`IBCOpenMsg` is added to open the connection between two chains. Also, `IBCUpdateMsg` is added, making it able to prove the header.
+
+### IBC Module
+
+
+// Implements sdk.Msg
+type IBCTransferMsg struct {
+    Packet
+}
+
+// Implements sdk.Msg
+type IBCReceiveMsg struct {
+    Packet
+}
+
+// Internal API
+
+
+
+```golang
+// User facing API
+
+type Packet struct {
+    Data      Payload
+    SrcChain  string
+    DestChain string
+}
+
+type Payload interface {
+    Type() string
+    ValidateBasic() sdk.Error
+}
+
+type TransferPayload struct {
+    SrcAddr  sdk.Address
+    DestAddr sdk.Address
+    Coins    sdk.Coins
+}
+
+// Implements sdk.Msg
+type IBCTransferMsg struct {
+    Packet
+}
+
+// Implements sdk.Msg
+type IBCReceiveMsg struct {
+    Packet
+    Proof           iavl.Proof
+    FromChainID     string
+    FromChainHeight uint64
+}
+
+type RootOfTrust struct {
+    // 
+}
+
+// Implements sdk.Msg
+type IBCOpenMsg struct {
+    ROT   RootOfTrust
+    Chain string   
+}
+
+// Implements sdk.Msg
+type IBCUpdateMsg struct {
+    Header tm.Header
+    Commit tm.Commit
+}
+
+// Internal API
+
+type rule struct {
+    r string
+    f func(sdk.Context, IBCPacket) sdk.Result
+}
+
+type Dispatcher struct {
+    rules []rule
+}
+
+func NewHandler(dispatcher Dispatcher, ibcm IBCMapper) sdk.Handler
+
+type IBCMapper struct {
+    ibcKey sdk.StoreKey // IngressKey / EgressKey / HeaderKey => Value
+                        // ChannelID              => last income msg's sequence
+                        // (ChannelID, Msg index) => length / indexed msg
+                        // ChannelID              => last known header
+}
+
+type IngressKey struct {
+    ChannelID uint64
+}
+
+type EgressKey struct {
+    ChannelID uint64
+    Index     int64
+}
+
+type HeaderKey struct {
+    ChannelID uint64
+}
+
+// Used by other modules
+func (ibcm IBCMapper) PushPacket(ctx sdk.Context, dest string, payload Payload)
+
+```
+
+