What is COSMOS?
COSMOS is basically an ecosystem of blockchain extensible and interoperable. Before there COSMOS, NS blockchain are often isolated and cannot communicate with each other, in addition they are difficult to build and can only handle a small number of transactions per second.
COSMOS was created to solve these problems with a new technological vision. In scientific terms, COSMOS is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms such as the consensus of Tendermint .
COSMOS makes it easy for developers to build things on blockchain by breaking down barriers between blockchains, while allowing them to transact with each other. The ultimate goal of COSMOS is to create an Internet of Blockchain, a network of interconnected blockchains in a decentralized manner. Once these links are completed, tokens can be transferred quickly and securely from one region to another, seamlessly.
What problem does COSMOS solve?
Links and interactions
COSMOS can interact with many applications and cryptocurrency other, many other blockchains can't do this well. By creating a new network, you can set up any blockchain system in the COSMOS hub and transfer tokens back and forth between those regions without the need for an intermediary.
Ability of extension
Scaling is a common problem for blockchains these days. For example, both Ethereum and Bitcoin both support a small portion of daily transactions on payment networks such as Visa or Mastercard. In contrast, regions allow COSMOS to scale indefinitely.
Imagine that, if your transaction speed slows down in one area because too many people are using it, you just add another zone to the hub and move half of the users through that area, this will double your transaction speed.
Another problem blockchains face is how to handle upgrades when new versions come out. Claiming all validators (like 'miners' in the case of ) Bitcoin) upgrading to a new version of the blockchain is difficult and can lead to forks (hardforks).
This is exactly what happened when Ethereum separated from ETH and ETC due to political/administrative issues surrounding the case hack KNIFE. With COSMOS, upgrading is not an issue, you simply plug a new area into the space center and invite users to transfer their coins to that region at their leisure. That's how COSMOS provides an optimal solution to link them together.
About COSMOS . network
COSMOS calls itself the most customizable, scalable, robust and interoperable ecosystem of connected blockchains. It is a decentralized network of independent blockchains created by Tendermint and Byzantine Fault Tolerance – other Byzantine fault tolerance algorithms. Byzantine Fault Tolerance allows a blockchain to reach consensus even in an environment that is likely to contain malicious nodes.
There are 3 main parts of the COSMOS network:
- Tendermint Core – Tendermint is a software implementation that contains the Tendermint BFT algorithm for consensus and an interblock communication protocol (IBC) that connects the consensus and network layers to facilitate communication between the hub and all. all regions.
- Application Blockchain Interface (ABCI) – Allows copying of dApp in many programming languages. Because ABCI is not restricted to any single programming language developer, you can create blockchain applications in any language. ABCI works the same way as connecting Tendermint Core and COSMOS SDK.
- COSMOS SDK – This is the application layer of the COSMOS Network and provides developers with a basic blockchain framework. It reduces complexity by providing the most common blockchain functions such as governance, tokens, and staking. Developers can then add additional desired features by creating plugins.
Taking them all together, the Tendermint core provides consensus on the COSMOS Network, while the regional chains maintain their own consensus without using Tendermint.
The COSMOS SDK provides developers with the means to build a blockchain and dApps. Also with the addition of the ABCI application is managed by its own consensus process, allowing COSMOS to support multiple scripting languages and cryptocurrencies.
Blockchains connected to the COSMOS Hub will be able to communicate with each other using the IBC protocol, regardless of the consensus algorithm used. This will allow the transfer of assets between blockchains while keeping any existing features or contracts intact.
IBC will work best with high precision blockchains like blockchain Proof-of-Stake, but can also be made to work with blockchains Proof-of-Work through the use of latch zones. An example of this is Ethermint, which is basically Ethereum based on Tendermint with PoW features removed and works on consensus PoS.
Tendermint consensus algorithm
Tendermint is a consensus algorithm Proof-of-Stake was first generated using the Byzantine Fault Tolerant (PBFT) practice algorithm proposed in 1999 by Castro and Liskov after 30 years of research. Protocol PoS based on this BFT devolves the power to propose new blocks in a pseudo-random fashion to validators in a multi-round voting process.
However, finalizing and committing those blocks requires the majority of validators to log into the proposed block. In the case of COSMOS, this is 2/3 of the vote. Reaching this consensus may take several rounds to finalize the blocks.
The Tendermint algorithm has the following features:
- The safe threshold is 1/3 of the validator
- Compatible with public or private chains
- Safe Consensus
- Prioritize Consistency
- Financial transactions in under 3 seconds
COSMOS uses a Proof-of-Stake consensus known as Delegated PoS, which requires stakers to be organized into validator and delegate groups. Delegates decide which validators will participate in the consensus, and validators work to validate transactions and add new blocks to the blockchain.
Rewards are given to validators and authorizers in the form of tokens ATOM, but above all, the COSMOS network is designed in such a way that a form of any cryptocurrency could theoretically be used as a token reward. In this system, any vote found to be malicious is removed from the network and its tokens are taken away.
COSMOS . Ecosystem
COSMOS is quite favorable in attracting partners to their ecosystem. There are a large number of projects that have developed based on COSMOS technology and become part of the network. Some that can be counted through include:
- Binance Chain is a platform built on the COSMOS ecosystem.
- Some issuers stablecoins in Europe. NS stablecoins Their funds are backed by fiat and are unique in that they bear interest and are protected by an insolvency fund.
- IOV is creating a protocol between blockchains and wallets to be able to send and receive any cryptocurrency from a single address of value.
- IRISnet is a BPoS blockchain built using the COSMOS SDK and will enable interoperability between blockchains to create the foundation for the next generation of distributed business applications.
- Kava is partnering with the COSMOS network to provide wallets, exchanges, and blockchains with the liquidity and interoperability of Interledger technology.
- Loom Network starts on blockchain Ethereum and then switched to COSMOS to leverage Tendermint technology in the development of highly scalable games and applications dApp user-oriented.
- Playlist is one of the other projects that aim to tokenize the music industry
- Sentinel Network creates a truly decentralized peer-to-peer network,
- Lino Creates a Decentralized Autonomous Content Economy
- TruStory builds a social network to determine when information is true or not
- Terra launch a stablecoin with the goal of widespread adoption.
COSMOS . project development team
The team working on COSMOS Network is quite large and is led by co-founders Ethan Buchman, Jae Kwon and Peng Zhong:
- Jae Kwon: You are the CEO and founder of Tendermint. He is also the co-founder of “I done this”. In addition, he has also contributed to projects such as Scramble.io, Flywheel Network and Yelp.
- Ethan Buchman: He is the CTO and co-founder of the project
Validators (or block validators) will be rewarded with ATOM when they keep the network up and running.
The role of the ATOM token is similar to that of Ether on the Ethereum 2.0 network (when Ethereum moves to Proof-of-Stake).
ATOM is mainly used as the base coin in COSMOS Hub. COSMOS Hub is the “heart” of the COSMOS ecosystem, connecting blockchains together.
This role makes ATOM valuable, as the COSMOS ecosystem expands its network.
Evaluation of the COSMOS . project
- The ultimate goal of the project is to create a new era: the Internet-of-Blockchain. This is a very ideal goal, if successful, it will be a new breakthrough in the field crypto.
- The ecosystem focuses on COSMOS Hub and uses Tendermint technology combined with PoS consensus algorithm to make COSMOS's operating model feasible and has a lot of potential for development.
- ATOM is a highly appreciated stake coin. ATOM staking is currently scored 90,75% on https://stakingrewards.com/. Thanks to stable staking indexes, investors get good passive income from staking ATOM.
- The COSMOS project has complex goals that are difficult to achieve.
- Some of COSMOS's Blockchain 3.0 competitors include Ethereum, EOS…
- COSMOS's roadmap does not specify when it will develop to what. Especially when compared to a detailed roadmap like Cardano (ADA).