Blockchain app specialist, Tendermint, winner of the 20,000 RMB prize for the "Most Innovative" Award at the International Blockchain Week Demo Day inward Shanghai, has announced the unveiling of Cosmos, a new blockchain network designed to solve an array of problems that currently hinder blockchains as well as digital currencies: a lack of interoperability, scalability as well as capacity for upgrades.
Speaking to Bitcoin Magazine, Jae Kwon, CEO of Tendermint, explained that the destination of Cosmos is to eliminate the dependence on exchanges as well as create a decentralized network to let the complimentary period of time of digital currencies.
What is Cosmos?
Cosmos is a network of independent parallel blockchains each driven yesteryear the Byzantine mistake tolerant (BFT) consensus algorithm, similar to Tendermint.
The start blockchain inward the Cosmos network is the Cosmos Hub, which connects to other blockchains — likewise referred to equally “zones” — through an innovative inter-blockchain communication (IBC) protocol that volition back upward bitcoin, ether as well as all other major digital currencies.
Through the hub, which hosts a multi-asset distributed ledger, information as well as tokens tin forcefulness out live on held yesteryear individuals or yesteryear the Cosmos zones. The information as well as tokens tin forcefulness out likewise live on transferred from 1 zone to around other inward an IBC bundle (called a “coin packet”) throughout the hub, sender, as well as receiver blockchains.
Kwon stated that yesteryear creating a federation of blockchains using Tendermint proof-of-stake to secure the hub as well as zones, sending as well as receiving tokens from 1 zone to around other is quick, without the demand to expect an hr for proof-of-work mining to add together additional confirmations.
“Additionally, it agency anyone tin forcefulness out create their ain proof-of-stake chain or Tendermint-powered consortium chain as well as live on a work of this federation,” he said.
However, inward social club for it to live on successful, at that spot are nevertheless matters that demand to live on overcome.
“The hub volition live on permissionless, then at that spot volition live on challenges inward constructing the policy as well as protocol framework for dealing amongst zone failures,” Kwon said.
The Cosmos Zone
As an independent blockchain, a Cosmos zone exchanges IBC messages through the hub. The hub sees a zone equally a multi-asset, dynamic-membership, multi-signature describe of piece of work concern human relationship that is able to ship as well as have tokens utilizing IBC packets.
However, exactly similar a digital currency account, a zone does non own got the mightiness to transfer tokens beyond the sum it holds at whatsoever 1 time, but it tin forcefulness out have tokens from others if they own got them.
Through the work of Cosmos, different blockchains volition run simultaneously amongst 1 another. Kwon explained that 1 of the benefits of this is that it makes it tardily for blockchains to interoperate amongst each other, different existing proposals that aim to railroad train a unmarried blockchain amongst full global transaction ordering.
“We could own got an Ethereum zone as well as a Zcash zone both connected to the hub, as well as you’d live on able to work your tokens inward a Solidity smart contract, but likewise anonymize them yesteryear going through the Zcash zone,” he said.
At present, this form of interoperability betwixt blockchains is nevertheless an opened upward problem, but amongst Cosmos, blockchain developers tin forcefulness out focus on their centre competency, then the whole ecosystem tin forcefulness out choke to a greater extent than modular, added Kwon. Furthermore, if to a greater extent than zones are required, the Cosmos enables blockchains to scale. Clients tin forcefulness out only add together extra zones to direct keep to a greater extent than users as well as additional transactions.
“Today’s proposals for decentralized exchanges are largely built on a technique called atomic cross-chain transactions, which is trustless as well as great, but requires both parties to a merchandise to live on online to brand the trade,” Kwon said.
With Cosmos, traders are able to fix boundary orders as well as choke offline, spell the validators of the blockchain are responsible for executing trades on the user’s behalf. Reliance on key exchanges is reduced, creating to a greater extent than monetary liquidity.
The safety of the Cosmos Hub is important, equally it essentially acts equally the key ledger. Because it needs to live on secure plenty to withstand the almost severe fix on scenarios, such equally a nation-state sponsored attack, its safety is ensured yesteryear a fix of globally decentralized validators.
Even though Tendermint is the winner of the "Most Innovative" award, Kwon knows they nevertheless own got a tough undertaking ahead of them.
“We own got an ambitious mission to solve a lot of the longstanding problems inward the cryptocurrency as well as blockchain space, as well as nosotros promise to attain that inward the years to come,” he added.
The ship Tendermint Wins Innovation Award as well as Announces Cosmos at International Blockchain Week appeared start on Bitcoin Magazine.
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