Cosmos platform is proving to be a good alternative to the Ethereum Blockchain
Cosmos platform is proving to be a good alternative to the Ethereum Blockchain

Cosmos platform is proving to be a good alternative to the Ethereum Blockchain

By Greenchic | Investing and Trading | 6 Apr 2021


 

cosmos, atom, cryptocurrency, blockchain

 The step that turned the Cosmos Blockchain into a internet of Blockchains

 

 

cosmos, atom, cryptocurrency, blockchain

Twitter account of Cosmos

Cosmos Blockchain as mentioned in my previous article, has become an interconnected Blockchain ecosystem, “an internet of Blockchains”, as per the vision in it’s White paper written back in 2016.

Cosmos Blockchain’s mainnet launched in 2019, but that time, the projects built in the Cosmos Chain were isolated, meaning that the various Dapp projects within the Blockchain could not interact with each other. So, the independent Blockchain projects within the Cosmos Ecosystem could not transfer tokens and exchange data between each other.

 

Now, all this has changed and all projects within the Cosmos Blockchain can exchange data and tokens among each other. This is possible because the Inter-Blockchain Communication(IBC) protocol is implemented in the Cosmos Blockchain that will allow for cross chain transfers within the Cosmos Eco-system now.

 

Integrated Cosmos Ecosystem enabling transfer of cross-chain liquidity and Data

cosmos blockchain, atom cryptocurrency


Image Source

This will enable DEFI project Kava Labs in the Cosmos Blockchain to share ChainLink’s Oracle data to other projects within the Cosmos Blockchain.

Also Kava can avail liquidity of Terra platform’s stablecoin in its DEFI platform, as with IBC, token transfers between these two platforms become possible with them both being part of Cosmos Blockchain. Pretty cool!!

 Architecture of the Cosmos Blockchain for layman’s understanding

cosmos blockchain, atom cryptocurrency, pos

Cosmos Network leverages the Tendermint BFT engine

Cosmos Blockchain architecture comprises Cosmos Hub and Cosmos Zones powered by Tendermint BFT, a Byzantine fault-tolerant (BFT) engine and validation is done using Delegated Proof of Stake(DPOS) consensus methodology.

Cosmos Zones are numerous parallel Blockchains that are connected to the Cosmos Hub, the main chain of Cosmos Blockchain.

 Cosmos Blockchain’s mainchain - Cosmos HUB

The Cosmos Hub is secured by 150 validators, who stake Atom coins and run nodes producing new Blocks every 3 to 6 seconds for which they earn Block rewards. The validators would have their staked tokens slashed if they are found to be acting in any way harming the network.

 Cosmos Zones - Multiple parallel Blockchains where dapps are built

Each Project inside Cosmos Blockchain will comprise a Cosmos Zone, they are free to have their own distinct tokens and Governance mechanism, where they can have their own independent validators to secure their chain. There is no minimum number of validators required to secure a COsmos Zone as a Zone can get activated with just 1 validator securing the particular Cosmos Zone.

In future, to strengthen the security of Cosmos zones, there are plans to allow Hub validators to do cross-chain validation where they can secure Cosmos zones by staking more Atoms.

 No limits on the number of Cosmos Zones that can exist in the Cosmos Blockchain

cosmos, atom, cryptocurrency, blockchain

Image Source
Currently the Cosmos Ecosystem comprises of 230 apps and services built on it

Cosmos Blockchain can accommodate any number of Cosmos Zones, whereas Polkadot Blockchain can accommodate only 100 para chains.


Greenchic
Greenchic

I love to write on things I am passionate about - environment, citizens activism, crypto and life in general. I am a cat enthusiast, nature lover. I am excited to engage at the Publish0x platform by reading and writing crypto and other content here.


Investing and Trading
Investing and Trading

Into the world of crypto, blockchain and related subjects... Topics, stories, news related to crypto, finance and sometimes economic environment covered here...

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.