Tendermint has unveiled the Cosmos Network, the first of a series of proof-of-stake blockchains to boost interoperability.
Cosmos is a blockchain platform that aims to act as a bridge between different blockchains. It unveiled the first hub of its ecosystem on Wednesday, March 13. Cosmos’ initial coin offering (ICO) raised a little more than $17 million in April 2017.
The Cosmos Network, also known as The Internet of Blockchains, was created by Tendermint Inc.. It is a software development company based in California hired by the Swiss non-profit Interchain Foundation. They establish the cross-blockchain ecosystem.
With Christine C., Tendermint’s community architect, dressed as an astronaut, simulating the launch of a rocket, the mainnet launch, which the announcement took place on Cosmos Twitter, also streamed live on YouTube. On March 13, at 11 p.m. UTC (7 p.m. EST), the first block was mined.
The Scalable Ecosystem of Cosmos
According to the company’s website, Cosmos built a scalable ecosystem, which allows diverse, decentralized applications to interoperate on a single platform, for three years. Cosmos’ creators believe it can help solve some of blockchain’s most pressing issues, such as scalability and interoperability.
This launch is a cryptic and highly technical feat that is currently only of interest to those who already dwell in the small, strange subculture of humanity that worships blockchains as the road to a better, decentralized, and more equitable future. (This is not for confusion with the considerably bigger number of people who see cryptocurrency as a way to get rich quick, no matter how shady.) But it’s a remarkable technical achievement that has the potential to benefit a large number of people in the future.
Rather than miners’ security who solve computationally tricky issues at the cost of gigawatts and counting of electricity, validators who purchase the technology validate the blockchain.
How Tendermint Works
As the name implies, these validators confirm that the chain’s transactions are genuine. Knowing that if they are honest and accurate, they will have rewards. However, if they are dishonest, make a mistake, or go offline, their stakes will slash, meaning they will lose money. (At the moment, there are 100 validators; this number will triple in the near future.) The demonstration, at least in principle, that even if validators collude dishonestly, the chain remains secure as long as at least two-thirds of them stay honest.
Tendermint works on a series of proof-of-stake chains. Thus, this is the first of them. Cosmos Hub will go through two additional phases, according to a recent blog post.
In late 2018, a group of developers at crypto company TenX successfully tested the use of their cross-blockchain interoperability protocol to trade ERC20 tokens for Bitcoin (BTC) using the Lightning Network. Cointelegraph previously reported this.
Recommendations were present due to a report to the European Union that included adopting interoperability and scalability standards. ConsenSys, a blockchain technology company, wrote Scalability, Interoperability, and Sustainability of Blockchains.
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