What you need to know about the Internet of Blockchains $COSMOS
This post will dive into the core of Cosmos Blockchain, simplifying its basic concepts to the simplest language for a blockchain layman.
The Cosmos Blockchain
Scalability and Tendermint BFT
Zones and Hub
Cosmos SDK
IBC
Can I transact with BTC on Cosmos?
The Cosmos Blockchain
Cosmos as the name implies is a galaxy of Blockchains. It is a hub that facilitates connection and interaction among varieties of sovereign chains. Each is an independent distributed ledger, capable of designing its economy, security, and governance. Cosmos hub itself is a blockchain with $ATOM as its governance token but doesn’t affect other chains in its ecosystem.
Why Cosmos?
The idea might seem absurd as to why there’s a need for different separate distributed ledgers(Blockchains). An analogy with Ethereum will shed light on this. Let’s assume that blockchain has gained the mass adoption we’ve been praying for. Then there’s a need to deploy a contract that will verify the identity of each citizen in all the countries of the world. Ethereum, as the only chain that can do this with its smart-contract program. What do you think will happen? “Congestion out of workload!” What if we have many Ethereum blockchains and allocate each country with one Ethereum blockchain to verify their identity with its smart-contract? “Yes!” That’s the idea!
Scalability and Tendermint BFT
Scalability in blockchain means fastness. The capability to process a high number of TPS(Transaction Per Seconds). This is handled by the Tendermint software on which Cosmos is built. Tendermint can process thousands of transactions per second. Think of Tendermint as a box of programs that makes up a blockchain then BFT is its consensus mechanism. The BFT consensus ensures the smooth running of the blockchain once 2/3 of node runners(validators) can maintain consensus(agreement) on transactions.
Zones and Hub
Zones are to Hubs what natural satellites are to planets. Hubs act as the central ledger that connects to every zone in the system. The hub preserves the global invariance of the total amount of each token sent across the zones.
Cosmos SDK
The Cosmos SDK(Software Development Kit) is a library of modules for blockchain development. It’s a set of ready-made tools that developers can make use of in creating their blockchain without the need to start from scratch. This Cosmos tool quickens blockchain creation.
IBC
It is the short form of Inter-Blockchain Communication Protocol. Simply put, it enables cross transactions within zones and their hub. It serves as the intermediary for zones to interoperate despite the differences in their formation and consensus.
Can I transact with BTC on Cosmos?
Yes! Bitcoin, Ethereum, and Cosmos itself have a different fundamental set of rules making it difficult for them to talk to one another. This is a challenge to an interoperable ecosystem where data and information should be exchanged easily. And this led to the creation of wBTC which is used in Eth chain Defi protocols. Notwithstanding, Cosmos has made it easy for its hub and zones to be able to provide a representation of other chain assets like BTC, ETH, DOT, MATIC, etc through bridges. A lot of bridges that do this are already in existence. Some of them can be accessed through the following links 👇
Evaluation of Cosmos Fundamental
Cosmos is an innovation in the web3 world. It’s what the entire blockchain system needs to live up to mass adoption. In its scalability, interoperability, and its fast and easy method of creating independent blockchains. There’s no doubt that Cosmos is building a gigantic crypto economy around its system. Think of Cosmos hub as a seaport and Cosmos zones as seagoing ships. The more ships the bigger the economy.
#Funfact\\Staking is a form of bank current savings just that it doesn't require a maintenance fee.
stake with Stakewolle on Cosmos
