The blockchain vision
Cosmos is a decentralized network of independent parallel blockchains powered by the BFT consensus algorithms like Tendermint. The project launched its first blockchain Cosmos Network yesterday on March the 13th and is pushing forward with the internet of blockchains.
According to the designers of the Cosmos project, they consider it to be a 3rd generation blockchain mainly referring to Bitcoin as “Blockchain 1.0”, Ethereum “Blockchain 2.0” and Cosmos as “Blockchain 3.0”.
The team described the vision as:
“The vision of Cosmos is to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralised way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases.”
The Cosmos project is an open source community that was built by the Tendermint team. The project was founded back in 2014 by Jae Kwon, currently the CEO and Ethan Buchman.
The reason for the development of this company was in order to explore the potential commercialization of the Tendermint consensus algorithm.
The team has been working for the Interchain Foundation(ICF), which is a Swiss non-profit foundation in order to deliver an initial version of the Cosmos Network.
To bring the launch of the Cosmos Hub, the team has written code for the ICF as an open source project with a permissioned license.
According to a post published on Wednesday, the ICF team mentioned that its mission is to promote and advance the research and development. This will be done in an open and decentralized way, together with a focus on the Cosmos Network which will comprise a global inter-operating web sovereign Byzantine Fault Tolerant state programs.
The team also explained that:
“The ICF has tried to achieve this goal by focusing on allocating capital to develop diverse and general purpose technologies that are easy to use, Build on, Fork and experiment with, such as the Tendermint Core, Cosmos SDK, LotionJS and IBC.”
Currently the Cosmos Software Development Kit (SDK), which was launched on the 28th of February in 2018 is being used by several crypto projects, including exchanges like the Binance DEX.
The Cosmos brings the internet of Blockchains
The first blockchain in the Cosmos Blog Network ,was built using the Cosmos Hub. Its launch is set to happen in three phrases, which was known and published on February the 26th.
The project is currently in its first phase and the purpose of the Cosmos Hub will be in order to help coordinate the budding of the ecosystem of the Cosmos Blockchain by providing blockchain interpretability.
The native token is set to be called ATOM, which will perform similar to Ethereum’s “Gas”. Also, the project is focused on making the Cosmos Hub an advanced implementation of a BFT Proof-of-Stake and is made to be used in public economic settings.
However, the project still remains highly experimental and any interaction with it remains highly risk.
What are your thoughts on the progress of this kind of blockchain interoperability and the Internet of blockchains? Feel free to leave a comment down below.