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Cosmos: a public chain that develops slowly but cannot be ignored

Time : 06/06/2022 Author : 3mdq69 Click : + -
        After the demise of Terra ecosystem, the cosmos ecosystem has been revived, because applications and founders have either decided to establish their own specific application chain (L1 on cosmos), which also has an impact on the larger IBC ecosystem. Another theme to be focused on in the second half of the year is cosmos ecosystem. Cosmos aims to create a "blockchain Internet". Through cosmos SDK, developers can create a sovereign and highly customizable blockchain dedicated to a single application & mdash& mdash; This is called an application chain. Like all layer1, cosmos is experiencing its own growth pain.
        After dydx crosses the gap, the influx of users, capital and attention should help catalyse and promote the growth of the ecosystem in the remaining months of 2022 and beyond. The emergence of cosmos has broken the monolithic chain pattern represented by Ethereum. Decentralized applications can not depend on the security of the entire network and occupy blocks together with other applications, which is affected by slow performance and poor scalability. Compared with a complete blockchain, Cosmos puts forward the concept of a multi chain universe. Each "zone" is a sovereign blockchain with full autonomy. At the same time, through cosmos SDK, deploying a sovereign chain is as simple as deploying a smart contract. Developers do not need to design a complex consensus mechanism. They can directly use the POS + BFT consensus of tendermintcore to obtain effective security assurance.
        In terms of cross chain communication, Cosmos designed the IBC protocol, which provides a general cross chain protocol standard, so that cross chain transactions can be reliably and reliably forwarded between multiple zones. Compared with Ethereum, Solana, BSC and other monolithic chains, cross chain interoperability is a design from the source of cosmos. The concept of inter chain interoperability proposed by it is more efficient than Multi Chain deployment. No matter in terms of development quantities or the increasing difficulty of governance caused by cross chain, the project can enjoy the interoperability between ecological projects once deployed.
        Therefore, with these unique designs, Cosmos ecological project has been given more autonomy, flexibility, and better performance. For example, due to the adoption of the BFT consensus mechanism of tendermintcore, the blockchain has no concept of pending status, and the submitted transactions can be quickly confirmed, reducing the occurrence of MeV. Cosmos is very suitable for building application specific blockchains or application chains. These are chains optimized for running a single application, such as the exchange like osmosis, the largest cosmos chain of TVL, and the dydx chain mentioned above.
        This is achieved through cosmosdk, a blockchain development framework that allows developers to almost completely control its design. Therefore, the cosmos chain is considered sovereign. For example, builders can choose whether their chain uses the account model or utxo model, what language the state machine will be built in, and various other parameters. Compared with Ethereum and other networks, this is much more flexible. Ethereum developers have set these parameters and all developers must follow them. The added customizability of cosmos also extends to governance and security, because each chain can guide its own set of personal verifiers, or from the third quarter of 2022, it will use the function called inter chain security, which will enable the chain to outsource their verifiers to other networks, such as cosmohub, like Ethereum and L2.
        Inter chain security may prove to be a key feature of the cosmos chain because it is difficult to guide the verifier set and may lead to reduced security and increased attack vulnerability. The cosmos chain also benefits from native interoperability through cross block chain communication (IBC). IBC uses light clients to enable trust minimization bridging and messaging between currently enabled chains. Another recently deployed upgrade, the cross chain account, allows transactions between IBC compatible chains, enabling the creation of cross chain applications that take advantage of this interoperability standard and helping to improve the fragmentation and composability of the application chain.
        As we can see, Ethereum and cosmos are moving towards a similar vision. Although Ethereum provides a higher level of security and a more reliable neutral settlement layer, the cosmos chain is more flexible and interoperable, and optimized for individual use cases. Although the largest ecosystem can only have one winner, billions of users and trillions of funds still need to join Web3, it seems that Ethereum and cosmos will eventually be complementary and serve different use cases instead of direct competitors. In addition to the fast-growing defi field, 2021 is also the year of NFT. People's interest in digital art, digital collectibles and tamperproof digital ownership has greatly increased.
        Due to the high enthusiasm of the mainstream society for NFT, we expect that the popularity of NFT will continue to grow in 2022. That's all for today's sharing. In the later stage, we will bring you the analysis of the leading projects of other tracks. You can pay attention to those who are interested. I will also sort out some cutting-edge information and project comments from time to time. I welcome all like-minded coin circle people to explore together. If you have questions, you can comment and ask questions or send private letters. All information platforms are Tuanzi finance.
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