Cosmos has officially released live software; it is the first blockchain project of Cosmos whose objective is to develop a network of proof of stake (PoS) blockchains. Cosmos is a highly awaited blockchain which is designed to improve the compatibility between finite numbers of other blockchains.
Along with the mining of Cosmos first block at 23.00 UTC, the project has introduced a Cosmos Hub. As of now, the network users are not allowed to swap tokens between the blockchains or other blockchains that are connected to the Cosmos Hub along with the existing blockchain networks unless it is activated by validators official vote, called as the Inter-Blockchain Communication (IBC) protocol.
To launch the network’s first phase, the team has worked hard for three years over its planning and development phase, and today, the first phase of the Cosmos network has been introduced. The idea of a blockchain interoperability platform was launched in summer 2016 after which Cosmos generated a fund of more than 16 million dollars in 2017 in an initial coin offering (ICO).
Tendermint Inc. the Proof of Stake blockchain based startup firm has introduced the formal Cosmos Hub. Cosmos Hub is basically a platform wherein the blockchain are grouped together to create a friendly ecosystem.
The Cosmos Hub has not yet been linked to inter blockchain communication (IBC). However, the platform will soon be starting the IBC protocols.
Director at the startup, Zaki Manian expressed over the Cosmos that the main objective of the project is to reduce the development time for a blockchain. The Cosmos Software Development Kit (SDK) was launched in February 2018, and it is utilized by high-profile crypto companies like Binance exchange.
The blockchain networking and consensus mechanism Tenermint Core is essential for Cosmos Hub and is an important tool considered by Manian and will help in removing the basic barriers of innovation especially in the blockchain area and eventually help to form a complete new system of finance.
Apart from all the building blocks, open system of finance which functions to scale and is composed of individual and specific chains that can do various things, Manian mentioned.
Manian’s team is reportedly working with full dedication over the cross blockchain capabilities. To enable the entire vision of connecting blockchains to work, set of operators are needed who are interested in arranging these blockchain networks, Manian stated.
Proof-of-Work (PoW) system is similar to Bitcoin or Ethereum, wherein the validators are miners who will be fighting for a block reward by working on a computer server and consuming a lot of electricity.
Whereas in the PoS system, the validators are picked by the system which is based on an independent staked tokens metric to involve in block formation and transaction finalization. In Proof of Stake, the price and commissions of the system are internal. “Because of this, it was very much important for us to develop a complex system of distributing rewards, of distributing the speculator taxation system, of punishing the user for going offline and of punishing users for their wicked behavior.”
Cosmos Hub of validation has been successfully tested by the Cosmos participants on more than 200 computer servers- nodes in a dummy environment called as Game of Stakes.