CØSMOS, Out of This Universe!
— By Ibrahim Quabboua
One of the missing pieces in the DeFi space is the ability to have cross-chain interoperability. Every L1 (Layer 1) shines on its own ecosystem but has no clue on how to connect with any other L1 protocol. If we want to achieve global adoption in DeFi protocols, interchain bridges are a must. One of the main proposed solutions is to create a hub, so to speak: A blockchain that functions as a station to all the other blockchains. Serving to create the center of gravity of the DeFi space itself.
WELCOME TO CØSMOS
CØSMOS is a decentralized network of independent blockchains powered by Tendermint algorithm. One of the most customizable, scalable, powerful, and interoperable ecosystems. It competes directly with the PolkaDOT network, offering double the speed and 60x, yes 60 times lower, in terms of fees.
In this blogpost, I will list in details what makes the CØSMOS a unique project to keep an eye on:
I. The Interblockchain Communication (IBC):
This protocol took over 3 years to be developed by the team behind it, making it a solid protocol that connects the consensus and the networking layers to facilitate communication in between the CØSMOS Hub and the other blockchains.
II. The Application Blockchain Interface (ABCI):
This allows the replication of DApps in a variety of programming languages. In addition to that, CØSMOS created a software development kit (SDK) that provides developers with a basic blockchain framework. It reduces complexity by providing the most common blockchain functionality such as governance, tokens and staking protocols.
In brief, blockchains will be able to contact with each other, thanks to the IBC protocol; and developers will be able to deploy new DApps using the CØSMOS SDK, found on the network.
III. But, what is Tendermint?
Tendermint is a proof-of-stake consensus algorithm that has the following features:
- A safety threshold consisted of 1/3 of the validators
- Is compatible with the private & the public chains
- Consensus safety
- Priritization of consistency
- Instant finality in under 3 seconds
IV. Why should we even bother looking at CØSMOS?
As a competitor to DOT, I found that the CØSMOS network can be 60 times cheaper than the PolkaDOT network, and up to 2,5 times faster! In a future full of multilayer DeFi protocols, such projects are known to have rocket fundamentals.
For the time being, my only concern about this project is that almost 100 nodes are shared in between a few companies, making it a bit centralized. However, due to lack of experience, I will leave this point’s discussion to experts and more experienced people.
V. Final Thoughts About CØSMOS
With the successful launch of the IBC protocol, CØSMOS is on the right track to become the Internet of Blockchains, inhabiting an extremely powerful position in the field of blockchain development.
$ATOM rightful place is, in my opinion, in the top 15 cryptocurrencies; and with the interchain staking upgrade coming in a few weeks, only time will tell if my vision is right.