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What You Need to Know About Jae Kwon’s Cosmos (ATOM) Blockchain

The blockchain network Cosmos is unlike any other that has been created so far, being the first to introduce byzantine-fault tolerant (BFT) algorithms in the blockchain sector and offering scalable solutions across many digital decentralized protocols.

What is Cosmos?

With its unique approach to the market, Cosmos is simply put an ecosystem of blockchain networks, and is even dubbed the “Internet of Blockchains” by developers. It is not just one simple blockchain, but rather it is comprised of many independent parallel chains. Through Cosmos, different blockchains can communicate with each other in a seamless manner, as the network prides itself on delivering usability and scalability.

The main benefits of Cosmos

The main goal of Cosmos blockchain is to deliver interoperability in a market that is lacking it. Cosmos also enables different blockchain networks to employ the functionalities and features of other platforms to improve their own usability – the capability of a blockchain to be leveraged with ease by surrounding infrastructures.

Cosmos has many features, such as being a fully customizable platform. Developers can create new blockchain applications and platforms with it through ease. Also, as no central entity controls the platform, open-source protocols on the network enable it to run autonomously and monitor the ecosystem to accomplish tasks. Within Cosmos, each network is called a zone.

In addition, developers can use the Cosmos software development kit (SDK) to build blockchains with ease, as Cosmos SDK enables them to do so without coding the chain from scratch. Rather, developers can use plug-ins to finalize their blockchain projects in a matter of days, as opposed to months. The concept behind a Cosmos software development kit is similar to that of a website builder, except that in this case, the picked features would include aspects such as staking, token details, governance, and more.

Tendermint layer of Cosmos

The ecosystem runs on a proof-of-stake (PoS) protocol and even has its own native cryptocurrency, dubbed ATOM. It was created by blockchain programmer Jae Kwon, who put together the Tendermint BFT for the final layer of Cosmos’ consensus protocol. Since Tendermint operates on a PoS basis, validators maintain the health of the blockchain by earning rewards when they stake crypto on Cosmos.

Staking is a cryptographic process through which cryptocurrencies are locked up in a digital wallet and used to validate transactions in return for rewards. Current mainnets that operate through a proof-of-stake protocol include Charles Hoskinson’s Cardano Shelley mainnet. Currently, Ethereum is also looking to transition to a PoS system with its soon-to-launch blockchain, Ethereum 2.0 mainnet.

Ripple effect of Jae Kwon leaving Cosmos

The founder of Cosmos is none other than blockchain programmer, Jae Kwon. The architect was the hot topic earlier this year, as he came under public scrutiny for allegedly abandoning Tendermint to work on a new project, Virgo. Kwon was the founder and CEO of Tendermint, which was backed by investment and consulting firms such as Bain Capital Venture and Paradigm.

Along with co-founders Zarko Milosevic and Ethan Buchman, Kwon established Tendermint as a blockchain startup in 2014. Cosmos was perfected by the trio and the main goal was to deliver interoperability among different blockchains. Cosmos was officially launched in November 2019. The project gained traction through its initial coin offering (ICO) in 2017, which raised $17 million in 29 minutes.

Because of the numerous achievements and milestones he accomplished with Tendermint and Cosmos, Kwon was subject to a lot of criticism for leaving his three-year-old project. In explaining his actions, Kwon told the crypto community through Twitter that he was not leaving Cosmos. Rather, the blockchain network was operating and running without him.

Decentralization of blockchains

Kwon’s announced departure from Cosmos has brought up the question of what role founders really play in the development and maintenance of blockchains. After all, distributed ledger technology is designed to be operated following a decentralized and democratic ideology.

While some criticized Kwon’s departure as a ruse to exit scam – the process through which crypto promoters typically vanish with crypto profits gained from an ICO project – others defended the Cosmos founder’s actions, saying that decentralized blockchains are meant to be run independently. If too much power was given to one person, it would defeat the purpose of having a decentralized project.

A Cosmos community member said:

“His job is not to babysit Cosmos. The network is running independently. Large amount of devs are building on Cosmos regardless of his activity as a “coverface” How far would Ethereum get if one would take out Vitalik today. First it would hurt ETH but benefit it in the longrun [sic].”

Currently, Cosmos (ATOM) is struggling to break resistance and is trading at around $5.30 and the altcoin is trading around $5.30 on CoinGecko.

Secret Network Announces Partnership with Modular Settlement Layer dYmension

Secret Network, which provides data privacy for smart contracts, announced a partnership with dYmension, which will provide the tools and infrastructure to network and aggregate Cosmos ecosystem layer 2 data, reducing the pressure on on-site traffic and expanding derivability.

dYmension’s blockchain platform is the first settlement layer supporting enshrined rollups in the Cosmos ecosystem. An enshrined rollup is a scaling solution that is embedded in the protocol logic, resulting in dramatic improvements in scale and cost.

Yishay Harel, CEO of dYmension, expressed his hope to find innovative scaling solutions so they can continue to grow.

Secret Network is the first blockchain with data privacy by default, allowing users to build and use both permissionless and privacy-preserving applications. This unique functionality protects users, secures applications, and unlocks hundreds of new use cases for Web 3, using Tendermint’s Byzantine fault-tolerant consensus algorithm of Proof of Equity (PoE).

Guy Zyskind, CEO of SCRT Labs, said about the partnership that “Secret Network’s user base has grown astronomically in the past few years, and the blockchain becomes more complex with that kind of growth. We want to continue to be the platform people use to build on Cosmos and to do that, we must ensure our platform keeps operating flawlessly.”

Cosmos Hub Postpones Vote Date On New Security Model Proposal

After two respective postponements, the Cosmos’ vote date to approve proposed changes to the network’s Hub has now been fixed to October 31.

The proposed changes by the Cosmos developers are said to mark Cosmos Hub’s transition to the next phase as an infrastructure service platform and a renewed role for ATOM as preferred collateral within the Cosmos Network.

According to the proposal document, the Cosmos Councils, formed by domain-specialized entities, would be in charge of the proposed plan and also be responsible for the execution of development and operations.

The proposal on-chain voting was initially scheduled for October 3, prior to the project’s updated version of its white paper, which the initial version was introduced in September.

The whitepaper proposed the project’s plan to rebuild its Hub to be more interoperable and secured with a mechanism called interchain security. This mechanism allows application-specific chains in the Cosmos ecosystem to secure themselves using the Cosmos Hub.

The whitepaper also included critical changes to the Cosmos token (ATOM), with a new issuance model focused on striking an improved balance between growth and interchain adoption of the ecosystem while still maintaining the security provided by the original regime – according to the whitepaper.

Another sector the whitepaper centers on are two functionalities, namely Interchain Scheduler and Interchain Allocator, including a new optimized issuance regime for liquid staking.

Cosmos is an interoperability ecosystem of several blockchains that can scale and interact with one another using the Inter Blockchain Communication (IBC) protocol via the Cosmos Hub.

The Cosmos Hub is the first blockchain built in the Cosmos ecosystem; it initially acted as an intermediary between other interconnected blockchains.

Coupled with Cosmos’ updated version of its white paper, the ecosystem has so far proved to be a developing one. It has a total of 14 chains inhabiting the ecosystem, with Cronos chain being the most dominant with a total value locked of roughly $810.71 million, according to data from DeFiLama.

Injective Launches $150 Million Ecosystem

Layer-1 blockchain technology Injective, which was established in 2018, has announced the introduction of a $150 million ecosystem fund to help developers that are developing on the Cosmos network.

The so-called ecosystem group is supported financially by a large consortium of venture capital and Web3 companies. These companies include Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders.

According to Injective, the consortium has amassed the most members out of all those that have been formed inside the greater Cosmos ecosystem.

According to Injective, developers who are chosen for the fund will get help in the form of “bespoke token and equity investments”, in addition to mentoring, technical assistance, business growth, and marketing.

The greatest attention will be given to projects that are developing decentralised financial infrastructure (DeFI) and interoperability infrastructure.

The construction of trading platforms, scalability solutions, and proof-of-stake infrastructure are all initiatives that will benefit from the allocation of these funds “

In terms of stage, the organisation is generally interested in early-stage enterprises (seed to Series B), but it is open to the possibility of considering follow-on investment on an individual basis as well.

The amount of financing that is granted to each project will vary according to the stage it is currently in and the requirements it must meet in order to achieve the overall aim of ensuring that each project is successful.”

Injective is a decentralised smart contracts platform that was constructed using the Cosmos SDK, which is a development kit that encourages speedier and more cost-effective infrastructure than Ethereum. Injective is also known as the Injective Protocol.

According to Chen, in comparison to other blockchains, Cosmos has more adaptability, opportunities for customisation, and horizontal scalability.

According to CoinMarketCap, Cosmos is the 20th biggest blockchain network due to its market value of over $3.7 billion.

The term “decentralised finance” first appeared in public discourse in the summer of 2020, at the same time when a number of noteworthy projects initiated a bull market in cryptocurrencies not long after Bitcoin’s quadrennial halving.

Even though decentralised finance (DeFi) activity has slowed down over the course of the last year, the industry as a whole has been mostly immune to the problems that have been afflicting centralised finance (CeFi) platforms.

According to Chen’s additional explanation, “the decentralised structure of DeFi protocols provides for better transparency and actual control over assets,” which will always be a fundamental benefit over centralised finance.

Interchain Foundation to Spend $40 Million on Cosmos Ecosystem Development

According to an announcement made by the Interchain Foundation (ICF) on February 20 in a Medium post, the nonprofit organization that was responsible for the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. Around fifty different blockchains, such as Tendermint Core (which has since been renamed CometBFT), Cosmos SDK, Cosmos Hub, and the IBC protocol, all make use of the Interchain Stack.

“Throughout the course of the year, we plan to engage additional teams to offer more manageable tasks that are more specifically defined within each area of work. These contracts will be used either to augment the work of the teams listed below or to serve the requirements of those teams as they develop over the year.

CosmWasm and Ethermint are two technologies that, according to the company, have become the “foundations of smart contract and Ethereum Virtual Machine (EVM) compatible blockchains.” The Internet Commerce Foundation (ICF) is helping to fund the development of both of these technologies.

The International Community Foundation (ICF) will provide funding for initiatives that, in addition to fundamental infrastructure, encourage the adoption and use cases of Cosmos. These include integration with other blockchain technologies such as Polkadot and Hyper Ledger, as well as initiatives such as the Interchain Developer Academy, the Cosmos Developer Portal, and the Interchain Builders Program. Other similar programs include the Cosmos Developer Portal.

A “large backlog of applications” led to the suspension of the ICF’s public Small Grants Program in 2018, however the organization has said that it has every intention of resuming operations of the program in 2023.

It intends to restart the program in due time and is inviting teams to seek out to the Builders Program for mentoring and help in areas unrelated to finances. For the time being, the ICF advises software developers to make use of its ATOM delegation program in order to get access to contribution benefits.

Solana Apps May Soon be Ported to Cosmos Ecosystem

Developers of Solana Web3 apps may soon be able to port their apps to the Cosmos ecosystem, creating new opportunities for users and providing a greater variety of uses for Cosmos blockchains. This information has been made available as a consequence of a recent announcement made by Injective (INJ), a developer of a network based on Cosmos. The Injective team has reportedly launched a layer-2 testnet that makes use of Solana’s Sea Level Virtual Machine, as stated in the announcement that was made on the 30th of March (SVM). Because of this new advancement, certain Solana developers are now able to test their applications for usage in the Cosmos environment without having to switch either the programming language they use or the tools they use.

This marks a significant advancement for the Solana community as well as the Cosmos community. Developers can now reach a new audience and provide users with more opportunities to engage with their apps by porting Solana Web3 apps to the Cosmos ecosystem. This allows developers to expand their potential user base. In addition, the Cosmos ecosystem is able to capitalize on the benefits of Solana’s high-speed and low-cost transactions, which positions it favorably in comparison to other blockchain ecosystems.

Eclipse, a company that offers specialized zero-knowledge and optimistic rollups for software developers, was enlisted to assist in the development of the brand new layer-2 testnet. Eclipse has been instrumental in the creation of this new layer by utilizing their expertise to develop a safe and effective layer-2 solution that enables the seamless integration of Solana Web3 applications into the Cosmos ecosystem. This solution was made possible thanks to Eclipse’s contribution to the development of this new layer.

This brand new development is currently going through the testing phase, but it shows a lot of promise for the future of the Cosmos and Solana ecosystems. Because there will be more opportunities for cross-chain compatibility, developers will be able to create applications that are even more robust and innovative, and these applications will be able to take advantage of the distinctive characteristics of both Solana and Cosmos. As a consequence of this, the prospects for the future of the blockchain technology are more encouraging than they have ever been.

OKX and Google Cloud Host Successful Hackathon for Decentralized Applications on OKT Chain

VICTORIA, SEYCHELLES, April 5th, 2023, Chainwire

OKX, the second largest crypto exchange by trading volume and a leading Web3 technology company, has teamed up with Google Cloud to host the OKX Hackathon to drive growth and innovation of the blockchain ecosystem. The three-day event, held in Silicon Valley, aimed to encourage developers to build decentralized applications on OKT Chain, a leading layer 1 blockchain built on Cosmos.

Over 200 attendees joined the hackathon, forming 46 teams and submitting 32 projects that showcased the potential of decentralized, blockchain-based applications to transform various industries.

The OKX Hackathon also aimed to build awareness of OKT Chain’s technology and infrastructure among the wider blockchain community. By bringing together like-minded individuals with a shared interest in blockchain technology, the event helped to foster a vibrant and engaged community of developers that can promote the growth of the OKT Chain ecosystem.

Meet the Winners

The top five projects were awarded prizes based on their innovation, utility, and potential to positively change the industry. The winning teams were as follows:

Lite OKX bridge

For many game and NFT users, a single purchase rarely exceeds $25. Existing bridges are focused on large payments, which makes them redundant in terms of security and with a high entry threshold (from $30-50). This project proposed technical solutions for bridging small payments, and aims to lower the entry threshold for those who want to explore the OKT Chain ecosystem.

Thanks to the Lite OKX bridge, users will be able to transfer $2-5 from USDT on Polygon to OKTC in 1-2 minutes without commissions. This will allow them to access all projects on OKTC in one click. Thanks to the SDK, sites will be able to natively support this bridge and the user won’t have to leave the site.

Hexlink

The Hexlink platform offers a significant benefit by eliminating the need for users to set up a wallet before receiving tokens. Hexlink makes OKT Chain more user-friendly and accessible as it eliminates a barrier to entry for potential users who may not be familiar with the process of setting up a wallet. It also provides greater flexibility and convenience for users who can set up their accounts and wallets at a later time, when it is more convenient for them. This approach encourages more individuals to participate in activities on OKT Chain, thus driving the user adoption of the chain.

OKX Guardian

OKX Guardian was inspired by the need for a more secure and transparent way of managing a person’s digital assets after their passing. While some may opt for a lawyer to handle their will and distribute their crypto assets, there are inherent risks in entrusting private keys to a third party. In the event of a security breach, the private keys could be compromised, putting the entire estate at risk. OKX Guardian proposed a decentralized and trustless solution, ensuring that the wishes of the deceased are executed without any reliance on a single individual or institution.

Web3 Ads

A lack of transparency in the advertising marketplace due to intermediaries increases costs for both advertisers and publishers and leads to inefficiencies, distrust, and potential ad fraud. This project proposed smart contracts to make it possible for advertisers and publishers to use OKT Chain to buy and sell directly without intermediaries.

Petreat

Every year, 6.5 million dogs, cats, and other former pets are abandoned or lost and enter shelters. Of all these animals, only 3.2 million are adopted, and many see shelters again after less than a year of finding a new home. In order to provide suitable conditions for animals, shelters need regular donations.

Petreat collects donations from supporters and sends this amount to shelters in need. The project was developed with the belief that a reward system is also crucial to motivate and thank donors for their support. Petreat added a NFT reward system so that supporters receive a unique NFT in return for doing a good deed.

Top teams at the Hackathon received OKX tokens, Google Cloud credits, and other rewards. Senior executives from OKX and Google Cloud praised the participants for their hard work and innovation and encouraged them to continue exploring the possibilities of decentralized applications on the OKT Chain.

OKX and Google Cloud’s partnership in organizing the hackathon underscores their commitment to fostering innovation and creating a more decentralized future.

About OKX

OKX is the second largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.

OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, visit: okx.com

About OKT Chain

OKT Chain is an EVM- and IBC-compatible L1 built on Cosmos with a focus on true interoperability and maximized performance. At high scalability, developers can build and scale with low gas fees. The OKT Chain ecosystem and infrastructure, including the all-in-one multi-chain Web3 interface, enables a seamless experience for both developers and users.

About Google Cloud

Google Cloud supports customers’ needs in building, transacting, storing value, and deploying new products on blockchain-based platforms. Customers choose Google Cloud to build on the industry’s cleanest cloud, to develop on Google’s world-class developer platform, and to ensure that data, applications, games, or digital assets like NFTs will be delivered on a stable, secure and trusted global network.

Contact

OKXmedia@okx.com

Cosmos' Osmosis Sees 43% Decrease in Trading Volumes in Q2 2023, Reported Messari

According to Messari, in Q2 2023, the Osmosis Protocol, a decentralized exchange (DEX) within the Cosmos ecosystem, experienced a decrease in volumes and users, each down over 25%. Despite this, Inter-Blockchain Communication (IBC) transfers remained a bright spot, bringing in nearly half a billion dollars in inflows to Osmosis.

The quarter saw a 43% quarter-on-quarter (QoQ) decrease in trading volumes, with ATOM volumes falling to 15% of total volume, its lowest share ever. “USDC made up 14.9% of volume in Q2, its lowest in the last four quarters,” which is expected to change with the introduction of native USDC to the Cosmos network.

Average daily liquidity on Osmosis has been trending lower since Q1 2022, with a 17.9% fall from the previous quarter in Q2 2023. Despite this, “depositors remained patient in Q2, as average daily yield from trading fees fell to 3.8% (daily fees per unit of TVL, compounding daily) from 5.6% in Q1.”

Transaction counts of every type fell in Q2, with governance-related activity seeing the largest QoQ decline. Voting and Osmosis staking transactions were down 71% and 55%, respectively, accounting for nearly a third of the fall in transactions counts in the quarter. However, transactions related to the core product, with IBC transfers and swaps, fell only 21% and 23%, respectively.

Despite a year of subdued value flows, “over $466 million was transferred to Osmosis via the IBC network in Q2.” Total IBC transfer volume on Osmosis fell 4% from the previous quarter to $2.1 billion transferred.

On June 19, Osmosis unveiled its next development phase, OSMO 2.0, which includes a revised tokenomics model aimed at improving the sustainability of the protocol and better aligning incentives. Key changes include a halving of the inflation rate, an extension of the emission timeline, a shift in emission allocation to incentivize long-term stakers, the introduction of a protocol revenue burn mechanism, and a fee share mechanism.

Despite the decrease in key metrics, the network continues to adapt and implement new strategies for its growth. The introduction of OSMO 2.0 demonstrates an ongoing commitment to sustainability and better alignment of incentives, which could set the stage for a potential rebound in the coming quarters.

USDC will integrate into Polkadot, NEAR, Base, Cosmos' Noble, and Optimism this September

Circle, the company behind the USDC stablecoin, is set to expand its digital dollar to six new blockchain ecosystems. The move comes as part of Circle’s “Stable September” initiative and aims to provide developers and businesses with a more versatile and secure stablecoin experience. The expansion will increase USDC’s native availability from nine to fifteen blockchain ecosystems.

Multi-Chain Expansion of USDC

Circle has announced that it will extend the reach of its USDC stablecoin to five new blockchain ecosystems in September, including Base, Cosmos via Noble, NEAR, Optimism, and Polkadot. A sixth addition, Polygon PoS, is slated for October. This expansion follows Circle’s recent launch of its Cross-Chain Transfer Protocol (CCTP) on mainnet and the introduction of its Web3 Services pillar and Programmable Wallets.

According to Circle, “the expansion of USDC to six new blockchain ecosystems enables developers to build on a stable foundation with a fully reserved digital dollar they can trust.” This move is expected to offer businesses and their users a “faster, safer, and more efficient way to send, spend, and exchange value around the globe.”

Supporting Blockchains Detailed

Base

Base is an Ethereum Layer 2 solution designed to onboard the next million developers and billion users. It is built on OP Stack in collaboration with Optimism and is currently incubating at Coinbase. Base aims to serve as an easy-to-use bridge for Coinbase users.

NEAR

NEAR is a high-performance blockchain that offers frictionless user onboarding and a unique scaling solution built on sharding technology. The integration of USDC into NEAR aims to “empower developers to integrate stablecoin payments flows into JavaScript or Rust-based decentralized applications.”

Noble

Noble is an appchain in the Cosmos ecosystem focused on simplifying asset ownership and transfer within the Inter-Blockchain Communication (IBC) ecosystem. USDC issued on Noble will be accessible to dozens of appchains via a seamless IBC integration.

Optimism

Optimism is an Ethereum Layer 2 solution that utilizes Optimistic Rollup technology to improve transaction throughput. The integration is expected to result in “significantly faster and lower-cost USDC transactions.”

Polkadot

Polkadot aims to facilitate an internet where independent blockchains can exchange information in a trustless manner. Circle plans to bring USDC to Polkadot via the Asset Hub parachain.

Polygon PoS

Polygon PoS complements Ethereum’s decentralized security and aims to appeal to the general public while maintaining decentralization.

Conclusion

The expansion of USDC to six new blockchains is a significant step in Circle’s commitment to delivering a stablecoin with the “widest reach, developer optionality, and the simplest, most secure user experience.” With this move, Circle continues to solidify its position as a leader in the stablecoin market.

Cosmos Hub Introduces New Liquid Staking Module and Dashboard Features

Cosmos (ATOM) Hub, an integral blockchain within the Cosmos Network, announced the successful completion of its v12 upgrade. The update introduces the Liquid Staking Module (LSM) that allows ATOM token holders to bypass the previously mandated 21-day unbonding period for unstaking their assets.

As per the official announcement on 13th September at 9:30 pm, the new LSM facilitates users to “directly liquid-stake their already staked #ATOM without waiting for the unbonding period.” This innovation aims to enhance the dynamics of the ATOM Economic Zone by enabling the staked ATOM to integrate seamlessly into the Cosmos decentralized finance (DeFi) ecosystem without undermining the staking returns.

However, it’s essential to note that there are governance measures in place to ensure the security of this feature. Cosmos Hub tweeted a reminder emphasizing an initial limit where “the total amount of ATOM that can be liquid-staked is set at 25% of all staked ATOM.” This cap is flexible and subject to future changes through governance processes. In addition to this, for heightened security, the LSM requires validators keen on receiving delegations from liquid staking providers to self-bond a specific quantum of ATOM.

On another note, just 8 weeks following their initial launch, the team at NumiaData unveiled an enhanced dashboard for Cosmos Hub. This updated version, termed as “Data Lenses v2,” was spotlighted on 14th September at 2:50 am. It showcases an array of features including monitoring “On-chain Transaction Flows,” “Liquid Staked ATOM,” and “AEZ APR & Revenue Flow.” The dashboard, which can be accessed at http://datalenses.zone/chain/cosmos, is a product of user feedback and is designed to provide better user experience with improved UI/UX elements.

The shift from a 21-day unbonding period was notable as ATOM, the native token of the Cosmos network, required its holders to undergo a locking period of three weeks to transfer their funds post-unstaking. The recent v12 upgrade, named “Gaia 12,” became operational at 1:00 pm UTC on 12th September, recorded at block height 16985500.

This development is a testament to the evolving blockchain space and how the integration of user feedback can result in advancements that streamline processes while safeguarding user interests.

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