What does the encryption project Cosmos mean? Why is it special?
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1、 What is the Cryptographic Project Cosmos?
The founder of Cosmos, Jae Kwon, initially began to study a consensus algorithm for new block chains called Tendermint. Kwon, together with computer scientist Ethan Buchman, founded Tendermint to further develop this new technology. The innovation of Tendermint will be the basis of the Universal Cryptocurrency Project.
The universe often touts itself as a "blockchain internet". The complex architecture of this project allows developers to create unique blockchains in the universe ecosystem. Cosmos Hub and Tendermint algorithms provide security and cross chain communication without restricting the sovereignty of independent blockchain projects. After several rounds of financing, Cosmos launched mainnet in 2019. All In Bits Inc. is the backstage supporter of Cosmos software design, while the Swiss non-profit organization Inter Chain Foundation helps fund and organize Cosmos projects.
Although Cosmos is still growing, it has attracted many Web3 developers due to its flexible architecture. Some of the most famous projects on Cosmos include:
Osmosis: Founded in 2021, Osmosis is currently the largest decentralized exchange (DEX) in the universe ecosystem.
Cronos chain: by Crypto com The Cronos Chain is an Ethereum compatible blockchain built in the universe, funded by the Central Cryptographic Exchange. Cronos runs on the PoS algorithm, with Crypto.com CRO currency as the main cryptocurrency.
Coin security chain: The central crypto exchange Coin security has also established its tool kit for using the universe. Like Cronos Chain, the blockchain of Coinsecurity has many dex, encryption loan platforms and NFT markets.
Thor chain: Thor chain is an index on Cosmos. It tries to make cross chain exchange a reality, which means that its goal is to make it possible to exchange local currency and tokens securely on any blockchain, including Bitcoin, Dog Coin and Ethereum. Thor chain runs on PoS algorithm and uses its local rune cryptocurrency to protect the network.
2、 What makes Cosmos different?
Cosmos sees itself as the third evolution of blockchain technology after Bitcoin and Ethereum. It allows developers to build blockchains designed for specific use cases, called application specific blockchains, which can be connected to each other to transfer data between them.
Although Cosmos aims to encourage Web3 developers to build decentralized projects, it does not rely on Ethereum's smart contract design. Instead of building dApps (decentralized applications) on the basic blockchain, Cosmos has created a modular architecture that allows developers to freely create independent blockchains.
Cosmos developers do not have to rely on the consensus layer or network layer of the first layer blockchain as Ethereum does. When encryption enthusiasts build on Cosmos, they can create their own blockchain that conforms to their design specifications. Cosmos does not develop dApps through smart contracts, but gives Web3 programmers the greatest freedom to develop blockchains and enjoy the security of its Tendermint algorithm.
But Cosmos is not only focused on helping Web3 developers create independent blockchains. Many encryption enthusiasts associate Cosmos with the term "interoperability", which refers to communication between blockchains. So far, because of their unique consensus mechanism and coding specification, connecting different blockchains is challenging. Although cross chain bridges help transfer value between blockchain networks, they are vulnerable to hacker attacks.
Cosmos has developed an inter blockchain communication protocol (IBC) to help different blockchains communicate. The Cosmos team is also studying the blockchain called the "pinning area", which can be connected with projects outside the Cosmos ecosystem. For example, Cosmos can deploy a pinning zone between Bitcoin and Ethereum.
In addition to all these functions, Cosmos can handle 10000 transactions (TPS) per second, has low natural gas costs, and has minimal impact on the environment due to its Proof of Interest (PoS) design.
The above content describes the meaning of the encryption project Cosmos and the reason why it is unique. Projects like Cosmos emphasize the role of interoperability in the future of Web3. As more and more blockchains and dApps go online, secure communication between protocols will be required. Although Cosmos is not the only network interested in solving blockchain interoperability, it has become one of the most influential networks in this field.