BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

A Glimpse into the Future of Cosmos Hub – What Does Cosmos 2.0 Hold For the Internet of Blockchains?

BlockNews Team by BlockNews Team
October 19, 2022
in Crypto, DeFi, Guides
Reading Time: 4 mins read
A A
Cosmos
1
SHARES
11
VIEWS
Share on TwitterShare on Reddit

The Cosmos blockchain network boasts an ever-expanding ecosystem where interconnected blockchains can thrive together and remain independent.

You might also like

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

The network has aided the development of over 260 dApps and services, including Terra, Binance Chain, Crypto.org, and the Cosmos Hub.

According to their website, Cosmos is the first entirely free platform to achieve a web in which value is “exchanged, stored, and secured between parties, without relying on centralized servers, rather than created for all and utilized by a few.”

Advantages of the Cosmos Blockchain

Developers Empowerment

Cosmos empowers developers by allowing them to build entirely autonomous application-specific blockchains that can easily interconnect rather than existing as smart contracts on another chain.

They can make their rules, choose consensus protocols, opt out of inherited transaction fees and achieve scalability. Cosmos’s interconnectivity system allows apps to exist on various blockchains and still interact.

Instead of competing for throughput, they can thrive independently across sectors like DeFi, Metaverse, NFTs, and DAOs and promote the sustainability of blockchain technology.

Organization and Marketplaces

The Cosmos blockchain gives power to the community, and resources are shared among members. Autonomous organizations within the ecosystem allow individuals to use their tokens to vote on decisions that determine the scope of governance.

Users on the blockchain network also get unrestricted access to marketplaces and exchanges for permissionless global trading.

Social Network

A system where every user has a voice and a free flow of information, unhindered by censorship, is present on centralized platforms. Cosmos encourages communities to form autonomous social networks where each user creates value and benefits from the value others create.

Cosmos Hub – The First Blockchain on Cosmos

At the heart of the Cosmos, the network is the economic center- Cosmos Hub. Cosmos Hub was the first to be launched among the hundreds of thousands of blockchains operating in the ecosystem.

It was designed to be a service provider to its connected chains. The Cosmos Hub acts as a decentralized marketplace with a wealth of value-backed assets, a decentralized exchange, bridges to other chains, and a secure custodian of digital assets.

The services provided by the Hub have become a driving force- providing reasons for other sovereign chains to connect and transfer assets to it, steadily driving its utility.

On the Cosmos Hub, transactional activities are carried out using the native token, ATOM. In return for staking ATOM, holders are rewarded with transaction fees and staking benefits.

The Next Phase for Cosmos Hub- Cosmos 2.0

Early last year, Cosmos completed its whitepaper, achieving its vision of creating blockchain interoperability, usability, and scalability detailed in its 2016 roadmap.

It became the infamous “Internet of Blockchains” and witnessed a tremendous increase in transaction-related activities, blockchain development, and the creation of decentralized applications.

For the Cosmos Hub 2.0 roadmap, the network focuses on “enhancing Cosmos Hub functionality by focusing on key areas like liquidity, economic security, usability, and participation.” More like polishing the rough edges to make its economic center and the core of its ecosystem better for community members.

The duration of the Hub 2.0 roadmap is expected to start from the Delta upgrade- Q4 2021 to v11-Gamma- Q3 2023. Here are a few developments on the new roadmap-

Liquidity Protocols

The two liquidity protocols prioritized on the roadmaps are the Gravity DEX protocol and IBC. The Gravity DEX protocol is a scalable AMM model for token swaps that delivers price consistency and order execution and drives liquidity for tokens on the Hub.

Paired with IBC, it creates a powerful component in cross-chain DeFi protocols.

Interchain Staking and Accounts

Through Interchain staking, validators tasked with securing the Cosmos Hub will also be able to provide security to new chains.

This will increase the number of transaction fees and chain inflation rewarded to ATOM stakers, as validators can also choose to secure separate “baby” chains.

Staking Derivatives To Increase ATOM Utilities

Unlike the previous system, where tokens had to be bonded for ATOM holders to receive staking rewards, roadmap 2.0 allows for collateralizing Gravity DEX swaps and DeFi lending.

This makes it easier for holders to stake their tokens and still enjoy the broader offerings that the DeFi ecosystem provides.

NFTs

As the new phase is being implemented, it is expected that the Cosmos Hub will deploy new initiatives to help better manage NFTs, governance, accounts, and authorization.

The rest of the roadmap and other plans can be perused here to understand better how Cosmos Hub 2.0 is set to impact the future of the “Internet of Blockchains.”

Tags: CosmoscryptoDeFi
TweetShareShare

Recommended For You

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more

FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research

by BlockNews Team
March 24, 2023
0
ftx

FTX files for return of $460 million investment funds made to venture capital firm by Sam Bankman-Fried through Alameda Research. When he invested, Sam Bankman-Fried was allegedly in...

Read more

OpenZeppelin Reveals Top 10 Blockchain Hacking Techniques in 2022

by BlockNews Team
March 23, 2023
0
OpenZeppelin

OpenZeppelin's top 10 hacking methods of 2022 serve as a sobering reminder of the value of cybersecurity and the need for ongoing research to make blockchain systems more...

Read more

Crypto Wallet, ZenGo, Announces Its Discovery Of Security Vulnerabilities In Popular DApps

by BlockNews Team
March 23, 2023
0
zengo

ZenGo reveals security risks in many Web3 vendors. The crypto wallet is awarded bug bounties and grants. Called a "red pill attack," it can steal user assets. ZenGo...

Read more
Next Post
Russia-Crypto-Sanctions

What new EU sanctions mean for crypto exchanges and their Russian clients

Related News

Mastercard-With-NFT's-On-Them

Mastercard Launches the First Debit Card with NFT Customization featuring Bored Apes and Moonbirds

September 29, 2022
polygon crypto

Year 2023: Will Polygon be the Ethereum Scaling Solution?

January 3, 2023
jpmorgan building

JPMorgan Exec Says Crypto Is A Non-Existent Asset For Big Institutional Investors

January 4, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Argues Software Services Are Not Securities: A Case Against the SEC March 24, 2023
  • Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask March 24, 2023
  • FTX Is Looking To Recover $460M From A Venture Capital Supported By Bankman-Fried’s Alameda Research March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?