Read Cosmos2.0 and the difference between Cosmos and Ethereum in one article

CoinVoice

特邀专栏作者

2022-10-06 14:30 (UTC+8)

This article is about 6105 words, reading the full article takes about 9 minutes

Cosmos has officially entered the 2.0 era.

AI Summary

Expand

Cosmos has officially entered the 2.0 era.

Original Author: Daniel Li

On September 27th, the Cosmos White Paper 2.0 was officially released at the Cosmoverse Conference, which also marked the official entry of Cosmos into the 2.0 era. According to the content of the white paper, this upgrade is mainly for the transformation of the Cosmos Hub, aiming to enhance interoperability and security. At the same time, the Cosmos ( ATOM ) token undergoes key changes to allow ATOM to exert greater value. Regarding the specific content of this upgrade and the difference between the upgraded Cosmos and Ethereum, we will briefly understand through this article.

first level title

The Cosmos2.0 upgrade has become the biggest event in the blockchain industry this year after the merger of ETH2.0. At the same time, the new innovative applications brought about by the Cosmos2.0 upgrade have also sparked extensive discussions in the blockchain industry. We have summarized the specific upgrade measures announced in the Cosmos White Paper 2.0 as follows.

secondary title

1. Interchain Accounts

The application of inter-chain accounts can solve all the above problems. It allows users to complete multiple transactions in one click. Interaction between accounts and Cosmos applications is as simple and fast as with protocols on L1 such as Ethereum.

secondary title

2. Interchain Security

Interchain security is one of the highly anticipated upgrades. For applications created based on the Cosmos-SDK, security is always a fundamental issue. For those large application chains with a large number of users, such as the previous Terra, this is not the case. big problem. But small appchains have this concern, as newly launched apps are at risk of being attacked if they are secured by token stakers whose market capitalization is lower than the TVL on the chain. Therefore, interchain security allows these application chains to rent security from the Cosmos Hub, and only need to pay a certain percentage of transaction fees, and these application chains will be able to receive the security guarantee provided by the validators of the Cosmos Hub.

In the new version of the white paper 2.0, several future application directions of inter-chain security are mentioned:
Rollup Settlement
IBC routing, IBC relay contract market
Chain name service, ENS on Cosmos

secondary title

3. Interchain Queries

If inter-chain accounts and inter-chain security solve the problem of asset transfer and security protection on Cosmos application chains, then the introduction of inter-chain retrieval aims to solve the problem of information interaction between application chains, and it will open up a brand new A world of possibilities, enabling the creation of cross-chain smart contracts.

Inter-chain accounts and inter-chain retrieval are complementary. The cooperation of these two new features will enable complex transactions across multiple blockchains, greatly simplify the user's interactive experience across Cosmos applications, and can also integrate the uniqueness of each chain. functions to tap the potential of the entire cosmos ecosystem (such as combining Secret Network's default privacy transfer function).

secondary title

4. ATOM2.0

As the only native token of Cosmos, ATOM has always been considered as a MEME coin in the 1.0 stage, and there is not much sense of existence. Because of the unlimited circulation of tokens in the 1.0 stage and the lack of value capture, the inflation rate has remained high for a long time. It hinders the establishment of the Cosmos ecosystem. For this reason, the upgrade of ATOM2.0 focuses on solving the two major problems of token value capture and Cosmos ecological development.

(1) Improve the value capture ability of ATOM with the help of inter-chain security

In the past, there was a HUB as the center, and there were zones similar to parachains. The protocols on the Zones developed on their own, and they were responsible for their security. Everyone did not have a strong connection. In the new version, developers can choose to let the HUB take care of the security, and at the same time, the GAS fee is borne by ATOM. The bigger the ecology, the greater the value of ATOM, and even if some projects are particularly powerful and do not use HUB as a security guarantee, but use their own tokens like ERC20 projects, then HUB can still be used in the form of rewards Receive tokens, which also benefit ATOM;

(2) Enhance the composability of ATOM with the help of interchain accounts

Inter-chain accounts open up the entire Cosmos ecology, allowing assets on different chains in the ecology to be directly traded, improving the efficiency of asset transfers, and at the same time providing convenience for the interaction between different assets on different sovereign chains and ATOM, enhancing the Composability of ATOMs.

(3) The liquidity staking function improves the liquidity of ATOM

Current ATOM holders can earn interest by staking their tokens to validators, but doing so involves locking the tokens to an address on the blockchain and needing to guarantee that they cannot be sold for a period of time, although At present, some third-party applications provide a "liquidity staking" model, allowing users to trade their mortgage assets through derivative tokens representing their shares, but it is not convenient for users to operate, and the introduction of third-party programs will also bring uncontrollable risk, and this problem will be resolved in the Cosmos2.0 stage. The Cosmos Hub will soon support the liquidity staking function, thereby improving the liquidity of ATOMs and making ATOMs the preferred collateral for the Cosmos ecosystem.

(1) Token incentives help DAO community governance

In addition to Cosmos will use ATOM as the transaction fee payment currency on the chain, users who hold ATOM also have governance voting rights. Users can participate in the governance of Cosmos Hub, initiate proposals and vote on the future direction of the ecosystem. In addition, Cosmos will also apply token incentives to community management, give the community a one-time subsidy, or set up incentives such as developer capital flow, so that the community can better provide services or suggestions for the Cosmos ecosystem.

By staking ATOM tokens, token holders can obtain opportunities for airdrops of new projects. According to Cosmos officials, there will be about 200 IBCs on the chain in 2022 alone. In the future, as the Cosmos ecosystem becomes more and more abundant, there will inevitably be more and more Airdrops of new projects have emerged, which also provides ATOM holders with more opportunities for airdrops of new projects.

first level title

Cosmos development stage and philosophy

Since its inception, Cosmos has been working on solving the following problems:

Scalability: Quickly build custom chains, and provide Cosmos SDK to enable developers to focus more on the implementation of the application layer by separating the network layer, consensus layer and application layer. At the same time, different shard chains are allowed to use different personalized implementation methods.

Cross-chain communication: realize message transmission between different chains through IBC (Inter-Blockchain Communication Protocol)

Sovereignty & Shared Security: Developers can master the rules of the application chain by themselves, and at the same time link with the central network through IBC. Different chains only need to trust the central network to achieve independent sovereignty and shared security.

Increased speed: Increase the block confirmation speed through POS, thereby increasing TPS.

The original founder of Cosmos, Ethan Buchman, explained the philosophy and goals of Cosmos in an article on September 23, and divided the development of Cosmos into three stages-Initiation, Integration, Illumination.

Phase 1Initiation

The first stage is called Initiation. It started in the summer of 2016. Cosmos white paper 1.0 was released in this year. At this point, the story of Cosmos slowly unfolded. The white paper "Cosmo: Distributed Ledger Network" envisions Cosmos as a network composed of many independent A network composed of blockchains (Zones), these Zones are supported by Tendermint BFT, a consensus engine similar to PBFT, the first Zone is the Cosmos Hub, and the Cosmos Hub can also be expanded by connecting other Zones, and the Cosmos Hub and Zone They can communicate with each other through the inter-chain communication protocol (IBC). The release of the Cosmos white paper 1.0 has been widely disseminated and well received by the community, and it has also attracted some initial funds for Jae Kwon and Ethan Buchman to build Cosmos.

(1) Token incentives help DAO community governance

secondary title

Cosmos development stage and philosophy

Since its inception, Cosmos has been working on solving the following problems:

Cross-chain communication: realize message transmission between different chains through IBC (Inter-Blockchain Communication Protocol)

Increased speed: Increase the block confirmation speed through POS, thereby increasing TPS.

The original founder of Cosmos, Ethan Buchman, explained the philosophy and goals of Cosmos in an article on September 23, and divided the development of Cosmos into three stages-Initiation, Integration, Illumination.

Phase 1Initiation

The first stage is called Initiation. It started in the summer of 2016. Cosmos white paper 1.0 was released in this year. At this point, the story of Cosmos slowly unfolded. The white paper "Cosmo: Distributed Ledger Network" envisions Cosmos as a network composed of many independent A network composed of blockchains (Zones), these Zones are supported by Tendermint BFT, a consensus engine similar to PBFT, the first Zone is the Cosmos Hub, and the Cosmos Hub can also be expanded by connecting other Zones, and the Cosmos Hub and Zone They can communicate with each other through the inter-chain communication protocol (IBC). The release of the Cosmos white paper 1.0 has been widely disseminated and well received by the community, and it has also attracted some initial funds for Jae Kwon and Ethan Buchman to build Cosmos.

Phase II Integration

The release of Cosmos White Paper 2.0 on September 27, 2022 marks the end of the 1.0 phase of Cosmos development and the opening of the 2.0 phase. The specific upgrade measures of Cosmos 2.0 have been described above, so I won’t go into details here. The upgrade of Cosmos 2.0 It is very important to the development of Cosmos. It plays a link between the past and the future. It has transformed Cosmos 1.0 from a loose alliance into a vibrant ecosystem, and it also points out the direction for the subsequent Cosmos 3.0 phase.

The Cosmos 3.0 stage is called: Illumination, translated as "brightness" in Chinese. We don't know exactly when and how it will come, but through the innovations and surprises brought to us by the Cosmos 2.0 stage, we There are reasons to believe that Cosmos 3.0 is worth looking forward to, and it will illuminate the entire blockchain world in the future.

secondary title

The difference between Cosmos and Ethereum

The Cosmos development team believes that the public chain should be composed of a network layer (node network), a consensus layer (consensus formation), and an application layer (applications & persistent ledgers). Create applications on the Bitcoin network. Ethereum only provides EVM as the operating platform for smart contracts, which has scalability (all applications grab limited resources), ease of use (due to the limitations of EVM itself and programming languages, developers cannot efficiently complete application development and usercase coverage), limited Sovereignty (the application layer does not have sovereignty) and many other issues that are difficult to perfect. Compared with the Bitcoin and Ethereum networks, the network base layer built by Cosmos is more ideal. Its appearance is like the computer entering the network era from the stand-alone era, with unlimited prospects and strong narrative.

functional difference

The Ethereum and Cosmos blockchains are often compared by some encryption enthusiasts. In terms of its functions, Cosmos is not a competitor or substitute for Ethereum. The two are not in the same dimension. Cosmos can provide a free zone A blockchain development framework that allows developers on the network to launch their blockchains. Ethereum is currently unable to do this. Although Cosmos will not become a competitor of Ethereum, some blockchain open frameworks freely provided by Cosmos can provide convenience for competitors of Ethereum. A typical example is Binance Chain, which is built with the Cosmos SDK. The platform provides users with faster transactions and cheaper fees than Ethereum.

The difference in user experience

Ethereum is the general-purpose blockchain; developers build sidechains to make changes to Ethereum's blockchain using smart contracts. The problem here is that these smart contracts are generic and have very limited functionality, and many times projects have to combine a large number of basic contracts to achieve the functionality they want, which increases the gas price and leads to slower transaction times and user experience. changed very badly. On top of that, these projects have to compete with each other to have their transactions included in Ethereum's next block. This means that having more projects results in higher gas costs.

The Cosmos network is an ecosystem designed for project parties to build their own blockchains, customized to their needs, while also being able to transact with other blockchains connected to the ecosystem. This significantly reduces the gas cost of all connected blockchains without limiting transaction throughput. So in terms of user experience, Cosmos has more advantages than Ethereum.

Ecological Distinction

first level title

Summarize

Today, the coexistence of Wanchain has become a consensus within the blockchain industry. All major public chains have begun to exert their strength, and the competition for public chains is also becoming more and more exciting. This year, in addition to the merger of ETH2.0 and the development of Ethereum Layer2, BNB Chain and Polygon It also announced the launch of the corresponding side chain plan, and Avalanche's subnet has also begun to go online gradually. In the face of such fierce competition, we will wait and see whether Cosmos can occupy a leading position in the future public chain market with the help of this upgrade of Cosmos 2.0 by lowering the developer threshold, optimizing user experience, and enhancing the value capture of ATOM tokens.

Cosmos

ETH

Welcome to Join Odaily Official Community