The Cosmos Network is a blockchain-interoperable network that has been optimized for a chain of networks. As its mainnet is ready for launch on March 13, the project will be the most prominent in the cryptoeconomy. This is what anyone unfamiliar with the project should be looking out for.
Cosmos 101
Cosmos will not have one blockchain, but many parallel chains.
The project’s website states that “Cosmos” is a decentralized network consisting of parallel blockchains powered by BFT consensus algorithms such as Tendermint consensus.
BFT is For Byzantine Fault tolerance. A consensus mechanism is considered secure if it has such tolerance. While Bitcoin and Ethereum currently use Proof-of-Work (PoW), to reach consensus via mining, Cosmos uses a version Proof-of-Stake(PoS), which involves staking ATOM governance tokens.
Tendermint Core
It refers to Tendermint consensus, while Tendermint Consensus refers to Tendermint Core. The first is an open-source blockchain infrastructure that prepackages its consensus layers and networking layers. The latter is the consensus algorithm that is leveraged within that infrastructure.
Cosmos is built on both. Cosmos is built on both.
This system is designed to maximize interoperability among blockchains, according to the Cosmos whitepaper.
“This flexibility allows Cosmos zones act as bridges with other cryptocurrencies like Ethereum or Bitcoin. It also permits derivatives from those blockchains, utilizing the exact same codebase, but with a different validator and initial distribution. This allows many existing cryptocurrency frameworks such as Ethereum, Zerocash and Bitcoin to be used with Tendermint Core. It is a more powerful consensus engine that can be used on a single network, which opens up a lot of opportunities for interoperability between platforms.
What’s happening now?
After the successful completion of its incentivized Game of Stakes testingnet last month, the project’s community is now making final preparations for its March 13th mainnet launch.
The #GameofStakes has officially ended. This incredible experience is wrapped up by @zmanian, Game Master, who rings in the mainnet with a Closing Ceremony
We are very grateful to all who participated, watched, and engaged with us.
– Cosmos – The Internet of Blockchains (@cosmos), February 27, 2019,
A Genesis Ceremony has been launched to determine the initial validator base for the Cosmos Network. 100 validators will be selected from a group that submits a “gentx” – a transaction that indicates a commitment to “bring you validator online by your recommended genesis time.”
Attn: Cosmos validators!
Phases
Three Mainnet Phases on Horizon. According to the Cosmos project leadership, users can expect three stages of development following the mainnet’s launch.
The network’s march toward stability will mark the beginning of this stage. The Cosmos team stated that “halts” and other failures are to be expected during this period. Because things are likely to change, trading of ATOMs during this period is discouraged.
“In this phase we strongly recommend that your not arrange to trade Atoms. By legal contract, they won’t be transferable yet), as there is the risk that state will be reverted
Christine Chjango, Head of Communications for the Tendermint Project, has spoken.
The second mainnet stage will see the activation of transfers on the Cosmos Network. In the final stage, the project’s developers will activate the Inter-Blockchain Communication protocol (IBC), which will “create a base layer for creating a communicating blockchain architecture.”
Conclusion
It is still unknown when these phases will be completed. However, it is clear that many stakeholders in the cryptoeconomy believe Cosmos’ interoperability potential has implications far beyond its network.