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orange book(ID: chengpishu), author: orangefans, source of opinion: Eric Meltzer, https://proofofwork.news/, Odaily Sunday Daily reproduced with authorization.just finished yesterday
Cosmos has launched the main network, but "why do you need to cross-chain" is still to be explored, see a new discussion right away today.
The Proof of Work newsletter (authored by Eric Meltzer presumably) offers an interesting perspective:
The most interesting thing about Cosmos is not cross-chain, but the possibility of being a second-tier network of Bitcoin.
The Lightning Network, which is very popular this year, may be the Bitcoin layer-2 network solution that most people know and agree with, but Cosmos has the potential to provide another layer 2 alternative, which has different trade-offs from the Lightning Network.
Imagine using Cosmos to make a zone, and the verification node of this zone controls a bitcoin multi-signature wallet. You can select these verification nodes in various ways (using token as staking, or bitcoin as staking, or even a variant of pow), the point is, you can use this framework to allow users in the zone to send Bitcoin, and then use those coins in ways that Bitcoin cannot. For example, these coins can be used in a very complex smart contract, which can execute logic far beyond the limitations of the Bitcoin scripting language.
The advantage of this method, compared with Ethereum, is that some applications can be made without generating new tokens. Almost every innovation on Ethereum will be accompanied by a token, but we can use the Cosmos mechanism to cooperate with Bitcoin to create a prediction market that does not require new tokens. The author believes that Bitcoin is the most currency-like token with the greatest liquidity and widest acceptance. Many applications can complete transactions only through Bitcoin, use products or receive services without issuing coins.
Obviously, this is the view of a Bitcoin maximalists. The author said that some people in the Cosmos team are actually Bitcoin maximalists. They believe that the world only needs a pow chain that consumes a lot of hash power, and the purpose of Cosmos is to become the engine of Bitcoin and continuously inject energy into Bitcoin.
Of course, there are many other zones on Cosmos besides Bitcoin, but the possibility of Bitcoin is the most exciting. Moreover, the verification node and the owner of the smart contract will also generate a new business model that does not need to issue coins: if you have a bunch of bitcoins in the Cosmos zone, you can make money by renting bitcoins in the zone, or A certain handling fee is charged. Regardless of the two, it may not be less than the money earned by routing in the Lightning Network.
