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1. Introduction of Juno Network
1. Overview—Why Juno
Juno is developed by the community. It is a layer 1 public chain created by Cosmos SDK. It uses the Tendermint consensus module and is connected to the IBC protocol. It is the first smart contract platform public chain in the Cosmos ecosystem, and developers can freely develop dApps just like on Ethereum.
Most of the application chains in the Cosmos ecosystem serve applications with specific functions. For example, the application chain Osmosis is dedicated to building DEX, and the Cosmos Hub focuses on IBC and ecological security (the original Gravity DEX has also been migrated to the new chain in Cosmos, and now Crescent Network) does not support other developers to deploy smart contracts for other purposes. The purpose is to prevent dApps with other functions from preempting computing resources and affecting the normal operation of their core functions. Therefore, most application chains in the Cosmos ecosystem do not support the deployment of external smart contracts.
However, in order to further develop the Cosmos ecology and build a prosperous ecology in the future, it needs a smart contract deployment platform that does not require permission, similar to Ethereum and Avalanche. In Cosmos, this platform is Juno.
Juno Network is committed to becoming a smart contract deployment platform in the Cosmos ecosystem, that is, developers can easily build smart contract applications of any function on the network, and can communicate with other public chains that integrate IBC in the ecosystem.
2. Technology—to further reduce the development threshold of smart contracts
Smart contract module CosmWasm: The smart contract module supported by the Juno public chain is CosmWasm, which enables the WASM (WebAssembly) virtual machine (similar to the EVM used by Ethereum developers). Developers can use a variety of more common and familiar languages to develop smart contracts (such as Rust, Go, and C, C++ that will be supported in the future) to develop applications directly on Juno, and support porting to any other IBC-compatible Cosmos network.
CosmWasm is a more advanced, but still developing, next-generation smart contract development standard.
Token standard: The standard of the token on the Juno chain is CW20, which is the ERC20 standard of the Cosmos version. While inheriting the main features of ERC20, a certain degree of improvement has been made, such as adding metadata to the Token to store the Token Logo, etc. For applications deployed on Juno, the issuance of tokens will follow the CW20 standard.
Performance: Juno is a high-performance and low-rate smart contract platform public chain, TPS is about 10,000, Gas fee is about 0.01 USD, and there are currently 125 active verification nodes.
Juno is developed by developers, verifiers and delegators in the Cosmos ecosystem, and the entire development team is organized in a relatively loose model. According to the white paper, except for individual contributors, the core development teams are Core-1 and Core-2, and the current community is mainly operated by the Core-1 team.
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Team members have diverse backgrounds. Most of the development members have a deep relationship with the Tendermint team, or have participated in the activities of the Cosmos adversarial test network, which is equivalent to the official development team.
Juno can be regarded as an important part of the ecological infrastructure in which Cosmos officials are deeply involved.
4. Token economy
JUNO adopts the model of inflation decay, the inflation rate is 40% in the first year; the inflation rate in the second year is 20%; the inflation rate in the third year is 10%; from the fourth year to the 12th year, the inflation rate is reduced by 1% per year from 9%. Reduced to 1% by the 12th year. On the whole, it is a growth model similar to BTC, with a fixed total amount of tokens, high inflation in the early stage, and decreasing inflation in the later stage.
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Juno Network has not conducted private placement/public placement financing. The distribution of its governance token JUNO has been de-institutionalized, and the proportion of team distribution is small, and the unlocking time is long (12 years). It is relatively more friendly to the community and users, and it also shows that the team Confidence in the project.
5. Token Price
Recently, due to the confiscation of giant whale assets and the suspension of block production time due to attacks on the main network, the price of JUNO has fallen sharply, and it has been cut in half from the February high. Previously, the rise in currency prices was mainly due to a large number of project airdrops, and the current price has basically returned to the pre-launch position.
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6. JunoSummary
Juno Network has good fundamentals and is an indispensable part of the Cosmos ecosystem. After this attack, the vulnerability was quickly repaired, which may lay a solid foundation for the further rapid development of the ecology, and the Cosmos ecology will surely be more prosperous in the future.
In addition to the risk of hacking attacks caused by security vulnerabilities, there is no support from external financing (mainly institutional investors). Although the model driven by the community is in line with the concept of the encryption world, it is still unclear whether it can make a bloody way in the highly competitive public chain track. to be observed.
2. Introduction of Evmos
1. Overview
Evmos is a layer 1 blockchain in the Cosmos ecosystem, compatible with EVM, developed using the Cosmos SDK, Tendermint BFT consensus module, and enabling the IBC protocol.
Shortly after Evmos was launched, the main network announced that the upgrade failed and block production stopped. The Evmos core team is responsible for the failure of this network upgrade. Because the upgrades were rolled out so quickly, critical vulnerabilities were not identified. The official will continue to collect relevant data, discuss and decide whether to continue from the original block height, or reset to 0, and the team is still working on engineering design to restart Evmos smoothly. It is expected that the Evmos mainnet will be back online in mid-April.
2. Technology
2. Technology
EVM Compatible: Like Avalanche, Evmos allows developers to deploy applications built with the EVM (Ethereum Virtual Machine). This allows developers to continue building projects faster in different environments using the same language/tools they are familiar with.
ERC20 Module: This module allows users to convert ERC20 tokens to Cosmos native tokens (or vice versa), allowing users to swap assets in two completely different layers (EVM and Cosmos).
What Evmos fills is the gap in the EVM compatibility of the Cosmos ecosystem. Evmos connects the tokens of the Cosmos ecosystem to the wider EVM ecosystem, introduces ERC20 tokens into the Cosmos ecosystem, and further builds an open and prosperous Cosmos ecosystem.
3. Development team—strong technical background
After the launch of IBC in April 2021, the development team Tharsis proposed Cosmos proposal #44 in the community, which is to introduce the EVM chain to the Cosmos ecosystem. The proposal, now known as Evmos, was quickly passed in April 2021 with a community support rate of 98.31%, and received financial support from the community treasury of 100,000 ATOM (approximately $2 million at the then price).
The Tharsis team has two leaders, both with CS background, graduated from UC Berkeley, and co-founded Blockchain at Berkeley in 2016.
Another key leader, Akash Khosla, was a researcher at RISE Lab in Berkeley and a software engineer at Anchorage, a digital asset platform.
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4. Token Economy
The token supply adopts a "half-life" model, similar to diminishing inflation:
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The overall supply curve is as follows:
The ratio after 4 years of the plan is as follows:
On the whole, EVMOS accounts for 60% of user allocation, which is relatively friendly, but the inflationary pressure in the early stage is relatively high.
5. Token Price
In the past six months, AVAX, an EVM-compatible public chain, has performed significantly better than SOL. It can be considered that EVM compatibility has brought stronger development to the ecology. Based on AVAX's current market value of about 21.1 billion US dollars, assuming that the market value of EVMOS reaches 5% of AVAX, combined with the initial supply, EVMOS may be at a reasonable price of around US$5 after listing.
References:
References:
https://www.junonetwork.io/
https://github.com/CosmosContracts/juno
https://docs.junonetwork.io/juno/readme
https://medium.com/@JunoNetwork
https://www.coinbase.com/ja/cloud/discover/protocol-guides/guide-to-evmos
https://evmos.blog/the-evmos-token-model-edc07014978b
https://medium.com/@TharsisHQ
https://evmos.blog/introducing-evmos-the-evm-compatible-hub-on-cosmos-28a722067e21
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