Originally written by Karen, Foresight News
Originally written by Karen, Foresight News
Cosmos released version 2.0 white paper at the Cosmoverse conference, which elaborated on inter-chain security, liquidity staking, new token model, and fee mechanism. On the occasion of the release of the new white paper of Cosmos, Foresight News will interpret several important updates in the new stage of Cosmos and take you to review the development process of Cosmos.
A New Phase of Cosmos: Interchain Security and ATOM 2.0
Cosmos Hub refers to the previous stage of development as the Initiation stage, and regards September 2022 as a key turning point, which is the transition to the second stage of Integration. Over the past 18 months, Informal Systems and Interchain GmbH have formed dedicated teams, with the Interchain team leading integration and network upgrades and Informal Systems leading the development of Interchain Security.
According to a white paper released by Cosmos on September 26, with the creation of Cosmos Tendermint, IBC and SDK and the development of key technologies for secure economic expansion (cross-chain security and liquidity staking), the original vision of Cosmos Hub has been realized. This is also the underlying stack of Cosmos.
The Cosmos middle layer is an interchain security and liquidity staking module, built on top of the middle layer are the Interchain Scheduler (Interchain Scheduler) and the Interchain Allocator (Interchain Allocator), which are application-specific and accelerate cross-chain growth Two functions, mainly to generate income from cross-chain MEV.The new whitepaper marks the transition to the next phase of the Cosmos Hub as an infrastructure services platform and the new role of ATOMs as collateral of choice in the Cosmos network,
It mainly consists of revenue generation from cross-chain MEV, inter-chain security, native liquidity staking module, ATOM new token economics, and fees.In terms of MEV revenue
, the Interchain Scheduler is a cross-chain blockchain space marketplace capable of generating revenue from cross-chain MEVs. These revenues are used by cross-chain allocators to capitalize new Cosmos chains, facilitating cross-chain collaboration, thereby expanding the potential market for schedulers. This means that the Cosmos Hub will generate revenue from cross-chain activity by creating a block space market and charging matching fees.Interchain Security and Liquidity Staking
Together, they are built into a secure base layer. Among them, inter-chain security is the pillar to ensure the security of the Cosmos application chain. The same validator set and mortgage assets can be used. That is to say, the application chain pays a certain fee to rent security in the Cosmos Hub. Access to the security provided by Cosmos Hub validators.
Native liquidity staking providers are able to earn staking rewards and pursue other opportunities. Cosmos will later provide the infrastructure for liquidity staking.Along with that,ATOM will also become the preferred collateral asset in the Cosmos network. Aspects of New Token Economics
, the white paper also describes a new issuance system optimized for liquid staking, and divides the issuance of ATOMs into transitional and stable stages. In the 36-month transitional stage, 10 million ATOMs will be issued per month at the beginning, and ATOMs will be issued every month. The number of new ATOMs will decrease exponentially at first, and then will stabilize at 300,000 per month. That is to say, the new token issuance model will start from an exponentially declining issuance model, and finally transform into a linear growth. The purpose of the transition phase is to incentivize application chains to join interchain security, help subsidize security expenditures, and provide the community with infrastructure Opportunity.cost
, the fee paid to the Cosmos Hub will be allocated to the fee distribution module and distributed between the community pool, validators and delegators. With the introduction of inter-chain security, a part of the transaction fee and issuance of each consumption chain will also be sent to the fee distribution module to pay for securing all chains and replacing current issuance subsidies. Additionally, the fee module will add support for a range of whitelisted tokens. The white paper is expected to hold an on-chain vote on October 3rd.
Generally speaking, the new white paper of Cosmos is committed to shaping a collaborative economic community, attracting the participation of ecological application chains and applications from the perspective of inter-chain security and new tokens and fee models. In the future, with the transfer of the head derivatives agreement dYdX, It is also very likely that a situation of feeding back ecology will be formed.
Cosmos development history:
Birth of Tendermint
Speaking of Cosmos starts with the founder Jae Kwon, who was (one of) the first to apply Byzantine Fault Tolerance (BFT) research in a PoS public blockchain environment.
In 2014, Jae Kwon published the paper "Tendermint: Consensus without Mining". He believed that PoW and PoS are not the best solutions for reaching consensus, and by improving the proven Byzantine Fault Tolerance (BFT) algorithm developed at MIT in 1988, he proposed Tendermint, a blockchain consensus solution that does not require PoW mining, and can largely protect the network from double-spending attacks from malicious Byzantine participants.
Subsequently, Jae Kwon founded Tendermint Inc (All in Bits Inc). Tendermint Byzantine Fault Tolerance (BFT) is a combined implementation of the BFT consensus algorithm and PoS cryptoeconomics, aiming to solve the speed, scalability and environmental problems in PoW.
Founders' acquaintance and walking side by side
In 2015, Jae Kwon and Ethan Buchman (later the founder of Tendermint Inc) met for the first time at the CryptoEconomicon conference held by CCRG in Silicon Valley. The words were very speculative. They discussed possible attacks on the Tendermint algorithm and began to work closely together shortly thereafter. Tendermint software. All in Bits Inc also partnered with the contract management platform Monax to implement EVM on top of Tendermint BFT (Ethermint 1.0). At the time, Ethan Buchman was also the lead blockchain developer at Eris Industries (Monax).
At the end of the year, Ethan Buchma decided to leave Eris Industries, started working with Jae Kwon, and became the official co-founder and chief technology officer of All in Bits Inc.
Tendermint’s third founder, Dustin Byington, previously led finance and operations at All in Bits Inc, but parted ways with the company shortly after 2016 to join the Wanchain team.
Cosmos Historic Milestone Moment: White Paper Launch
Before publishing the Cosmos white paper, All in Bits Inc attempted to raise funds from venture capitalists for its Tendermint-based enterprise product and proof-of-stake application custody, but the financing process suffered a series of setbacks. However, the unsatisfactory financing did not discourage Jae Kwon and Ethan Buchman. Instead, they began to re-examine their motivations. After iterating multiple versions of the design and discussing several financing options, they released the Cosmos white paper in 2016. In this regard, Cosmos’s The story unfolds slowly.
The Cosmos white paper is a historic milestone for the project. The "Cosmo: Distributed Ledger Network" white paper envisions Cosmos as a network composed of many independent blockchains (ie Zones), which are powered by Tendermint, a consensus engine similar to PBFT. BFT provides support, the first Zone is the Cosmos Hub, and the Cosmos Hub can also be expanded by connecting other Zones, and the Cosmos Hub and the Zone can communicate with each other through the inter-chain communication protocol (IBC).
The effort paid off, and after the Cosmos whitepaper was widely disseminated and well received by the community, Jae Kwon and Ethan Buchman secured some initial funding to build Cosmos in late summer 2016. In the same year, Cosmos also won the "Most Innovative Project" award at the Shanghai International Blockchain Week. Since then, All in Bits has gradually expanded its team.
Cosmos Early Development Adoption: Funding and Accelerating Development
2017 was the year of early adoption for Cosmos. Cosmos set up the Interchain Foundation (ICF), a non-profit organization in Switzerland modeled on Ethereum, to promote the development of the Cosmos network and ecosystem. The Foundation Committee consists of Jae Kwon, Ethan Buchman and another Swiss local board member named Guido Schmitz-Krummacher composition.
According to the service agreement of ICF, All in Bits later led the development of infrastructure such as Tendermint, Cosmos SDK and LotionJS, applications such as Cosmos Hub and Ethermint, the development of Cosmos Hub wallet Voyager (now Lunie) and cross-chain communication protocol IBC.
On April 5 of the same year, ICF raised $16.8 million for the Cosmos network within 30 minutes at the price of a single ATOM of $0.1. These funds provided important support for the subsequent construction and development of the network.
At the same time, the All in Bits team expanded to 20 people and is also accelerating the development of Cosmos software. It is already running a Tendermint-based blockchain testnet, and using a simple account system to send tokens using the IBC prototype, and iterate Early versions of the Cosmos SDK and Cosmos Hub software and draft designs for Ethereum bridges, decentralized exchanges and smart contract languages, etc.
In the spring of 2018, Zaki Manian officially joined All in Bit. Not only was he one of the early funders of the project, he also discussed many ideas with Jae Kwon and Ethan Buchman in the early days of the project, including reviewing white papers and providing suggestions, etc., and then led the Cosmos testnet plan and Stargate upgrade.
During 2018, the testnet program has grown significantly and become increasingly decentralized. Cosmos has released more than 20 public testnets and launched the adversarial testnet Game of Stakes, which has been unanimously recognized in terms of community participation and testnet format. By the end of the year, the team had begun preparations for the Cosmos Hub to begin.
Cosmos Big Bang Phase: Cosmos Hub Launch and "Stargate" Upgrade
At 7:00 on March 14, 2019, Beijing time, Cosmos Hub, the first public BFT blockchain supported by Proof of Stake, was officially launched. The main network will be launched in three stages: network stabilization, enabling transmission and enabling IBC. The Cosmos Hub is also the cornerstone of Cosmos' network vision of cross-blockchain interoperability.
On the second day after the Cosmos Hub was launched, Tendermint Inc also announced that it had raised $9 million in Series A financing led by Paradigm. Investors also included Bain Capital and 1confirmation.
Prior to this, many projects have been prototyping their own public blockchains using Tendermint Core technology and preparing to open connections to the Cosmos Hub.
At the time, some of the eco-focused projects utilizing the Cosmos SDK and Tendermint Core included Terra, Binance DEX, and National Thai ID, a project aimed at providing on-chain identities for Thai citizens. The Cosmos-based application chain Terra has also played a certain role in promoting the sudden rise of Cosmos. With the collapse of Terra, the Cosmos ecology may be the best choice for Terra developers.
In February 2021, developers spread across multiple entities helped realize the vision outlined in the Cosmos white paper, launching the "Stargate" upgrade. Stargate v0.40 is the result of nearly ten months of collaboration between multiple teams. In this version, the two modules of Tendermint Core v0.34 and IBC are finally integrated into the Cosmos SDK. Since then, more than 45 Cosmos sovereign blockchains have emerged.
refer to:
refer to:https://gateway.pinata.cloud/ipfs/QmWXkzM74FCiERdZ1WrU33cqdStUK9dz1A8oEvYcnBAHeo
https://blog.cosmos.network/cosmos-history-inception-to-prelaunch-b05bcb6a4b2b
https://v1.cosmos.network/abouthttps://ebuchman.github.io/posts/phases-of-cosmos/
