Review on Cosmos by gregori cordova
The ambition of this project is enormous, but it may be the next step to enhance the scalability of blockchains
Most of the projects, today in the cryptographic environment, have developed their own blockchains, and have remained focused on them, isolating themselves from other blockchains. The cosmos project is making an effort to allow all existing blockchains to connect and there is interoperability between them, as a kind of internet of blockchains, in which all these networks will come together, through open source tools to facilitate transactions between them and enhance the entire current cryptographic ecosystem, promoting the advancement of this technology and offering a solution to the problem that many projects have tried to solve in the past, which is scalability. The project was launched in 2014 through an ICO that raised almost 17 million dollars and its cryptocurrency ATOM was finally launched on the market in 2017. To achieve its ambitious goal, Cosmos is made up of a central blockchain called HUB, which would be surrounded of multiple chains independent of each other, called zones, which are not directly intertwined with each other and must be connected to the central hub network to make exchanges between different chains. Within the Cosmos protocol, there are 3 basic components to take into account: the Tendermit core algorithm, which is a POS governance algorithm that keeps the network synchronized and secured through computers that are responsible for executing the cosmos software and validating transactions; the SDK software that allows developing applications from scratch in record times and without much effort and thirdly, its inter - blockchain IBC protocol, which is responsible for allowing communication between all individual blockchains.
This project is quite ambitious, and fosters unity within a universe in which more and more projects are striving to be individual and compete with others, something that may be holding back the necessary advances in scalability that are sorely lacking in the market. .
Pros
- It is a fairly ambitious project that promises enormous levels of scalability both vertically and horizontally.
- Through its software SDK developers can create applications from scratch without much effort
- It is a project that has had since its ico in 2014, a long development process before going on the market
- With cosmos, you can exchange one cryptocurrency for another without having to make a transfer from one blockchain to another
- As it uses a POS consensus system, nodes can stake Atom coins and get rewards per stake
- their Atom cryptocurrency is available on the main exchanges in the market, such as binance, okex, or huobi
- The project already has significant partnerships with omisego, tetha, and even binance's DEX
- With the implementation of Tendermit, up to 10,000 transactions can be processed per second
Cons
- The project competes with well-known projects such as Polkadot or cardano and still has a long way to go
- Due to its reliance on the POS consensus, there is still a lot of skepticism about how the project will develop in the future
