The Internet of Blockchains: A Deep Dive into the Cosmos Network

Summary

The Cosmos Hub is intended to help the Cosmos Network develop thousands of interconnected blockchain systems. The Cosmos Hub, which is powered by the ATOM token, uses a proof-of-stake consensus process to allow network participants to “stake” their ATOM coins and gain incentives.

Contents

  • Maintaining network consensus
  • Staking through incentivization-based validator nodes
  • Mitigating spam as the medium for paying gas fees
  • Providing a voting mechanism to propose network amendments through Cosmos governance proposals
  1. The Tendermint Core Byzantine Fault Tolerance (BFT) consensus methodology is a language-agnostic consensus mechanism that is utilized for state machine replication to clone other blockchain networks developed within the Cosmos Network.
  2. The Tendermint team created the Inter-Blockchain Communication Protocol (IBC) as an interoperable communication layer across different blockchain networks.
  3. Within the Cosmos Network, the Cosmos Software Development Kit (SDK) is an open-source, scalable infrastructure for building multi-asset proof-of-authority (PoA) and proof-of-stake (PoS) blockchain platforms.

Tendermint Core BFT Consensus

Proof-of-work (PoW) blockchain technologies are generally sluggish and expensive to run, with scalability issues and high energy usage.

Inter-Blockchain Communication (IBC) Protocol

The Cosmos IBC protocol was created to address one of the most pressing issues facing today’s blockchain systems: a lack of communication and data sharing between networks.

Capabilities of the Cosmos SDK

The Cosmos SDK is a scalable, open-source infrastructure that can be used to create multi-asset public PoS blockchain systems like the Cosmos Hub as well as permissioned proof-of-authority (PoA) blockchains.

A Universe of Interoperable Blockchains

The Cosmos SDK, the IBCProtocol, and the Tendermint BFT consensus mechanism are all designed to make it easier for software engineers to create their own blockchain protocols as part of the Cosmos Network. Using the Cosmos Network’s versatile and interoperable design, many top blockchain companies have already built the network’s core.

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