Cosmos 2.0 In A Nutshell
With each year, the developers emerging in this space think of developing new & improvised systems that can help in the improvement of this open-source & decentralised ecosystem.
But, even after repeated methods of trying & developing all these platforms, these methods failed in some aspects, i.e. some failed with the total energy efficiency requirements. While others failed in the scalability criteria.
Then what can be done?
One possible solution which came up was enabling code reusability of parent nodes by child nodes. However, interrelating so many nodes can be a problem, as the data of the parent node will be vulnerable if the mining of these connecting nodes is not done correctly. Thus with almost the same objective, a new architecture was launched that addressed all the previous problems. This novel blockchain started to be referred to as Cosmos.
Cosmos is a set of many independent blockchains known as zones. These zones are known for their accountability, high performance, and engines which are powered by Tendermint BFT, and these influential factors are the advantages which guarantee protection against all malicious activities. These zones which hold collections of Cosmos are known as Cosmos Hubs.
These whitepapers are not limited to just one hub. They can also expand their energy power by connecting with other hubs, well known for their adaptability to adapting & upgrading. They are also famous for the feature in which they allow hubs to communicate with each other without any security breach.
These famous Cosmos whitepapers also include tokens referred to as atoms and are considered one of the basic building blocks in the Cosmos security ecosystem. These tokens are also known for their intercommunication and they can also be transferred between the hubs without any compromise in security. Because of these essential tokens or atoms, this whitepaper is known as Cosmos Atom whitepaper. These atoms are also known for their advantages & functionalities.
Apart from delivering an excellent aspect for all the blockchains, various improvisations were launched by the developers; now & then one such new, improved version was Cosmos 2.0 whitepaper; Cosmos 2.0 was nothing but a better form of the previously released whitepaper. But, what exactly were the improvements which made Cosmos 2.0 better?
The two main or critical factors of improvement in Cosmos 2.0 are:
- Improvised cross functionalities & operability
- More secure system
The whitepaper 2.0 also suggested a lot of changes in the cosmos atoms. Among these changes, some are proposed while some are being processed. These whitepapers are also looking forward to limiting the issuance of ATOM to 0.1 per cent. This new version of the whitepaper also had a vision of expanding the role of cosmos hubs from templates for blockchain interaction to the heart of security for interconnected chains. We are definitely sure that with time, more & more such changes will make the Cosmos whitepaper an undetachable block in the blockchain industry.
By this time in the article, you have seen and read different versions or names of this whitepaper but one term through which it is still known is Cosmos Blockchain whitepaper.
But what's the story behind this name?
It is called so because it serves as a hub of different blockchains. In their ecosystem, all the blockchains are independent of each other and work individually yet efficiently (this is why the cosmos whitepaper is known as decentralised ecosystems).
Let us now take a look at the most basic yet essential part of Cosmos whitepaper technology: The ATOM Tokens, the basic building blocks of this ecosystem.
The ATOMs are considered to be a primary token of The Cosmos ecosystem & work with the motive of increasing and improving interconnectivity among the chains. Even though these tokens have many advantages, let's look at the three most essential features:
Easy Governing for all the stakeholders in the Cosmos hub, i.e. they can vote using their shares of the token.
Not vulnerable to attacks or malware, these ATOMs can be bonded, which protects the security norms. Otherwise, the number of tokens staked increases the percentage of security breaches (as the network opens). While these ATOMs can only be bonded.
They can also be used for generation fees & are readily used for their spam detection feature. And many more.
These features throw light on why these tokens are of great importance. The buying & creation process of these tokens is straightforward & handy for blockchain users. The tokens get allotted to your names & basically, voting power is configured based on the portion staked. But taking back your name from these tokens needs a minimum vesting period of 21 days.
If Cosmos is able to achieve all the changes stated in the current proposal, there is no doubt that Cosmos will then become a more interoperable, more decentralised, and more secure version of what it is today.
Decentralisation has always been a major issue for Cosmos and with this transition to Interchain Security, Cosmos would get a better decentralised structure for its whole ecosystem.
Moreover, according to some sources, leveraged liquid staking was proposed as a way to increase the value of the ATOM token in the whitepaper.
This will enable Cosmos' liquid staking module to enable ATOM holders to unstake ATOM tokens in the same manner that they were staked.
The whitepaper was published a few weeks after research and investment company Delphi Labs announced a change in its R&D priorities to place more attention on the Cosmos ecosystem.