How Big is the Cosmos?
As you maybe aware I have currently commenced focusing on the Atom network which is often referred to as Cosmos. It is what people are labelling the 3rd iteration of Blockchain technology.
Moving away from single asset or layer 1 blockchains such as Bitcoin, although the lightning network being built on Bitcoin seems promising and building beyond smart contract blockchains such Ethereum which are layered but often experience high congestion and transaction costs due to high use.
The Cosmos is building an inter connected decentralised world which we covered a few days ago in my Leo Finance Learn: Atom article.
How Big is the Current Atom Network
But I had an interesting comment in yesterdays post by @jfang003 who asked if Atom was only for chains built on Atom and if Keplr wallet also was able to be used for other assets.
Well it isn't a straight forward question but in short, yes. So long as IBC has been installed on the tokens chain. Obviously this isn't as easy as it sounds as it requires a governance proposal and then someone to actually install the code onto the chain which isn't an easy task.
But despite the challenges many many blockchains have been slowly and surely implementing IBC into their code to enable cross-chain transactions.
So much so that there are currently over 265 dApps and services making up over $US64 Billion in value, no small slice of the pie.
Are there any main chains?
The exciting thing about Atom is that it is linked up to other main chains such as Binance, Matic, Secret and many other fan favourite chains which are growing everyday.
Use cases might be quite low at current but the ability to easily and rapidly move tokens around will soon create never before seen abilities and enable a whole new generation of decentralised web.
What are some use cases you can come up with or blockchain barriers that Cosmos could potentially solve?
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Thanks for sharing about Cosmos. I am amazed about the number of dapps they have.
I support such discussions of 'other' chains in Hive, and wrote a recent post on it. I think this is a way of bringing new people into Hive.
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IT is a great way to pick up views and engagement I agree
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So it looks like the main focus is just transferring tokens and being connected to many chains. Are there any other advantages or focuses that COSMOS has?
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The Cosmos approach provides for scalability, since you are not pushing all your traffic across a single chain. It also provides for specialisation, for example you want to focus on smart contracts then you get Juno, or you want to focus on privacy then you get Secret, or you want to focus on being a DEX then you get Osmosis.
That is a point I never considered, but it still has the detriment of being affected if there are other chains that get hit by hacks/exploits.
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I think the real risk with the Cosmos ecosystem is a damaging attack on the core Cosmos chain. Mind you, I think a period of sustained stress (attack or traffic surge etc) is a good thing because it's only then that we get to see how good or not a chain or ecosystem really is. Fingers crossed that Cosmos passes that test when it comes.