Cosmos is a network of decentralized interconnected blockchains that has developed its independent network of blockchain, where it can scale and interoperate with each other. The parallel blockchains are supported by Byzantine Fault Tolerant (BFT) consensus algorithms like Tendermint consensus. The special characteristic of the Cosmos network is that it helps to resolve the problem of blockchain communication as blockchains usually are not easy to build and can generally deal with only a few transactions per second. Blockchains generally take a lot of time to build, which Tendermint BFT reduces drastically from many years to a few weeks. Therefore Cosmos brings in certain benefits like the Cosmos SDK, which makes the evolution of the blockchain applications much simplified.
Cosmos comes with a certain vision about blockchain, which primarily entails the easy and swift development of blockchain and the establishment of seamless communication between blockchains. This would happen when the barriers between blockchain are removed and they are allowed to transact easily with each other.
The end goal is to create an internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way.
Cosmos can help in making transactions faster, maintaining sovereignty, and easing communication with other blockchains in the ecosystem. This would make it easy to use for many cases and open source tools like Tendermint, the Cosmos SDK, IBC would help towards the vision.
Recently Kadena launched a public blockchain that has interoperable smart contract support between the public chain and private chain counterparts. The Brooklyn based offshoot of JPMorgan’s blockchain center integrated its wallet called Chainweaver with the Cosmos Network, which would enable different blockchains to interact. The process of integration is expected to be completed by March. “Using Kadena, individuals or businesses can begin looking at apps and projects that use a fully scalable base layer as a piece of public infrastructure, while maintaining privacy features to address any regulatory or other concerns.” Kadena is being integrated into Cosmos as it is an internet of blockchain and being an interoperable ecosystem; it helps in the resolution of blockchain problems. Cosmos makes the launch of application-specific blockchain possible and developers can build a blockchain with utmost ease with SDK. The founders of Cosmos are considering proposals for improvement of the governance of Cosmos Hub. They have called for the Cosmos community to provide funds in order to lead a governance working group.
Clients of the company would be able to introduce their custom blockchain and also test it with their customers and connect to other Cosmos blockchains, which would enhance the adoption and liquidity of the blockchain. Many open finance, video streaming, gaming and healthcare platforms make use of the SDK technology and the Cosmos clientele has helped develop global prediction markets, cross-border payments, payment router systems, real estate based platforms and so on. The realm of cryptocurrency has demanded the interoperability protocol and Cosmos would help in exploiting this need. This would help in evolving a sustainable and self-sufficient blockchain ecosystem. It is, therefore, an ecosystem-based on modular, adaptable and interchangeable tools and not a single product. These tools help in the decentralization of the internet and in evolving a strong global financial system and therefore, developers are encouraged to make the existing tools more efficient and evolve new tools.
The Cosmos network, therefore, enables the easy creation of blockchains and the development of powerful blockchains based on the modularity of Cosmos SDK and Tendermint BFT. Cosmos also allows the easy transfer of value from one blockchain to another through IBC and Peg-Zones without losing their sovereignty. Therefore Cosmos enables blockchain applications to scale to thousands of users with the help of horizontal and vertical scalability solutions.