CEO of Tendermint: How does the Cosmos ecosystem connect to multiple worlds?

Aspiring to become 'Internet blockchain', Cosmos has seen tremendous growth with over 260 blockchain operations by 2021. Similar apps such as Binance SmartChain, Terra, and Crypto.com all use the Cosmos SDK software development kit. According to the data, the Cosmos ecosystem already has more than $ 170 billion in funding.

Cosmos is an ecosystem created by interconnected but autonomous blockchains, and with the advent of IBC, interconnected communications, in March, Cosmos has undergone major changes. . The IBC process allows independent blockchains to be linked together to exchange data and assets. Over 1.7 million interconnections have taken place across more than 20 IBC-backed blockchains (including Osmosis, Cosmos Hub, and Terra) in the past month.

Peng Zhong, CEO of Tendermint, a key sponsor of the Cosmos ecosystem, said in an interview that IBC will create business in new markets.“By the end of 2021, we'll have seen around 30 IBC (Cosmos Independence Blockchain) reverse partitions, and we expect to have over 200 by the end of 2022. That's where the news is. gone happen.

According to data from DeFi Llama, Ethereum is a smart contract platform that holds the most stable finance, finance (DeFi) and NFT division contracts, with a currently closed value of $ 170 billion. for

Zhong Peng believes: "Beyond Ethereum's smart contract goals, Ethereum has tens of thousands of smart contracts, while Cosmos may have tens of thousands of Ethereum, each has tens of thousands of smart contracts. . "

Former web developer Zhong Peng joined Tendermint in 2015 as the head of the design company. Since then, Tendermint has continued to improve Cosmos infrastructure and tools such as Tendermint Core Engine, Cosmos SDK and the IBC protocol, allowing developers and developers to create and build their own information and assets more quickly. blockchain.

The edited interview is as follows.

Why is Cosmos called “Internet Blockchain”?

Cosmos was launched as an idea in 2016 by creators Jaewook Kwon and Ethan Bukman in a white paper explaining what “Internet of Blockchain” is all about. In 2017, 1C0 was developed by the Interchain Foundation, and Cosmos Hub, the first blockchain in the Cosmos ecosystem, launched in early 2019. ~

By 2021, the Cosmos blockchain design framework has become very popular, with over 250 blockchains developed using the Cosmos SDK (Software Development Kit). While many useful blockchains have been developed using the Cosmos SDK, the Cosmos ecosystem has not traded assets between them since the white paper was written in 2016. ~

So far, five years later, Inter-Blockchain Communications (IBC) has become. In March of this year, he launched the Cosmos Hub, Cosmos' first blockchain. More than 20 Cosmos blockchains have opened IBCs, and these blockchains already have trucks.

Cosmos righthow they compare? Do you think Polkadot is a candidate for the Cosmos?

Currently, there is no competition between Cosmos and Polkadot, and I believe that the “plans to improve the integration of blockchains” will not compete in reality. for

The main difference between Polkadot and the Cosmos is their initial orientation. Cosmos focuses on unauthorized access to data exchanges, allowing the Cosmos blockchain to send data to other Cosmos chains. This allowed manufacturers to create new chains and send tokens to the Cosmos Hub, which sends tokens like ATOMs to these new chains, which can be done in Cosmos today. for

PolkaDOT first began to develop a security partnership. This means that it is not an authorized ecosystem that cannot allow anyone to create new chains and modify the assets of those chains. Instead, it's a perk that lets you connect up to 100 other Parachains and Relay Chains, but to become a Parachain, you need multiple DOT tokens and gain a competitive edge. , it means you have more control. beyond the projects you want to approve and projects that will bring value to Polkadot.

The actual Cosmos is not mentioned in which keys such as ATOM can be connected to the Cosmos. So, as soon as the new chain starts, it can connect to Cosmos. for

Of course, in the case of polkadots it is more important to be a DOT host because it can protect all parachains. However, at Cosmos, we believe that developers have the freedom to create whatever they can think of and connect to the Cosmos network, bringing a lot of innovation and development to Cosmos.

How to maintain security in the Cosmos ecosystem?

Now, each Cosmos blockchain chain has its own security and self-certification. Cosmos hubs typically have 150 certifications, which are small and medium-sized enterprises (SMEs) that deal with processes for a specific blockchain. Each validator node runs the exact same software to ensure that the blocks it generates are valid. for

We are currently developing new technologies and technologies that we are developing that will allow sharing of similar, but not similar, security to Polkadot. For Cosmos Hub, we are working on full chain security where Cosmos Hub validators can identify other chains or multiple chains simultaneously.

What is Tendermint and how does it fit into the Cosmos ecosystem?

Tendermint is essentially one of the oldest companies in the Cosmos ecosystem. Cosmos co-founders Jae-Kwon and Ethan Bukman are also the founders of Tendermint, which was established in 2014 before Cosmos. ~

I joined Tendermint as the first employee at the end of 2015. As we started, we focused on the blockchain industry's Tendermint approval protocol. However, after deciding to focus on the Cosmos, our mission was to build a network, build as many multinational blockchains as possible, and allow people to control them on private online networks, for example a managed blockchain and simultaneously with these blockchains. treasure for each other. Blockchain has the potential to streamline collaboration, connectivity, and decision-making on a global scale.

Cosmos is an idea created by the creators of Tendermint, but at the same time Cosmos is much larger than the ideas of other companies, and the unlicensed nature of our tools and open source. These licensing tools have led many companies to use Cosmos technology to create Cosmos. and support.

What are the main characteristics of the Cosmos ecosystem?

On a higher level, the Cosmos is about independence, sovereignty, and scalability.

The developer's ability to create the Cosmos blockchain and send tokens without authorization is unique. This means designers and teams with limited budgets can use Cosmos to create for free. I was passionate about retaining these important benefits. Because I am a web developer and usually improve some things on the website so I can do everything for free. The free and unauthorized use of Cosmos will be the direction of the development of Web 3.0.

Whether across the ecosystem or across the chain, DeFi comes with risk, just like the result of hackers using lines in smart contracts or controlling oracles. Cosmos has been developing at IBC for 5 years, but our technology is known for the highest standards in the industry. Many of the best blockchains, including Crypto com, Terra, and Binance Smart Chain, were designed using Cosmos technology. All we do is test everything for safety.

IBC aims to be the basis of TCP / IP, a protocol exchange protocol similar to the Internet. So there are many different website development tools out there today and the Cosmos SDK might not be the ultimate solution. However, as long as other blockchain roles adopt the IBC protocol, every blockchain connected to the IBC can interact. for

Other blockchain ecosystems are keen to adopt IBC looking for more development and research. So you can imagine what the future holds if Polkadot adopts IBC. Polkadot uses a substrate frame. If Substrate accepts IBC, a Polkadot parachain or chain of relays can send and receive tokens to and from Cosmos without authorization. We also see in the future that the Polkadot channel will be able to negotiate with the Kusama channel at IBC.

As more and more blockchains decide to adopt the IBC protocol, it will lead to very strong communication. The next network will not only be connected to the Cosmos channel, but “Oh, IBC allows you to connect to Cosmos and Polkadot”. And the next network is "Oh, you can connect to Cosmos. Polkadots and Avalanche".

The adoption of the IBC protocol facilitates the design of multiple channels.

What do you think is the cause of the development of the Cosmos?

The main reason why Cosmos is gaining popularity is that this year is the year of “multi-line work” boom. The idea of ​​a bridge between popular blockchain ecosystems emerged. We predicted that in 2016 there will be many valuable blockchains that will allow us to deliver the goods to each other. Today, we are witnessing the rise in DEXs and the fall in the exchange rate in the medium term thanks to the improvement of the cross chain. for

Is a merger market happening because there are too many blockchains?

With Web3.0 thinking in mind, the Cosmos and Cosmos SDK make it easy for small groups to create new tasks, while all the other blockchains in the Cosmos ecosystem go straight.

At the stage level, many people want to be able to use different rules from different Cosmos blockchains and connect in a way. If you need an automatic investment, there are many Cosmos chains that can operate and return assets similar to Ethereum smart contracts. for

However, at the user level, we would expect many users to struggle with the idea of ​​managing the assets of thousands of blockchains. How do I track my assets? So there will be some integration, but it can happen in the UI or the wallet. Wallets are a great way to hide the blockchain backend and get out of the blockchain sentiment altogether. for

What do you think about the importance of 2021 and the forecast for 2022?

The Cosmos ecosystem has completed the implementation of the IBC protocol, which will create a transversal business environment. Cross-chain DEXs like Gravity DEX and Osmosis made people realize the value of multiple global chains and brought many users to Cosmos.

There is still a lot of work to be done in the NFT. I was a little worried about the NFT prediction. People fear that anonymous addresses could buy, sell and disclose the value of DTV, beyond their ability to actually pay. This will attract the attention of regulators. But at the same time, protection is to protect consumers. So we're happy to work with admins to make sure what we're developing is appropriate for all users and not a scam.