Cosmos For Beginners 7
Cosmos For Advanced 7
Cosmos Quiz 1
What Problems Does It solve?
The problems that Cosmos solves are critical challenges that are already present in the blockchain industry like Interoperability, Scalability, Governance, and Security.
Tendermint is a BFT consensus protocol that can have a block time on the order of 1 second and is able to handle thousands of transactions per second allowing the blockchain applications to scale to millions of users, having a specialized chain that interacts through IBC. In case the propagation time increases, Tendermint can adapt and increase the block time.
The connection between blockchains is simply achieved via the IBC protocol as a side chain protocol enabling blockchains to communicate with each other so the IBC is enabled via the Stargate upgrade.
Another one of the problems that Cosmos solves is Goverenance. Within the Cosmos ecosystem, each blockchain maintains a level of sovereignty and rules making it perfect for various use cases and also enabling the economic integration of different application-specific blockchains with no political troubles. Cosmos Hub itself is governed by the ATOM token holders that benefit from voting rights regarding the amendments of the protocol.
The Tendermint Core allows developers to focus on app development rather than the complex underlying protocol thus saving hours of development time. The developers are able to develop an application-specific blockchain so not only do they not have to write a consensus or protocol by themselves, they can also program with the language of the choice and built both private and public blockchains. The SDK modularity to code a blockcahin allows the cosmos to port an existing blockchain in Golang.
Tendermint offers an instantly finality option where users can be sure that their transactions are finalized as soon as the block is created. As long as the validators are honest, a client can trust a header that is signed by a known validator set, and forks are not created so malicious validators can be punished.
–Bonded Proof of Stake
The state of the Cosmos Hub can be maintained vai BPoS as a variant of the Proof of Stake where token holders can earn additional tokens based on the size of the stake. In return for securing the network, validators and delegators can earn an interest rate. The advantage of BPoS includes an automatic reward with precision and efficiency.