The Cosmos blockchain has recently proposed a new white paper with a major shift towards guaranteeing boosted interchain security and launching a new issuance schedule for the ATOM token alongside several changes in blockchain utility. The upgrade is expected to take place on October 3rd.
The new white paper marks the next phase for the Cosmos Hub
As the Cosmos Hub team pinpoints, the platform’s initial goal of creating Tendermint, IBC, and SDK as well as launching Interchain Security and Liquid Staking technologies for secure scaling is now complete. Therefore, the network is entering its next phase as an “infrastructure service platform”.
Intern notes on Cosmos’ new 27 page whitepaperSeptember 26, 2022
- Secure economic scaling ⛓
- $ATOM as reserve currency 🏦
- New economic engine 📈
Definitely worth a read!
According to analysts, with these changes implemented, Cosmos is hoping to put an end to its long-standing identity discovery crisis.
Key takeaways from the Cosmos Hub upgrade
The new Cosmos white paper illustrates vital utility extensions within the chain, including a brand-new issuance schedule for the ATOM token.
The Cosmos Hub strives to offer a greater array of services and expand the capabilities of the ecosystem. As stated by the experts, previously, users could efficiently stake ATOM (the platform utilizes the Proof-of-Stake consensus); however, the Hub, launched in 2019, was not used for much else. As the community has grown, it has also found itself in urgent need of more innovative solutions, in particular when it comes to security and staking.
A crucial element of the upgraded Cosmos Hub, interchain security ensures that each chain in the ecosystem is backed up by validators and guaranteed boosted security. Moreover, throughout the years, the Cosmos Hub has generated wide and diverse validating pools. Thanks to the new upgrade, the chain’s peers will be able to “borrow” validators from the Hub in order to provide better-quality security to other chains.
The white paper highlights the importance of cutting-edge technology-based mechanisms designed to increase the value of the ATOM token - the native token of the Cosmos Hub. ATOM is now responsible for providing superior interchain security and leveraging liquid staking. Staked assets will be locked in a blockchain address, which makes it impossible to sell these tokens for a period of time. Thus, ATOM will gain additional value from regular supply reductions.
How can GetBlock help?
GetBlock clients can access the Cosmos ecosystem in a seamless and near-instant way. Being a Blockchain-as-a-Service provider, GetBlock has come out with innovative solutions for developers wishing to use the benefits offered by over 40 leading networks at a fair market price.
Shared nodes for Cosmos allow beginners and professionals to access peer-shared node infrastructure and start experimenting with all types of decentralized applications products under real economic conditions; whereas Cosmos dedicated nodes are perfect for web3 entrepreneurs. These solutions offer privately designed nodes built strictly according to each user’s requirements.
To integrate Cosmos nodes into your business, please log in to your GetBlock account and choose our shared or dedicated nodes solution.
If you have any questions, please do not hesitate to reach out to our customer care team.