Crypto space is getting a bit more connected, with a new launch intended to bring multiple protocols together. The non-profit Interchain Foundation has just launched Cosmos Network, a decentralized network of independent yet inter-operable blockchains. The new network aims to be the internet of blockchains, so that distributed ledgers can communicate with one another and synchronize, coordinate and scale operations.
The lead developer for Cosmos is Tendermint Inc, a blockchain consensus project funded by $400 million from Paradigm, Bain Capital, and 1confirmation. The project is expected to facilitate the development of decentralized applications (dApps) by handling the underlying protocols such as networking and consensus.
Tendermint Inc’s native software, Tendermint Core, solves scalability, security and efficiency obstacles created by proof of work algorithms, and can be used to augment existing blockchains such as Bitcoin and Ethereum.
Unlike the better-known blockchain networks, Cosmos uses a Byzantine Fault Tolerant consensus algorithm, which uses staking rather than mining in block production.
At the system’s launch, Tendermint CEO Jae Kwon said:
“Blockchain technology is an incredible innovation that has unfortunately been hamstrung by a series of limitations, including scalability problems, a lack of usability and myriad governance and environmental issues. The vision of Cosmos is to overcome these limitations and break down barriers to innovation, ultimately creating an Internet of Blockchains”
Following the launch, developers can utilize the Cosmos Software Development Kit (SDK) to build apps on its network. With its focus on interoperability, Cosmos can resolve the isolated nature of blockchains, allowing information to flow freely between networks. Through its usage, blockchains of all different categories from several different sectors can cooperate to optimize user experience.
The Cosmos Network already has a number of notable partnerships, including Binance, the world’s largest cryptocurrency exchange, gaming platform Loom, interledger solutions provider Kava, and DLT based news and social media platform TruStory.
The author is invested in digital assets, including BTC, which is mentioned in this article.