Tag: cosmos hub

Podcast notes – Atom 2.0 with Zaki Manian and Sam Hart on Blockcrunch – “Pluralism is the way of Cosmos”

Guests: Zaki, Sam
Host: Jason Choi

Kyle Samani tweet: Solana = fat protocol thesis, while Cosmos = appchain thesis

Zaki – Cosmos origin is pluralistic view, a language / set of components to build a network of blockchains

Sam – architecture gives you a lot of control as an app designer, a next-gen platform, very customizable

2019 – Cosmos Hub launches, go to market – first production PoS; Binance uses SDK to build Binance chain; Akash, Kava launch

2020 – IBC ready and launches; then Osmosis launches; a giant forest of blockchains begins to grow

2021 – protocol controlled value / liquidity, MEV, shared security – can incorporate these primitives into ATOM and build a great value accrual story

Jason: initially didn’t think people would pay for Polkadot’s parachains (DOT), and that Cosmos ATOM didn’t have a great value accrual story

New monetary policy
-Existing target is 2/3 of tokens staked (when issuance rate changes)
-Now introducing liquid staking – remove the adaptive issuance model
–Extra initial issuance to kickstart process, but lower tail emissions – lots of community debate about this
-ATOM should capture real revenue

Will not nominate a single liquid staking protocol as the default – let the market choose among staking solutions

“Pluralism is the way of Cosmos”

Interchain security
-Appchains can rely on Cosmos validators to secure their own chain (similar to rollups on Ethereum)
–ATOM validators will also validate consumer chains (the appchains)
-Help align communities between appchains and ATOM holders

Interchain scheduler
-buy / sell NFT for block space at a specified future time
–marketplace for block space futures
-protocol can guarantee delivery of these NFTs

What reason for an app chain to integrate scheduler?
-it’s purely elective, no requirement for use
-eg, for Osmosis, gives them way to consolidate management of multi-chain MEV

Cosmos new chains will ask, how to align with builders / community
-right now it’s only info sharing
-but there’s demand for economic integration
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Interchain allocator
-tool for Cosmos hub to hold and delegate assets
-new governance features to allocate funds across community
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Cosmos shared security philosophy
-Cosmos rejects random committee based security – eg, sharding, Polkadot, Near
-converging on shared security that’s robust – mesh security, interchain security (different use cases for each)

Cosmos chains are generally all heading toward economic and political integration

Jason – Atom 2.0 – creating a more unified economy and more value flow back to $Atom

Timelines
1. Liquid staking developed by Iqlusion – ready to be merged into Cosmos SDK
2. Interchain security – live by January / Q1 2023
3. Allocator – R&D for 3 months, still a lot of open questions
4. Governance – groups module has been written

Some excerpts from the new Cosmos ($ATOM) whitepaper

I’m a big supporter of the Cosmos vision and an investor in the ecosystem’s $ATOM token. A new Cosmos whitepaper was recently published [source]. I’m sharing a few excerpts and diagrams below that I find interesting / consequential.

Here are a few tweet threads explaining the upcoming changes

https://twitter.com/delphiintern/status/1574489770776051723/photo/3

https://twitter.com/route2fi/status/1575831540155629568?s=46&t=UfvY0glUmZzrIdz1PMrsDw

And some food for thought from Jae Kwon, one of the Cosmos founders who is no longer actively working on the original Cosmos:

https://twitter.com/jaekwon/status/1576869177796620290

All the excerpts below are copied verbatim.

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The Cosmos SDK has a history of pioneering governance innovations, such as an advanced delegation system; governance-activated node upgrades; and a gen- eralized message passing system that allows any account, whether individual, group, smart contract, or chain, to execute arbitrary transactions, locally or over IBC.

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The Cosmos Hub gave rise to the internet of blockchains. Interchain Security and Liquid Staking are the final building blocks required for a secure interchain economy, which in turn, enable the creation of the Hub’s application-specific functionality, the Interchain Allocator and Interchain Scheduler.

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The transition phase starts the moment that Cosmos shifts to the new monetary policy and ends 36 months later, at which point the steady state phase begins and lasts indefinitely. During the transition phase, issuance temporarily increases for the first nine months as it bootstraps initial funding for a new Cosmos Hub Treasury. Issuance signifi- cantly reduces thereafter. As an additional safety measure, during the transition phase no more than 10% of the Cosmos Hub Treasury can be deployed within a 21 day period.

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At the beginning of the transition phase 10,000,000 ATOM are issued per month. This issuance decreases at a declining rate until it reaches steady state issuance 36 months later. Steady state issuance will be 300,000 ATOM per month (a nod to the speed of light, 300,000 km per second).

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