Cosmos Blockchain Network
After 2 years of development, Cosmos team finally launched the Cosmos Network last month on main network. Here is the live launch video from the Cosmos community - Below we present details about the Cosmos Blockchain Network.
The Cosmos Blockchain Network is the first ever decentralized network which uses proof of stake mechanism. This Blockchain allows us to connect and interact with other blockchain networks. For example, we can use the Cosmos Network to connect Ethereum and Bitcoin blockchains.
The Cosmos Blockchain Network is called the internet of the blockchain because of this functionality. The Cosmos blockchain also solves the Scalability and Interoperability problems in other blockchain networks(i.e Bitcoin and Ethereum Blockchain).
The Cosmos architecture is made up of several independent blockchain networks called zones attached to a central blockchain network called the “Hub”.This Blockchain network is developed with open source software such as Tendermint, Cosmos SDK and IBC (Inter Blockchain Communication) protocol. Below we describe how Tendermint is used to create the Cosmos Blockchain Network.
Tendermint Core
"Tendermint Core is a blockchain application platform that provides the equivalent of a web-server, a database, and supporting libraries for blockchain applications written in any programming language. Like a web-server serving web applications, Tendermint serves blockchain applications"
Tendermint core performs with Byzantine Fault Tolerant (BFT) and State Machine Replication (SMR).
The Tendermint core consists of two technical components.
- A blockchain consensus engine and 2. Application blockchain interface
Image & Log Credit - Cosmos Network
This Tendermint core acts as a networking and consensus layer of blockchain into a generic engine and which ensure the same transaction is recorded on all the machines in the same order. Application Blockchain interface enables the transaction process can be in any of the programming languages. As mentioned Tendermint core only handles network and consensus for the blockchain. With this developers can develop their own public or private blockchain with their own set of rules for validation. This validator can be elected by how many tokens they holding as stake. This blockchain works with a proof of stake mechanism.
Advantage of Tendermint
1.High Performance - This network can handle thousands of transaction per second with block time order of 1 second.
- Instant finality - Once the block is created user can finalize their transaction instantly.
- High Security - Using BFT algorithm will improve network security.
The Cosmos SDK , IBC (Inter Blockchain Communication) and Cosmos Design will describe in Part 2.
Here is the interesting Podcast from Epicenter with Ethan Buchman( Co-founder of Cosmos Network) and Sunny Aggarwal( Research scientist at All in Bits)
Posted from my blog with SteemPress : https://notesnewtech.com/2019/05/04/introduction-to-cosmo-blockchain-network-part-1/
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