The Cosmos project, intended for compatibility with various blockchains, officially launches its software.
Tonight, at 23:00 UTC, the production of blocks began in the Cosmos Hub network – the first of a series of PoS-blockchains that will make up the Cosmos system in the future.
The first phase of today's network launch occurs after nearly three years of planning and development. The blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details interoperability platform debuted in the summer of 2016, and later Cosmos attracted more than $ 16 million in Initial coin offering (ICO) in 2017.
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The goal of the Cosmos project is to create an "internet blockchain", a global, scalable blockchain system compatible with each other. The Cosmos network not only combines other blockchains, but also provides a set of tools for creating new ones in any programming language.
The software development package released by Cosmos is already in use by Binance and other major blockchain firms.
The Cosmos system will slowly evolve, while several different PoS chains will work simultaneously. After the launch of the Inter-Blockchain Communication (IBC) protocol, users will be able to exchange tokens between different networks.
Interoperability has been advertised as a key development for the future blockchain and cryptocurrency, as it can reduce the need for third-party intermediaries.
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Zaki Manian, director of Cosmos, said: "We want to move the blockchain development cycle from idea to implementation from several years to several months."
The official launch of the Cosmos blockchain project took place. Tendermint Core – the blockchain network and the underlying Cosmos Hub mechanism is another key tool that, according to Manian, will help to "fundamentally eliminate barriers to innovation" in the blockchain space and ultimately help to "create a completely new finance system".
Editor: Yuliya Soroka