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Paradigm: Re-understanding the value of Cosmos with the launch of IBC



On the Ethereum blockchain, all applications run on a shared state machine. In Cosmos, however, many application-specific blockchains pass assets and other messages between each other. If Ethereum is a large computer, Cosmos is a protocol for linking independent servers into a network. The mainframe approach works well when the application remains native to the platform. However, the number of applications that each of these blockchains can support is limited, and these applications were not designed to communicate with each other. Today, the congestion situation on the Ethereum main chain is driving applications to re-select alternative layer-one (L1) and layer-two (L2) solutions, because these projects cannot afford the "metropolis premium" in Ethereum. Each new L1 and L2 needs awkward middleware (bridging) to communicate with other L1 and L2. Cosmos puts forward a different vision for the future of blockchain interconnection: building with interoperability as the first principle. Cosmos believes that providing a shared communication standard for sovereign chains is a natural step in the evolution of protocol design. This vision is inclusive, not competitive. Ethereum and other platforms will also be able to integrate this mode of interoperability. What is Cosmos? Cosmos is not a blockchain itself — it is a blueprint for designing application-specific blockchains, called Zones. It would be unrealistic to build a world of many blockchains if each blockchain had to implement all networking and consensus code from scratch, so Cosmos provides a template software Cosmos SDK that can handle these functions. Web3 firewall technology provider Blowfish completed $11.8 million in financing, led by Paradigm: September 30 news, Web3 network firewall technology provider Blowfish completed $11.8 million in financing, led by Paradigm, Dragonfly, Uniswap Capital, Hypersphere and Ravikant Capital, etc. Participate in voting. This round of financing will be used to upgrade its fraud detection engine. Blowfish aims to help Web3 companies defend against cyber attacks, and in the future will allow wallet providers and custodians to provide users with real-time warnings and human-readable transaction information. Blowfish currently supports Solana, Ethereum and Polygon. One of Blowfish’s clients is Solana eco-wallet provider Phantom, which has been working with the company since April. (CoinDesk) [2022/9/30 6:04:43] Cosmos' years of development work on the SDK has made launching a Zone as easy as deploying a smart contract. But this approach is not unique to Cosmos. Other projects that combine the idea of application-specific blockchains also provide developers with "blockchains in a box". For example, Polkadot's Substrate framework is similar to Cosmos' SDK. Cosmos is unique because it enables practical interoperability without including a shared security layer. These functions are interpreted in terms of the opposite architecture of Ethereum. Unmarshal releases the codeless indexer Unmarshal Parse: On August 12th, the blockchain data infrastructure Unmarshal released the codeless indexer Unmarshal Parse, allowing Polygon ecological applications to build data-driven indicators and create visual instruments without writing code Disk, realize the precise query function of data. [2022/8/12 12:20:50] Security model The security model of Ethereum is unified. Every application deployed on Ethereum has the same level of security: broadly speaking, that of the Ethereum ledger. Since all Ethereum applications exist in a shared runtime, they are tightly linked and interoperable by default. In contrast, the Cosmos security model is not uniform. Each zone (in short, each application) must choose a level of security adequate for its purpose, and incentivize a rational market of validators to provide that security. Each Zone exists in its own runtime, so by default they are not interoperable, and communication requires a shared messaging protocol. Cosmos addresses the inconsistency of security assumptions across zones by making interoperability a market process of choice: Zones and their users choose the level of security risk they are exposed to from other remote zones. Former U.S. SEC official announces to join Paradigm as Policy Director: On February 15th, Justin Slaughter, a former U.S. SEC official and former senior advisor to the SEC Office of Legislative and Intergovernmental Affairs, announced today that he will join Paradigm as a policy director to help the Paradigm team and investment portfolio The project addresses issues surrounding crypto policy and regulation. Justin Slaughter said: "I joined Paradigm because I believe that encryption can be a force for economic growth and increased competition. Too many people are excluded from a financial system dominated by a few companies and cannot access the technological innovations at the heart of modern economic life, including more Affordable ways to save and move money. Our society is so trustless, cryptocurrencies represent the greatest challenge to this status quo that I have seen in nearly a decade of public service across multiple institutions.” [2022/2/15 9:52:08] Unpegged Zones don't even pass assets. Zones that are fully pegged may be shards of a consensus process with each other. In the Zone ecosystem, the whole of these pairwise relationships is an emerging security topology - cross-chain. The Interchain Communication (IBC) protocol is a general communication standard designed to achieve all necessary interoperability. IBC can be applied to all-encompassing use cases, from simple asset transfers to proof of cross-zone data availability, to slashing assets of remote zone validators (e.g., fully shared security), and more. Flare Network is cooperating with exchanges led by Bitbank to ensure that Japanese users can participate in the distribution of Spark: Flare Network said on Twitter that it is cooperating with exchanges led by Bitbank to ensure that Japanese users can participate in the distribution of Spark. Within, such distribution is acceptable. [2020/12/3 23:01:40] In addition, any blockchain that uses a finality (Finality) consensus mechanism can use the IBC protocol and can join the Cosmos Network. For example, ETH2’s Gasper, Polkadot’s GRANDPA, and Libra’s HotStuff are all compatible with IBC. In theory, everything is a Cosmos Zone. The IBC is now in production. The first standardized application - cross-zone asset transfer, has recently been launched. For most decentralized finance (DeFi) applications, this composable model is sufficient. See Ethereum founder Vitalik Buterin's argument that covers many high-profile use cases (automated market makers AMMs, lending, etc.). Note: "Cross-shard DeFi composability" announcement by Vitalik buterin | ETC Core: ETC nodes using the Parity client need to be updated to version v2.7.2: Golden Finance reported that ETC Core officially tweeted that ETC nodes using the Parity client will operate Readers should note that there is a bug fix in the latest v2.7.2 release, please update the Parity client to v2.7.2. [2020/2/8] Cosmos' shining points In a nutshell, in Cosmos, each application is encouraged to be deployed as an independent Cosmos Zone . Cosmos provides the core software foundation (SDK, IBC, etc.) needed to develop these blockchains and make them interoperable. Cosmos treats different levels of interoperability as a lineage and allows each blockchain in the network to choose how it interacts with other blockchains. Together, these relationships form a cross-chain. So why is Cosmos' model attractive? Advantages of Sovereign Chains 1. Scalability: A network of application-specific chains is more scalable than a blockchain where everything must be secured by all validators; even sharded platforms have an upper limit. Cosmos Zone expands "horizontally" through dynamic anchor points based on acceptable counterparty security assumptions. 2. Resistance to miner-extractable value (MEV): Application-specific sovereign chains can have powerful MEV mitigation measures and can exercise high-grained control over the incentives they receive. Transaction ordering mechanisms can be tailored for specific use cases (e.g. Cosmos Hub's AMM enforces batching of all transactions in one block). Each Cosmos Zone only secures one application, so they are less likely to accumulate MEV over time than platforms that offer arbitrary programmability. In this sense, the Cosmos Zone is closer to the Bitcoin blockchain than to Ethereum. Additionally, Zones can choose who they interoperate with, so they are not externally incentivized by arbitrary applications as they would be on a shared platform. See the article "MEV and Me" for a more in-depth discussion. ( 3. Developer experience: Cosmos Zone can optimize the runtime of specific applications instead of general optimization (for example, for the Ethereum virtual machine EVM). Developers can use any language and tool they want, many of which now have SDK bindings available. 4. Defensibility: Given that Zone is responsible for its own security, its token and value capture are harder to fork and less likely to have a race to the bottom. Disadvantages of Sovereign Chains 1. Security: Smart contracts on Ethereum can rely on the platform to protect them from security failures like rollbacks or invalid state transitions. In Cosmos, each chain is responsible for its own security, so there is a higher chance of application failure. Defense 1: Essentially, each Ethereum application either pays too high a price for security, or does not provide it with its due share of resources, and all applications share catastrophic related security failures (MEV's death-by -a-thousand-cuts) risk. It is healthier for applications that cannot afford their own security costs to fail quickly. Defense 2: In fact, many applications on Ethereum (such as Maker and Compound, but not Uniswap) already have governance tokens for security. These applications can also use tokens for consensus. Defining the scope of governance token permissions is similar to the problem of designing an application-specific shared security layer. Defense 3: Cosmos will enable multiple shared security options in the future. IBC can be used to hook consensus sets of multiple Zones. Zones like LazyLedger will enable sovereign execution environments with shared security via rollups (very similar to the rollup-centric Ethereum design). 2. Synchronous interoperability: Although Cosmos blockchains can transfer assets to each other and interact in other asynchronous ways, they cannot make synchronous calls from one Cosmos chain to another. Defiance: Synchronous interactions are still possible within a single Cosmos blockchain. Simultaneous interaction with all other applications at scale remains ultimately impossible. Scalability can be achieved by synchronizing transactions with sharding platforms like Ethereum 2.0 and Polkadot, as well as rollups and other L2 architectures. 3. Psychological impact: Application developers must understand the unknown details of the design of blockchain protocols like MEV. Defense: This is presumably unavoidable. App developers cannot insulate themselves from “frontrunning” on Ethereum. Whether they deploy to a shared platform or their own blockchain, they will be forced to account for these dynamics, and the own blockchain will often incorporate more effective improvements. Both architectures can use high-level tools and middleware to abstract some of the complexity. Summary Blockchain protocol design is ambiguous. There is no "right" level of scalability or security. Qualities such as "credible neutrality" cannot be reliably defined. Today, application platforms feature "static setpoints" in these design decisions. Cosmos is the first project that allows developers to explore the full space of tradeoffs without giving up easy composability. For complex problems, the free market can often find better solutions than any of our hand-crafted solutions. Cosmos is testing this hypothesis in the context of blockchain application design. With the launch of IBC, cross-chain has really risen.


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