Cosmos (ATOM) is the most powerful ecosystem of connected blockchains.
Building DeFi making use of Band Protocol Oracle and Cosmos IBC is a notable event in the Cosmos ecosystem. It is well known that a DeFi protocol is only as secure as its Oracle design. Smart contracts cannot access data outside their blockchain networks without oracles. The cross-chain and oracle issue is solved using a middleware service like Inter-Blockchain Protocol (IBC). Thus interoperability becomes possible for private or consortium decentralized applications.
Stablecoins, Lending platforms, Derivative tokens (mirror price of other assets), Margin trading, Decentralized Exchanges, and Prediction markets are built using Cosmos.
Cosmos – the internet of blockchains tweeted: “BandProtocol is a decentralized cross-chain oracle working closely w/@Cosmos to drive the creation of interoperable #DeFi apps. Check out their guide on how to build #DeFi using @BandProtocol’s oracle & Cosmos #IBC for the upcoming @gitcoin Hackathon!
Sydney Ifergan, the crypto expert, tweeted: “The Game of Zones from Cosmos (ATOM)is right around the corner, and they are making interoperability possible across different blockchains. They are working hard as the end of the wait is soon approaching.”
Gamers are tuning in to the competition—a lot of expectations happening about animations, humor, and more. The Lord Zion Story has an eager community waiting. 100,000 ATOMs are declared for the winner of Game of Zones.
Interoperability is the power of Cosmos. The network focuses on making it easy for developers to build blockchains and to break the barrier between blockchains allowing them to transact with each other. The ultimate goal is to create an internet of blockchains who will be able to communicate with each other in a decentralized way. Open source tools like Tendermint, Cosmos SDK, and IBC are designed to help people build custom, secure, scalable, and interoperable blockchain application.
With Cosmos SDK, it is not difficult to build blockchains. Developers can easily develop a complete application-specific blockchain providing for several advantages. IBC does a great job of connecting blockchains together, thus providing for heterogeneous chains to transfer value (i.e., tokens) or data to each other efficiently.
Using horizontal and vertical scalability solutions, Cosmos provides for scaling millions of users using blockchain applications. The tools provided by Cosmos are interchangeable, adaptable, and modular. Developers are doing their part to improve the already existing tools. Several Cosmos projects are expected to be hot in 2020.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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