Cosmos, a highly anticipated blockchain itself designed to improve the interoperability between any number of other blockchains, has officially released a live software.
With the mining of its first block at 23:00 UTC, the project has launched Cosmos Hub, the first in a series of proof-of-stake (PoS)
blockchains that will be created in the Cosmos ecosystem.
At present, users of the network will not be able to swap tokens between blockchains or otherwise connect to Cosmos Hub with existing blockchain networks until validators officially vote to activate what is called the Inter-Blockchain Communication (IBC) protocol.
The first phase of today’s Cosmos network launch comes after nearly three years of planning and development. Having debuted the concept for the blockchain interoperability platform back in summer 2016, Cosmos later raised over $16 million in an initial coin offering (ICO) in 2017.
Since then, Tendermint Inc. – a for-profit entity behind the core technology of the Cosmos network – has been releasing preliminary developer-focused products.
Speaking to CoinDesk, Tendermint Inc director Zaki Manian explained:
“We want to take the blockchain development cycle from idea to implementation down from years to months. This is how we’re trying to transform the blockchain space.”
As such, Manian said that the Cosmos Software Development Kit (SDK), which debuted back in February 2018
, is already being used by high-profile crypto companies such as the Binance
In addition, Tendermint Core – the blockchain networking and consensus mechanism underlying the Cosmos Hub – is another key tool that Manian envisions will help “fundamentally remove barriers to innovation” in the blockchain space and ultimately help “compose an entirely new system of finance.”
“Out of all these building blocks, [you’ll be able to compose] an entire … open system of finance that operates to scale and can be composed of individual, specialized chains that do different things,” Manian said.
Today’s launch was a significant step toward that broader, expansive vision – one that Manian points out will “take years to fully manifest.” The main purpose of Cosmos Hub launch is to establish the broader ecosystem of validators, entities that stake tokens on the network, while Manian’s team continues to work toward cross-blockchain capabilities.
“In order to make this whole vision of connecting blockchains work, there needs to be a set of operators who have skin in the game to coordinate this blockchain network,” said Manian.
Normally, in a proof-of-work (PoW) system similar to bitcoin or ethereum, these validators are miners who compete for block rewards by operating computer servers and expending large amounts of electricity.
Validators in a PoS system, on the other hand, are “selected” by the system based on a separate metric of staked tokens in order to participate in block creation and transaction finalization.
“In proof-of-stake, the costs and rewards [of the system] are internal,” said Manian. “So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline.”
“All of it has to be internal to the system and that’s why proof-of-stake is such a significant engineering feat over proof-of-work.”
And while Cosmos participants successfully tested this system of validation with roughly 200 computer servers called nodes in a former dummy environment called Game of Stakes
, there had never been real value at stake by participants before today.
“[Today’s launch] is about unleashing those live economic incentives and having value at risk for the first time and then letting this set of economic incentives that we’ve designed select who the [validators] are,” said Manian.
According to Manian, this is a crucial foundational step that Cosmos developers are cautious about getting right.
He told CoinDesk: “Building interoperability. Establishing mechanisms for workers of some kind to custody bitcoin or ether or ERC-20 assets and manifest synthetic versions of them in [the Cosmos] environment. If you don’t know who your validators are none of this is possible.”
For now, Cosmos users are not allowed to transfer their holdings of the native network currency – ATOM tokens – just yet.
Since ATOM tokens are intended to act as “the collateral that people put at risk to be [validators] in the system” according to Manian, these tokens will be strictly used as the “mechanism for selecting membership into the system.”
But once both the system and the validator set are deemed to be in stable condition, token holders will vote on when to enable live ATOM transfers.
Thereafter, a secondary vote will be held to connect new blockchains also called “zones” to the Cosmos Hub and begin swapping heterogeneous cryptocurrencies and non-fungible tokens (NFTs).
“In these early days, we can expect to have issues, updates, and bugs,” the InterChain Foundation – a non-profit organization dedicated to support Cosmos network development – warned in a blog post
“The existing tools require advanced technical skills and involve risks which are outside of the control of the Interchain Foundation and/or the Tendermint team. … Please exercise extreme caution!”
Staking as a service
Manian told CoinDesk there are 70 validators at Cosmos Hub launch committed to securing the network. Some of these validators are focused on staking tokens as a service to wider ATOM holders.
In a sense, this is almost like leasing out crypto assets in order to earn returns and may encourage new users to flock to the Cosmos ecosystem.
Shayne Coplan, founder of the Union Marketplace for such service providers scheduled to launch in April, told CoinDesk that over the next few months a “cross-network layer of reputation” for these validators will emerge.
“If you look at these different staking service providers, a lot of them are performing on several networks at any given time,” Coplan said, referring to other staking networks such as Tezos
and the Tendermint-based network Loom
. “Now with Cosmos being another very valuable chain with staking and delegation, it’s going to place a major emphasis on cross-network reputation for validators.”
The rewards these stakers and holders gain are generally earned in the ATOM token but in future may also be earned in wrapped forms of alternative cryptocurrencies such as bitcoin and ether.
While Union Marketplace has quietly collected around 230 validators across all its various staking networks as it gears up for launch, Coplan expects the Cosmos launch, in particular, will inspire more players to experiment with these types of services.
“There’s a huge range of people interested in these types of staking services, from retail investors to investment funds,” Hendrik Hofstadt, co-founder of the validator startup Certus One, told CoinDesk. “Quite a few larger funds have reached out to us.”
Plus, Certus One’s Telegram group for retail ATOM users signed on 60 members within the first 24 hours of opening, Hofstadt added.
Meanwhile, Joe Pindar, co-founder of the validator startup Block3, told CoinDesk this type of ecosystem opens up a new type of investment opportunity.
Speaking to how Cosmos rewards stakers on a continual basis, which he compared to income investing, Pindar added:
“You actually start getting revenue or income from those rewards and start to appreciate more and more ATOMs, which I think is a different investing model and I’m excited to see how that plays out.”
Full article in: https://www.coindesk.com/a-blockchain-to-connect-all-blockchains-cosmos-is-now-officially-live
Thanks to icodog.io
for the support.
Reports shows, Crypto miners are using more electricity than Serbia, Eric Holthaus calculated that by July 2019 Bitcoin would require more electricity than all of the United States and that by November of 2020, we’d use more electricity mining than the entire world. This sort of precipitous rise is stunning and poses great danger towards our climate in which its effects are already evident. Cryptocurrencies are here to stay but its environmental effects need to be addressed early on. HashByte ensues to foster the current cryptocurrency mining landscape towards a green/renewable model, annihilating the need for fossil fuel powered electricity.
About HashByte As cryptocurrency adoption increases, experts have realized that there is a hidden impact of blockchain on the environment. Per the Guardian News, in a 1/17/18 article titled, Bitcoin’s energy usage is huge – we can’t afford to ignore it, “in November 2017, the power consumed by the entire bitcoin network was estimated to be higher than that of the Republic of Ireland. Since then, its demands have only grown. It’s now on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru, according to estimates from Digiconomist. That’s commensurate with CO2 emissions of 20 megatons – or roughly 1 (million) transatlantic flights.”
Bitcoin alone produces 17.7 million tons of carbon emissions each day, and once other cryptocurrencies are included, the carbon emissions increase that number by close to 50 per cent. Also, the energy demand of mining rigs and mining farms is creating a huge strain on the limited supply of energy available. This added demand will only increase the likelihood of energy companies turning to more and more fossil fuels to meet the demand. The HashByte team noticed this, and they have embarked on a journey to create a more sustainable cryptocurrency mining approach.
HashByte is currently beginning to solve this problem by liaising with renewable energy firms in Europe to create cloud mining contracts that rely only on wind and solar power. The technology is already there, and all that was needed was a team willing to use it to make green mining possible.
HashByte currently uses leased windmills and solar panels in different parts of the world to mine Bitcoin, Ethereum, Monero, and Litecoin efficiently and cost-effectively. The benefit over conventional mining farms is that there are no high operating costs due to high energy bills and these savings are passed back to our contract holders. This allows us to increase the profits for investors on our platform.
We are currently issuing HSB tokens, an Ethereum based ERC-20 token for HashByte to raise funds for further research and development for the next stages of our plan. Sequentially we intend to create:
A green mining rig for miners that requires less energy to operate and returns higher profits because of that. HashByte is also developing the HashByte EcoChain that will use consensus algorithms with low energy consumption. Finally, the HashByte EcoChain will allow HashByte to offer a new cryptocurrency called Gash to users of the HashByte EcoChain. Gash will be secured, available internationally, fast and have no transaction fees because the consensus will be provided using energy efficient algorithms. An added benefit of the Gash coins is that they will be utility coins, and as such, they will not be as volatile as the speculative coins in most other blockchain startups. EXCHANGE LIST Binance Huobi Kucoin Bibox Qryptos Satoexchange BIGone Bitrue Bilaxy Bit-Z Linkcoin SECURE WALLET Ledgerwallet Trezor
Bitfarms boost its mining power by 360 PH with the new lease, set to run for 24 months. Bitfarms boost its mining power by 360 PH with the new lease, set to run for 24 months. Market Cap: 24h Vol: Cryptocurrencies: 3404. Markets: 29623. Home Events Mining Pools Wallets Dictionary Advertise. Login; Register; Blockfolio; Watchlist ; ENG EST RUS TUR DEU CHI KOR ITA USD . USD. AED AFN ALL AMD ANG ... DigiByte Mining CLOUD MINING Contract Miner Rental 13.5TH SHA256 Hashing BTC DGB . £3.85. £4.81. Free P&P . Antminer S9 13.5TH/s ASIC SHA256 Bitcoin 7 DAY CLOUD MINING RENTAL Bitmain Lease. £11.69. £14.62. Free P&P. Popular . DIGITBYTE Mining CLOUD Hashing CONTRACT Miner Rental S9 13.5TH 1 WEEK DGB BTC 7. £11.69. £14.62. Free P&P . Bitmain Antminer Rental S9 Mining Contract 13.5TH ASIC ... This is a brilliant platform that enables you to lease and rent bitcoin and other mining rigs that work on different algorithms. I have found this site very easy to use and much more profitable than mining at any multi-pool. Mining Rig Rentals allows you to set all of the parameters from price to amount of time you wish to lease your rig making both short and long term cloud mining feasible ... On a Bitcoin-NG system, the next miner is chosen in advance and this miner creates an empty ‘key block’ - which is the block that will be ultimately added to the blockchain. Small blocks called ‘microblocks’ (consisting of a few transactions each) are added in near-real time to this key block. To use an everyday analogy, this is like adding several bags of shopping (microblocks) to a ... Both new mining rigs from the top two bitcoin miner makers feature much higher hashrate and efficiency, with Bitmain’s S17+ model delivering a hashrate of 73 terahashes per second (TH/s) operating at 40 J/TH, and Canaan’s A1166 miner being capable of processing 73 TH/s with a power efficiency at 46 J/TH. According to the announcement, Bitmain’s another new model T17+ offers a hashrate of ... Lease, Hire & Manage crytpo-currency mining rigs from anywhere! www.leaserig.com. Scrypt * Sha256 * Scrypt-Jane * Keccak (sha-3) * Scrypt-A-NFactor * X11 * Quark. LeaseRig is a great platform and was the first of it’s kind. It’s easy to use and has frequent updates. There is also an affiliate program so be sure to share the wealth with your friends and blog readers! The site works by ... In order to be a crypto miner, you need both special hardware and mining software. Without them, you won’t be able to connect your Bitcoin miners to the blockchain, or to the pool, if you are part of a Bitcoin mining pool.. Here we take a look and give you our recommendation on the best cryptocurrency mining software. RentAHash, found online at RentaHash.io, is a mining rig rental platform.Find out how it works today in our review. What Is RentaHash? RentAHash, or Rent A Hash, makes it easy to rent various crypto mining rigs, including Scrypt, Ethash, X11, SHA-256, and other miners.. You pay to rent the rigs online. You can view reviews and comments for some of the most popular miners on the platform ... We simply lease out miners then power & service them for you to use remotely. ... a miner will be allocated to you within 24 hours (set-up takes place during our local time-zone business hours: 8am-6pm EST). You can mine Bitcoin, or any SHA-256 algorithm coin of your choice, and must provide the corresponding mining pool for that coin. All mined coins will be on the mining pool of your ... 99Bitcoins supplies up to date tutorials on how to buy Bitcoin, Bitcoin mining, Bitcoin wallets and reviews about the best Bitcoin exchanges.
🔥 Get the Ledger Nano X to Safely store your Crypto - https://www.ledgerwallet.com/r/acd6 🔥 Become a Channel Member - https://www.youtube.com/channel/UCjpkws... Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q Computer I Use To ... Buy Bitcoin, Economic Turmoil, Binance US Listing 30 Coins & Massive Bitcoin Mining Farm - Duration: 43:03. The Modern Investor 27,708 views. 43:03 . How Much Ether Do You Need?, China Crypto ... Jan.10 -- Binance CEO Zhao Changpeng discusses the challenges exchanges face, possible rules and regulations, and talks about the future for crypto currencie... This is an educational video on bitcoin mining of binance pool and not a financial advice. #Binance #BinancePool #Binance pool If you want to sign up to Bina... Heute geht's um folgende Themen: Binance gehackt – 7.000 Bitcoin (BTC) gestohlen, Sprott CEO Bullish bzgl. Blockchain gedecktem Gold & Bitmains Mining Power stark gesunken. Blockchain gedecktem ... Binance Tutorial deutsch In diesem Video erfährst du wie man auf der Plattform Binance Kryptowährungen handeln kann und gegen Bitcoins kaufen und verkaufen k...