The Interchain Foundation announces launch of “Internet of Blockchains” Cosmos Network
The Cosmos Network, a decentralized network of independent, scalable, and interoperable blockchains, has been officially launched this week.
The Interchain Foundation, a Swiss nonprofit funding the development of the Cosmos Network technology, appointed software development company Tendermint to develop the Cosmos Network. The Cosmos initial coin offering (ICO) raised $17 million in 2017.
In an online post dated March 14, the Interchain Foundation announced the Mainnet Launch of the Cosmos Hub – the first hub among many hubs that will launch within the Cosmos Network of sovereign blockchains.
The Cosmos Network has been launched with a significant number of partners on board, including the largest cryptocurrency exchange in the world by trading volume, Binance; gaming platform Loom; Interledger solutions provider Kava; and news validation social media platform TruStory.
According to the official release, the Cosmos Network focuses on scalability and usability, and enables developers to quickly and easily build reliable, efficient, and interoperable blockchain applications. It is built on Tendermint Core, a solution that packages the networking and consensus layers of a blockchain together, allowing developers to focus on application development as opposed to the complex underlying protocol.
The Cosmos Network enables blockchains to transact with one another, thereby creating an ecosystem in which blockchains can maintain sovereignty, process transactions quickly, communicate, and have fast finality.
Tendermint Inc.’s Founder and CEO, Jae Kwon explained that Cosmos aims to overcome a number of limitations currently associated with blockchain technology such as scalability problems, lack of usability, governance and environmental issues, among others.
“The vision of Cosmos is to overcome these limitations and break down barriers to innovation, ultimately creating an Internet of Blockchains: a decentralized network of independent, scalable, and interoperable blockchains,” he said.
“The launch of the Cosmos Network is the first major milestone in the development of this network and represents the culmination of 40 years of computer science research, with a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) consensus mechanism being deployed live for the first time. Now we’re encouraging developers to develop applications that take full advantage of the promises of this powerful ecosystem.”
Following the launch, developers can now use the Cosmos Software Development Kit (SDK), to build applications on the Cosmos Network. Application-specific blockchains that are built using the Cosmos SDK will have the functionality of interoperability, bringing an end to the current siloed nature of blockchains.
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