The first of its kind blockchain project Cosmos, that aims to create a network of proof of stake (PoS) blockchains, is now live with the first block already mined and ready.
PoS blockchain startup Tendermint Inc. has launched the official Cosmos Hub, a platform where blockchain would come together to create an ecosystem of it’s kind.
The hub, however, live is reportedly not connected with through the inter blockchain communication (IBC) as of yet. The platform is expected to initiate the IBC protocols very soon.
Zaki Manian a director at the startup behind the Cosmos expressed that the aim is to cut down development time for a blockchain. He said “from idea to implementation down from years to months” is the real target for the transformation of the blockchain ecosystem.
The project has been a successful one right from the start and secured a little over sixteen million dollars ($16m) in fundings during 2017. The project has come together after three odd years of hard work and dedication.
The project is going to use ATOM tokens as the native network cryptocurrency and the token would act as the “collateral that people put at risk to be validators in the system.”
The system, however, is in immediate need of validators and the Manian and his team are looking to work on the cross-blockchain compatibility modules in the ecosystem. The ecosystem, Manian believes, would take years, if not a decade to truly manifest and take its intended position in the crypto sphere.
Cryptocurrency sphere is also looking at the Cosmos hub launch as an important milestone in the development of the overall system. The CEO of Coin Space Erik Voorhees greeted the Cosmos hub via Twitter.
— Erik Voorhees (@ErikVoorhees) March 13, 2019
More skeptic experts are however staying cautious of the newly incepted system and believe that only time would tell what becomes of the network and the PoS system itself.