Cosmos and Polkadot compete to see if they can stand on top of Ethereum in the future

Cosmos and Polkadot are known as “cross-chain duos,” and the two have actually been trying to catch up with Ethereum. But some time ago, both ecosystems suffered different degrees of blows: the Terra thunderstorm on Cosmos, with the collapse of the market; The coinage error of Acala on Poka disappointed the market. With Ethereum’s smooth entry into the Ethereum 2.0 era, its performance has been greatly improved, which has put great pressure on Cosmos and Polkadot; however, these two are not to be outdone, and have released major technological updates. So what are the highlights of Cosmos and Polkadot’s technology upgrade? In the context of Ethereum 2.0, can Cosmos and Polkadot stand on top of it?

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Cosmos 2.0 is strong, and decentralization and inter-chain security upgrades are attracting attention

Cosmos 2.0 has just ended, so let’s talk about Cosmos. The advantages of Cosmos 1.0 are mainly the integrity and practicality of the cross-chain ecosystem, but the drawbacks lie in the centralization and still existing security risks, and the token value of ATOM is not well reflected. COSMOS new white paper Cosmos Hub 2.0 has been announced at the Cosmoverse conference in Medellin, Colombia, the white paper proposes a significant extension of the usefulness of Cosmos Hub and clarifies a new vision for Cosmos Hub’s native token ATOM.

Cosmos consists of a hub and several zones, of which the hub is equivalent to the processing center of big data computing, and the Zone is equivalent to a public chain with specific application functions. At this conference, Cosmos positioned itself as an infrastructure service provider. Secondly, Cosmos proposes a new hierarchical architecture, which mainly includes: 1. Social coordination technology, default homepage and coordination layer for Cosmos SDK, Tendermint, etc.; 2. Cross-chain security, Consumer Chains protected by Hub; 3. Liquidity pledge, used in DeFi; 4. Cross-chain Scheduler, a safe block space market; 5. Interchain Allocator, the client to develop and adapt the ATOM-based marketplace platform.

Speaking at Cosmoverse, Cosmos developer Zaki said that today’s ATOM is almost a meme in the Cosmos ecosystem coins, while ATOM can actually do more, its new role is to develop a resilient cross-chain economy. Both the cross-chain coordinator and cross-chain allocator in Cosmos2.0 are based on specific hubs, and in the future the hub will generate revenue from cross-chain economic activities by creating block space marketplaces and charging matching fees. At present, Cosmos 2.0 solutions to decentralization and security are mainly Interchain Accounts and Interchain Security. The inter-chain account mainly solves the problem of excessive centralization, and its idea is mainly to enhance the interaction between Hub and Zone, as well as the interaction between Zone and Zone. This feature may go live by the end of the year. Inter-chain security is intended to increase the cost of evil at ecological nodes through economic models and pledge rules, so that all powerful players in the ecology are voluntarily bound to ecological interests. In addition, the cross-chain query function will also be launched in the later stage, supporting users in the ecosystem to query assets and data across chains.

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Poca’s latest roadmap was announced, and the end of the year was positive

As the Poka community enters the final quarter of 2022, the Poka founders have also unveiled Poca’s latest roadmap, which will have multiple positives around the end of the year.

According to the latest roadmap of the Poca, Boka Asynchronous Support will be ready by the end of 2022 and deployed on Kusama, followed by the Poca, currently awaiting the results of the audit and testing. Parallel threads will be available in Q1/Q2 2023. Parallel threads are “plug and play” chains of parallels. XCM v3 relies on Weights V2, and the wave card aims to be ready for deployment by the end of 2022, with Weights V2 going live in mid-October 2022. The first group parachain in Poka is the Polkadot Alliance, which is expected to launch in late October. Plans are underway to launch the Boca Cross-Chain Hub, a message routing service within each network, which is expected to be rolled out before the end of the year. Starting in version 0.9.28, the nomination pool will be added to the Poca, and soon after, the Poka team will add a quick unstake feature to the staking system. The Boka Stake Dashboard will soon be in public beta and is currently fully functional and ready to use. Poca’s punishment mechanism, known as Disputes Slashing, is expected to be ready to go live by the end of the year. Once Disputes Slashing is enabled, validators who submit invalid parallelchain blocks will be fined all staking tokens, and validators who generate errors will be fined a small number of staking tokens to block spam.

The most important thing in Poca’s new roadmap is the new governance system, which is scheduled to be deployed on Kusama in the early fourth quarter of 2022 (most likely via Runtime v.0.9.30). The new governance framework eliminated the council and technical committees, introduced the Polkadot Fellowship, and submitted every decision in the poka to the community for a referendum. The delegation system allows community leaders to vote on all decisions or decisions in certain specific or focus areas. Voting, filing a referendum or becoming a delegate is completely permissionless. Governance V2 embodies the ability of Poca’s on-chain governance mechanisms to self-upgrade.

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Can Cosmos and Polkadot stand on top of Ethereum?

Ethereum has many competitors, but with the development of time, some have fallen behind, some are more and more valued, Cosmos and Polkadot are the two most optimistic, of which DYDX has chosen to migrate from Ethereum to the Cosmos network. So, can Cosmos and Polkadot stand on top of Ethereum in the future?

Sequoia Capital partner Michelle Bailhe spoke about her views on the stages of the crypto industry’s development in an article written in late 2021, “Ask Not Wen Moon – Ask Why Moon.” She said in the article: The first stage of the crypto industry is isolation, the crypto world as an island, disconnected from the non-crypto world, and the crypto industry has built its own core protocol; The second phase of the crypto world is connectivity, connecting the crypto and non-crypto worlds, where the non-crypto world sees the value of crypto and builds/purchases the infrastructure to access it; The third stage is towards maturity, the convergence of the crypto world and the non-crypto world.

At present, the crypto market is undoubtedly in the stage of connectivity, connecting the crypto world and the non-crypto world, breaking the islanding effect is the most important development direction at this stage. Cosmos and Boka should not only be regarded as a public chain, but should be regarded as the infrastructure of the public chain, because it can not only link the public chain, but also connect the enterprise alliance chain and the private chain. Cosmos and Poka are Layer 0, while Ethereum is Layer 1, and in the coming era of cryptography, Cosmos and Poka have every opportunity to stand on top of Ethereum.

As Michelle Bailhe puts it, “Over the next decade, the number of users and developers with access to encryption will increase by a factor of 10-100.” We believe we are in the second phase, which is just beginning. In terms of investment direction, Maguire said Sequoia Capital is particularly interested in cross-chain interoperability and GameFi projects, and said that multi-chain is the future.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cosmos-and-polkadot-compete-to-see-if-they-can-stand-on-top-of-ethereum-in-the-future/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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