coinculture.com
You might also like
Cryptocurrency Exchange Hacks In History: An Updated List 2022
Cardano dDeveloper: Testnet Is Catastrophically Broken
On Monday, a group of Cosmos contributors published a new whitepaper outlining a proposal to add two new features to the Cosmos Hub, the primary blockchain of the Cosmos ecosystem.
The Cosmos Hub
Cosmos is a blockchain network consisting of application-specific, interoperable blockchains. These chains can connect using the Inter Blockchain Communication (IBC) protocol. The Cosmos Hub is a decentralised blockchain protected by validators that stake ATOM, Cosmos’ native token.
The value of Cosmos Hub’s native token has never been directly proportional to the expansion of the overall Cosmos ecosystem. It is merely one of many blockchains in the ecosystem, whereas most other blockchains have applications developed on top of their original chains – a far tighter link. Thus, the new whitepaper examines how the Cosmos Hub may leverage its position within the ecosystem to increase its value.
Cosmos contributors have suggested many additional features for the Cosmos Hub in a new whitepaper. The first feature is the Interchain Scheduler, a cross-chain marketplace that maximises value extraction (MEV). MEV is the word for frontrunning on-chain. It is used by arbitrageurs who pay a fee to block manufacturers to guarantee that their transactions receive preferential consideration.
Interchain security
According to the whitepaper, the Interchain Scheduler is anticipated to build a Cosmos-based multi-chain relay service (similar to Flashbots on Ethereum) that would allow Cosmos users to bid on block space across chains connected to the Hub.
Cosmos Hub updates the whitepaper with changes to ATOM. Image: CoinCulture
The paper states, “By purchasing block space on separate chains, users may lock in arbitrage possibilities with solid execution assurances.” According to the authors, the Scheduler will channel fees collected by the cross-chain MEV marketplace toward the Cosmos Hub treasury.
Interchain Allocator is a proposed software module that allows Cosmos-based chains to collaborate on economic coordination. This capability enables chains to construct common good apps on the Cosmos Hub that increase the ATOM token’s worth.
Zaki Manian, a Cosmos contributor and co-author of the whitepaper, told The Block that “The Scheduler and Allocator are important milestones for transitioning ATOM from Interchain Meme currency to actual utility in the IBC economy.”
Interchain Schedule and Allocator are both at the proposal stage. In addition to previously disclosed Cosmos Hub core capabilities such as interchain security and liquid staking of ATOM tokens, these two services will be introduced.