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Cosmos Hub to Enhance Security with Permissioned Smart Contracts

source-logo  coinedition.com 20 June 2024 09:40, UTC

In a move aimed at enhancing security and expanding functionality, the Cosmos Hub has announced plans to integrate permissioned CosmWasm smart contracts into its upcoming v18 upgrade.

This significant development, expected in mid-July, introduces a new layer of control over smart contract deployments within the Cosmos ecosystem.

1/ @DA0_DA0 is set to be the first app to utilize the permissioned CosmWasm, which will be added to the Hub on v18 (approx mid-July).

Worked on by @ATOMAccelerator, both teams are seeking feedback on the Forum.

🧵👇 pic.twitter.com/9GTfWQooxg

— Cosmos Hub ⚛️ (@cosmoshub) June 17, 2024

Unlike traditional CosmWasm, where anyone can deploy contracts freely, permissioned CosmWasm mandates prior approval by Cosmos Hub governance. This rigorous approach minimizes the risk of exploits and ensures only high-quality, thoroughly vetted contracts are deployed on the platform.

Governance approval significantly reduces the likelihood of malicious code entering the system, disincentivizes the deployment of redundant or unnecessary contracts, and maintains a clean and efficient network. Additionally, permissioned CosmWasm unlocks the potential for complex functionalities that might be challenging or impractical through other means.

Cosmos Hub plans to use permissioned CosmWasm for deploying specialized Decentralized Autonomous Organizations (DAOs) like DAO DAO. These DAOs will manage specific governance aspects to enhance transparency and efficiency in decision-making. DAO DAO is slated to be the first application built on permissioned CosmWasm upon its launch in v18.

The Cosmos Hub team is actively seeking community feedback on guidelines for deploying CosmWasm contracts on the Hub versus alternative platforms like Neutron. This collaborative approach ensures the new features align with the specific needs of the Cosmos ecosystem.

Coinciding with this development, Osmosis, a decentralized exchange within the Cosmos ecosystem, is celebrating its third mainnet anniversary. Osmosis has processed 210 million transactions, recorded 967,000 Osmosis addresses, and burned 1.8 million OSMO. The platform has seen 364 million OSMO staked by 541,000 delegators, with 150 validators securing the network.

Source: Cosmos

There have been 729 governance proposals submitted, shaping the direction of the Osmosis ecosystem’s development, and the DEX has surpassed $34 billion in total trading volume. With 24,700 total commits, Osmosis’ remarkable growth is a testament to the dedication of its team and community, showcasing the innovation and potential within the Cosmos ecosystem.

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