Cosmos provides an easy-to-build blockchain capable of handling a large number of transactions. It is also for effectively connecting with other blockchains, creating an Internet of Blockchains. It is a network of blockchains capable of adapting and communicating with each other in a decentralized manner.
Cosmos and its ever-expanding ecosystem of interoperable and sovereign blockchain apps have been in the limelight for quite some time. Here’s the latest addition.
The cross-chain network is building a new blockchain aimed at allowing developers to experiment with different protocols. As per the latest announcement, it is launching a new blockchain, called Sagan, for testing and experimentation.
At the end of his first opening presentation, the executives released a teaser. It included the launch of Sagan with a 30-second clip that included a quote by Carl Sagan, a famous American astronomer, the name of the blockchain, and an image of a canary.
Canary imagery may refer to blockchain as an experimental “canary network”. It was a term first used by Polkadot to describe its Kusama test network (in 2019). In Kusama’s case, the blockchain enabled developers to build and use a parachain or test Polkadot’s governance, and other functions in a real environment. Nonetheless, as tweeted before,
“Canary networks are a revolutionary concept… He (Gavin Wood) introduced the first canary network. I predict we will see other projects implementing their own.”
The dawn of a new era
According to the official blog, Cosmos Signal marks the start of a new era. He stated,
“Sagan will allow us to experiment with new initiatives with greater speed and efficiency, adding tremendous value to the entire network.”
The announcement comes as Cosmos is also working on cumulative scaling technology to allow developers to create blockchains based on Cosmos. The solution, Optimint, is intended to be a “drop-in replacement” for the Tendermint framework on which it’s built.
On top of that, Cosmos also announced a partnership with games company Forte, which will result in an undisclosed investment in the company.
Other developments such as DeFi platform Emeris (scheduled to launch in December) will include cross-chain farming and staking as well. These developments will certainly spark bullish sentiment around this platform.
Cosmos has been growing steadily, there’s no denying this. For instance, according to data from Mapofzones, there have been 1,284,308 transfers across the Cosmos ecosystem in the last 30 days. Moreover, as per LunarCrush social engagement surged to more than 11.5%.
As stated in the blog,
“Since we made our vision of blockchain interoperability a reality by launching IBC, Cosmos, as the second largest ecosystem in the crypto space after Ethereum, has grown steadily. We now secure more than $120 billion of digital assets with over 250 blockchain apps and services in the network.”
That said, it still faces serious challenges from its competition. Polkadot, for example, recorded huge numbers. It had weekly inflows of around $3.6 million as per CoinShares. Earlier, Gavin Wood claimed that Polkadot’s treasury had more than 18 million DOT [or $806,118,291]. At the time of writing, the flagship token (ATOM) has jumped 6% in 24 hours. It was trading above the $33 mark. So far, the aforementioned bullishness seems justified.
