Chjango: They are the biggest problems. Low liquidity in PoS networks is actually needed in v1 to maintain a secure network. What we’re working towards in v2 is the ability for PoS networks to remain secure while allowing for much more Liquidity to flow through these systems.
Community: For beginner developers, how easy is it building on Cosmos? What is the best wallet recommended to store/use Cosmos and experience features of Cosmos? What are used for governance mechanism on Cosmos?
Easy: check out Starport.
Best wallet: Cosmostation
Cosmostation allows you to vote directly from the mobile wallet
Community: As you move forward to achieve your goals, what are your next highest priorities? and how your team will have the necessary foundations such as (funds, community, etc.) to quickly achieve those next goals?
Chjango: Next goals: AMM on cosmos hub, token issuance on hub, staking derivatives of ATOMs for liquidity in PoS context, interchain staking
Treasury MGMT in Cosmos is good so funding to complete those milestones is not a problem
Community: I really understand that cosmos wants its users to be able to interoperate between different blockchains, right? This being the case, why be part of the Poly Network when Cosmos can independently achieve this interoperability?
There’s no reason to be part of another network _unless_ you want to convenience of having chain security ready-made for you so that you don’t have to bootstrap your own validator set to get a chain running.
I don’t agree that token burns are good long-term strategies for building ecosystems. Here’s why: https://link.medium.com/TGpaiQuXlab
Community: About interoperability. In order to interlock, certain blockchains should use Tendermint or they have to be insured by a finality. How can Cosmos interlock work with Ethereum even without a finality or is it possible for zones to use a different consensus algorithm?
Chjango: Via an adapter blockchain that’s similar to a 2-way peg. The Cosmos solution for pegging to Ethereum is named Peggy.
With IBC, in combination with Peggy, a core interoperability building block in the Cosmos ecosystem which Althea Network is currently implementing (you can check on the progress of Peggy here: https://blog.althea.net/tag/peggy/), Cosmos technology would be providing added throughput to the Ethereum chain and allow both Ethereum and the Cosmos Network to become composable. You can think of the IBC connection as a highway with the Peggy blockchain as the toll booth to allow for merchants and traders to cross between the two token economies and transact with each other. Imagine that we’re opening up the Silk Road, which is the earliest trade routes to have opened up between two continents that had previously never connected by a trade route ever before in history.
Community: Beyond traditional methods such as hackathons,incentives,etc,how are you planning to drive developers’ network effects?
Chjango: By creating more building blocks that drive more financial incentives into the cosmos token economy via more staking rewards through interchain staking and providing solutions to easily perform airdrops to atom holders
Community: Security is one of the threats to DeFi’s continuous growth. As one of the DeFi products to continuously deliver innovation, how have you overcome this?
Chjango: By solving interchain staking which will enable Liquidity to come into the cosmos Ecosystem without breaking staking incentives
Community: There we see many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that Cosmos is fully Decentralized? Can you please tell us what’s Cosmos working method?
Chjango: Any PoS protocol is not decentralized. Don’t let them fool you into believing it. Cosmos was one of the first projects to truly bring PoS to market. PoS is a permissioned system, which means entry into the set of consensus signers requires the existing set to grandfather newcomers in. This means that _all_ PoS networks are fully decentralized. They all have a limit on the number of validators that can come on. Bitcoin on the other hand, is considered decentralized, as entry to become a miner who helps progress the chain forward, is totally permissionless. That being said, Cosmos’ particular flavor of PoS, you will find, is the _most_ decentralized that any PoS network will be able to get. But compared to PoW, it isn’t considered decentralized.
Community: Can you give me 1-3 killer features about your project to convince me and other big investors to invest in $your project for Long-term?
ATOM is the security premium for all present and future blockchains that decide to enter the Interchain staking world. It is your ticket into the future of PoS protocols.
In the context of DeFi, while most DeFi activity is currently held on Ethereum today, tomorrow, much of that activity will need a larger territory to operate on. Cosmos offers that extra land for DeFi users to play on. And ATOM is the reserve currency that grants you passageway into this new playground.
Host: Thank you everyone for joining the AMA!
Make sure to follow https://cosmos.network and https://twitter.com/cosmos to stay up to date with our progress! Lots of exciting things coming your way in the following few months!
If you want to win part of a $50,000 prize pool and take home ATOMs, come join HackAtom V, which is starting in 10 days. Get you feet wet on just how easy it is to use the Cosmos tech stack and embark on your first journey into the space age of blockchains. Register now: http://five.hackatom.org/
For the coders out there, please join the Code with Us program, an online workshop program designed for developers who want to build on Cosmos!
Also, the Tendermint team has recently launched Starport, the easiest way to build blockchains. It is a developer-friendly interface to the Cosmos SDK, the world’s most widely-used blockchain application framework. Starport generates boilerplate code for you, so you can focus on writing business logic. Begin your Starport journey now: 👇
Let’s develop together!