Team Tendermint Inc. officially announced the launch of Cosmos Hub, the first of the Proof-of-Stake blockchain series, which will become part of the Cosmos ecosystem in the future. Work on the project, designed to ensure compatibility of different blockchains – primarily Ethereum and Bitcoin, has been carried out over the past three years .
The release of the Cosmos Hub blocks started on Wednesday, March 13, at 23:00 UTC, and as representatives of the project note, since this process has been going on in a stable mode.
Welcome to the Space Age of Blockchains. @cosmos hub mainnet is steadily making blocks. #cosmoslaunch #internetofblockchains pic.twitter.com/JOSjqSotMZ
– Chjango Unchained ⛓ (@chjango) March 14, 2019
The launch of the project was also broadcast online on Youtube.
Representatives of Tendermint note that at the moment, users cannot exchange tokens between blockchains or otherwise connect Cosmos Hub to third-party blockchains at any time – for this, validators must vote to activate Inter-Blockchain Communication (IBC).
In the comments of CoinDesk, Tendermint Director Zaki Manian noted that the development tools kit (SDK) presented in February 2018 is already used in the cryptocurrency industry, in particular, by the Binance exchange .
He also said that another important element that will help "at a fundamental level to remove obstacles to innovation" is the underlying Tendermint Core consensus mechanism, Cosmos Hub.
“Of all these structural elements, it will be possible to assemble a fully open financial system that can scale and will include separate specialized blockchains for solving various tasks, ” said Zaki Manian.
Transactions with Cosmos ATOM's own tokens are not yet available to users. These tokens will serve as a kind of collateral for validators, and they are currently used as a mechanism for choosing Cosmos Network membership.
As soon as the system itself and the set of validators are recognized as fairly stable, tokens holders will be able to vote for the start date of the ATOM transfers. After that, another vote will be held regarding the connection of new blockchains to Cosmos Hub and the launch of swaps between raptocurrencies and non-interchangeable tokens.
Security Cosmos Hub currently provide about 70 validators. Also at this stage, all rewards are paid to ATOM, but in the future other cryptocurrencies, in particular, Bitcoin or Ethereum, can be used for this.
Recall that last year the Cosmos project joined the Ethereum Community Fund initiative, under which a special fund was created to accelerate the development of blockchain infrastructure and decentralized applications.
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