Ever since the floodgate of Blockchain opened, it has expanded its horizons of growth in different fields. While Blockchain holds a lot of prospects for growth and development across the different segments of the industries, but at the same time, it also has certain drawbacks like you cannot connect two Blockchains. But this problem can now be easily cleared by using Cosmos Blockchain. The objective of this blog is to highlight Cosmos Blockchain and how it is changing the functioning of Blockchain.
It is a decentralized ecosystem having independent Blockchain and are designed to create the next generation of the Internet. The reason for the rise of Cosmos Blockchain is that the different crypto uses different Blockchain technologies, and they are not compatible with each other. Hence, they work separately. But, when it comes to Cosmos, it is like the Internet of Blockchains, where every Blockchain can work together in a system.
Cosmos aims at bringing together the different Blockchain projects and develop a system where these blockchains can work together. All the Blockchains are independent, but there is a possibility of the Blockchains to interact and communicate, and with Cosmos, the user can also exchange coins on a different Blockchain platform. Cosmos makes use of the Byzantine Fault Tolerance (BFT) consensus algorithm.
There are certain issues that haunt the conventional Blockchain, but with Cosmos, we can certainly overcome all these issues. Here is how Blockchain resolves the issues:
- Scalability: Blockchain indeed scales up the number of transactions per second, but it is still not at par with the conventional platforms like Visa process 1667 transactions per second, whereas, Ethereum process up to 15 transactions per second and with Cosmos, we can overcome this issue. With Cosmos where different Blockchains will be interconnected, we can surely expect to have a faster working system.
- Sovereignty: Every application needs to have supreme control of its functioning. In the case of the conventional Blockchain platform, if there is any bug or error, then one has to depend on the Blockchain platform. For example, the Parity wallet bug in Ethereum network, and there is a need to incorporate a new feature in the EVM or Ethereum Virtual Machine. One has to depend on Ethereum platform.
Cosmos Blockchain helps in resolving all these issues by providing the right platform, which is easier to access, function, and is also faster. Cosmos Software Development Kit helps the Blockchain developer by providing them with a customizable solution for developers. With Blockchain, they need to focus on the development of application and not what is happening at the backend. With the help of this software, the development time of Blockchain reduces from years to weeks.
SDK is based on two principles: Modularity and performance-based security. The objective of the Cosmos SDK is to allow the Blockchain developers to create an application easily.
Working on such a system requires Blockchain experts and developers. Since most of the companies will be making a switch to Blockchain, and they will be hiring more and more individuals for this. Thus, Blockchain becomes a lucrative career option.