Blockchain has been used in multiple sectors and organizations across the world. From healthcare to the diamond industry, various elements of businesses have been disrupted by blockchain.
Now, a new, giant blockchain project is coming to life – one that actually works to improve the actual interoperability between various blockchains. The blockchain is called Cosmos.
The project has already launched the Cosmos Hub, a proof-of-stake blockchain that is the first one of many to follow in the Cosmos network. As reported by Christine Kim of Coindesk, users of the network will not be able to swap tokens between blockchains or otherwise connect to Cosmos Hub with existing blockchain networks until validators officially vote to activate what is called the Inter-Blockchain Communication (IBC) protocol.
It’s actually interesting to note that this project has been planned for almost three years. Cosmos actually raised more than $15 million in an ICO back in 2017, when the boom of ICOs was just beginning.
The company behind Cosmos, the one developing the major technology and concept behind the Cosmos concept is Tendermint Inc. The director of the company commented that the software developed by them, Cosmos Software Development Kit, is already being spotted by major companies and exchanges, such as Binance.
The primary goal is to create a new, efficient, scalable “universe” of blockchains, a system of specialized chains that can open new frontiers for individuals to manage data and the different blockchain applications available.