Cosmos officially launches first blockchain

14 Mar, 2019
by David Robb
Blockchain
Cosmos officially launches first blockchain

The first blockchain in the Cosmos ecosystem has officially gone live today. Cosmos Hub is a proof-of-stake network designed for maximum interoperability with other blockchains.

Cosmos launched an ICO back in 2017, raising around $16 million. Its focus is on interoperability and reducing the difficulty for new blockchain startups to make their software compatible with other networks. The software development kit released by Cosmos is already in use by Binance and other major blockchain firms.

The Cosmos eco-system will slowly build, with a number of different PoS blockchains operating simultaneously. Once the Inter-Blockchain Communication (IBC) protocol is launched, users will be able to swap tokens between different networks. Interoperability has been touted as a key development for the future of blockchain and crypto, as it could reduce the need for third-party intermediaries in the space.

Zaki Manian, director of the company behind Cosmos, told CoinDesk: "We want to take the blockchain development cycle from idea to implementation down from years to months. This is how we’re trying to transform the blockchain space...Out of all these building blocks, (you’ll be able to compose) an entire...open system of finance that operates to scale and can be composed of individual, specialized chains that do different things".

Read more: What are these 5 famous Bitcoin bulls up to lately?5 reasons it's not too late to get into crypto

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