Layer 0 blockchain network Cosmos is a new white paper Refresh Cosmos Hub and ATOM token.
This whitepaper was published at the Cosmoverse conference in Medellín, Colombia on September 26th.
Cosmos Hub is the blockchain at the heart of the Cosmos ecosystem, initially acting as an intermediary between all other interconnected networks. Until now, blockchain has served as a model for other interconnected networks in the ecosystem.
Other blockchains in Cosmos use the Hub code as a template and improve it for specific use cases.
A new whitepaper shows that Cosmos Hub becomes the Interchain Web by adding Interchain Security as a core feature. Other blockchains in the ecosystem can borrow that validator pool to secure the network.
All blockchains in the Cosmos network use Proof-of-Stake, but with separate validators for each network. In the Cosmos 2.0 whitepaper, we want to change this so that other Cosmos chains can use validators from the hub.
This change allows access to a wider and more diverse pool of validators, making the network more secure and decentralized. It also includes information on interoperability.
ATOM new project
The new whitepaper also outlines our plans to improve the utility of the Cosmos ATOM token and increase its value. ATOM is the ecosystem’s native token. Besides being a governance token, it is also important that Cosmos Hub’s validators secure the network.
Plans to make the Cosmos Hub validator pool accessible from other chains will increase the use of ATOM on other chains.
Additionally, the proposal adds liquid staking to the network code so that ATOM can serve other purposes even when locked down to provide security.
There are also plans to lower the token issuance rate. The new approach takes place in he two phases of ‘transition’ and ‘steady state’. The essence of this is to balance interchain adoption and ecosystem growth.
Meanwhile, the white paper is currently in the proposal stage. However, the upgrade recommended there will be on-chain next month.
Atom 3.4% up
According to CryptoSlate data, ATOM’s price responded positively to the news of the new white paper, rising 3.4% to $14.57 over the past 24 hours.
The asset has lost 7.1% of its value and is underperforming on the 7-day index. During this period, it traded as low as $13.15.