Cosmos to Conduct Voting on Exclusive Security Model Next Week
Cosmos’ developers will conduct voting for the community on the 31st of this month on an important proposal. It targets to release a unique security model for the central blockchain of the network (also known as the Hub). Initially, they scheduled the respective voting for the 24th of October, but then they postponed it.
Cosmos Schedules a Voting for a Unique Security Model for the Upcoming Week
Cosmos is considered to be an interoperability network, with its ecosystem containing many chains. The respective chains can communicate with each other while utilizing the protocol named Inter Blockchain Communication (IBC) through the Cosmos Hub. In September, the developers at Cosmos issued a whitepaper document to propose the latest functionalities to be incorporated into the Cosmos Hub.
One of them takes into account a mechanism titled interchain security. With this mechanism, the application-specific chains operating under the ecosystem of Cosmos would be permitted to depend on the validators of the Hub for security. It means that there is a requirement for interchain security to permit particular chains of Cosmos to be secure while utilizing the Cosmos Hub.
Apart from that, the whitepaper has another proposal dealing with a modification to ATOM (the native token of Cosmos Hub). In this way, it will be converted into a chosen collateral asset on the whole network under the title ATOM 2.0. The respective point will also be a part of the voting. If approval is given to the proposed modifications, the Cosmos Hub will be transformed into a platform offering the infrastructure services, as per the developers.
Recently, ATOM/USD has witnessed an upsurge of two percent for the consolidation of the weekly profits at seventeen percent. At present, it is trading around the value of $13 while the trading volume of the asset has reached above $3 billion. Simultaneously, the platform has been engaged in significant operations and its regular trading volumes were elevated by up to 63% as a result. A wider outlook brings to the front that a decline of almost fifty-nine percent has been experienced by Cosmos from the start of this year up till now.
Cosmos’ overall market capitalization has dropped to $990B from the top figure of $3T. The main objectives of Cosmos are the connectivity as well as the scalability of the blockchains via a united network named the ‘Internet of Blockchains.” The use case of the venue in permitting the sharing of data by independent blockchains is witnessing a huge rise in interest across the blockchains. Just in the current month, more than seventeen unique projects were added by Cosmos.
ATOM of Cosmos Gradually Gains Momentum
In addition to that, as of the 17th of October, the number of per-week active consumers has moved above the figure of approximately 85,000. Cosmos’ rapid expansion is being supported on the behalf of the ability to develop a blockchain just from scrap, with the use of Cosmos IBC.
