Hi VAIOTeers,
For those of you that have taken the time to read our 165 pages long whitepaper, it comes as no surprise that the VAIOT project aims to move to the Cosmos Ecosystem in the future. However, 165 pages?! Who even has time for that! And so, in today’s article, we will explain the idea behind the migration and the Cosmos SDK in brief instead. Let us dive right into it!
First, when we talk about migrating to the Cosmos Ecosystem and SDK, we are talking about the VAIOT Blockchain of course. Currently, the VAIOT Project uses the ERC-777 standard for the $VAI Token, as well as, of course, the BSC (Binance Smart Chain) BEP20. However, at a later stage of the VAIOT Project, VAI Tokens will be migrated to the proprietary Blockchain solution.
So, why is that? Well, let us first have a look at Ethereum. The goal of the Ethereum network is to allow the building of decentralized applications in a rapid manner. Thus, the application layer is turned into the Ethereum Virtual Machine with the ability to execute smart contracts and allowing the usages of light clients and making data easy to access. However, despite some incredibly positive features, the scalability of Ethereum is low. Then, there is the case of imperfect decentralization, low throughput of 15 transactions per second (on average), high electricity consumption, and huge computing power used solely to secure consensus. Finally, the Ethereum programming language is less flexible than many new and modern programming languages, and while Ethereum is working hard to solve these issues, VAIOT believes that the future for our blockchain lies with the Cosmos Ecosystem.
- For more information on VAIOT’s BEP20 $VAI, have a look at the Medium article.
The Cosmos SDK
First, let me start by saying that there are three different terms when it comes to Cosmos. First, there is the Cosmos Project, which refers to the dream to create the internet of blockchains and thus the blockchain network. Second, there is the Cosmos Ecosystem in which all Cosmos-based applications and blockchains are found. Thirdly, there is the Cosmos SDK which refers to the framework that can be used to build on the Cosmos Ecosystem.
Cosmos itself describes the Cosmos SDK as: “an open-source framework for building multi-asset public Proof-of-Stake (Pos) blockchains, like the Cosmos Hub, as well as permission Proof-of-Authority (PoA) blockchains. Blockchains that are built with the Cosmos SDK are referred to as application-specific blockchains.
That said, the Cosmos SDK aims to allow developers to easily create custom blockchains from scratch that can natively work with other blockchains (hence, the internet of blockchains). The modular structure allows for the implementation of well-tested and fully customizable components, supplying a solid foundation for desired applications. Furthermore, what makes Cosmos so unique is that it allows the breaking of barriers between blockchains through decentralized communication.
Next, it solves some of the most difficult problems faced by the blockchain space, by using the Byzantine Fault Tolerant proof-of-stake consensus engine, guaranteeing safety even with up to 1/3 of nodes being malicious. This type of consensus relies on locking assets to decide on new blocks, making it far more decentralized and accessible to ordinary people than proof-of-work. The only computations needed are for verifying and signing blocks, so no electricity is wasted on achieving consensus.
Have a look at the video below for more info on the vision of Cosmos.
What Makes the Cosmos SDK so Unique?
Well, first things first, as mentioned earlier in this article, the Cosmos SDK is as of date, the most advanced framework for building custom application-specific blockchains. Below follow some of the reasons for selecting the Cosmos SDK.
First, Tendermint Core is the default consensus engine available in the SDK. Tendermint is the most advanced BFT (Byzantine Fault Tolerant) consensus engine available. It is widely used in the industry and is regarded as the gold standard consensus engine for developing Proof-of-Stake systems.
- Want to know more about Tendermint? Visit our article here.
Second, the SDK is open source and is intended to make it simple to build blockchains out of modular components. It will become easier to build complex decentralized platforms with open-source SDK modules as the ecosystem of open-source SDK modules grows.
Finally, the SDK was inspired by capabilities-based security and informed by years of tussling with blockchain state machines. As a result, the Cosmos SDK is a very secure environment in which to build blockchains.
So, that leaves us with one final question: why migrate to Cosmos at all? Why not another blockchain or why not just wait for Ethereum 2.0?
Well, according to VAIOT’s CM, the answer is this: “COSMOS offers an SDK that is perfect for what VAIOT is aiming to do; build on a blockchain that allows our solutions to reach every corner of the decentralized metaverse.”.
And that, my fellow VAIOTeers, is why VAIOT will be migrating to Cosmos.
For more information about VAIOT, visit our website www.vaiot.ai, or have a look at our Twitter and Telegram Community.
The VAIOT Website, Platforms, Solutions, and Services, and in particular VAI Tokens, are not offered for use and purchase to natural and legal persons having their permanent residence or their seat of incorporation in any of the restricted areas as listed in VAIOT’s Whitepaper, in particular: USA, Germany, Puerto Rico, US Virgin Islands, Canada, China, Singapore, Afghanistan, Central African Republic, Cuba, Democratic Republic of the Congo, Eritrea, Iran, Iraq, Libya, North and South Korea, Somalia, South Sudan, Sudan, Yemen, Zambia (Restricted Areas).
