CØSMOS [COS], internet of blockchains
The combined success of the open-source ecosystem, decentralized file-sharing, and public cryptocurrencies has inspired an understanding that decentralized internet protocols can be used to radically improve socio-economic infrastructure. We have seen specialized blockchain applications like Bitcoin  (a cryptocurrency), Zerocash  (a cryptocurrency for privacy), and generalized smart contract platforms such as Ethereum , with countless distributed applications for the Etherium Virtual Machine (EVM) such as Augur (a prediction market) and TheDAO  (an investment club).
To date, however, these blockchains have suffered from a number of drawbacks, including their gross energy inefficiency, poor or limited performance, and immature governance mechanisms. Proposals to scale Bitcoin's transaction throughput, such as Segregated-Witness  and BitcoinNG , are vertical scaling solutions that remain limited by the capacity of a single physical machine, in order to ensure the property of complete auditability. The Lightning Network  can help scale Bitcoin transaction volume by leaving some transactions off the ledger completely, and is well suited for micropayments and privacy-preserving payment rails, but may not be suitable for more generalized scaling needs.
An ideal solution is one that allows multiple parallel blockchains to interoperate while retaining their security properties. This has proven difficult, if not impossible, with proof-of-work. Merged mining, for instance, allows the work done to secure a parent chain to be reused on a child chain, but transactions must still be validated, in order, by each node, and a merge-mined blockchain is vulnerable to attack if a majority of the hashing power on the parent is not actively merge-mining the child. An academic review of alternative blockchain network architectures is provided for additional context, and we provide summaries of other proposals and their drawbacks in Related Work.
Cosmos is a network of independent parallel blockchains that are each powered by classical BFT consensus algorithms like Tendermint 1.
The first blockchain in this network will be the Cosmos Hub. The Cosomos Hub connects to many other blockchains (or zones) via a novel inter-blockchain communication protocol. The Cosmos Hub tracks numerous token types and keeps record of the total number of tokens in each connected zone. Tokens can be transferred from one zone to another securely and quickly without the need for a liquid exchange between zones, because all inter-zone coin transfers go through the Cosmos Hub.
This architecture solves many problems that the blockchain space faces today, such as application interoperability, scalability, and seamless upgradability. For example, zones derived from Bitcoind, Go-Ethereum, CryptoNote, ZCash, or any blockchain system can be plugged into the Cosmos Hub. These zones allow Cosmos to scale infinitely to meet global transaction demand. Zones are also a great fit for a distributed exchange, which will be supported as well.
Cosmos is not just a single distributed ledger, and the Cosmos Hub isn't a walled garden or the center of its universe. We are designing a protocol for an open network of distributed legers that can serve as a new foundation for future financial systems, based on principles of cryptography, sound economics, consensus theory, transparency, and accountability.
In classical Byzantine fault-tolerant (BFT) algorithms, each node has the same weight. In Tendermint, nodes have a non-negative amount of voting power, and nodes that have positive voting power are called validators. Validators participate in the consensus protocol by broadcasting cryptographic signatures, or votes, to agree upon the next block.
Validators' voting powers are determined at genesis, or are changed deterministically by the blockchain, depending on the application. For example, in a proof-of-stake application such as the Cosmos Hub, the voting power may be determined by the amount of staking tokens bonded as collateral.
NOTE: Fractions like ⅔ and ⅓ refer to fractions of the total voting power, never the total number of validators, unless all the validators have equal weight. NOTE: +⅔ means "more than ⅔", while ⅓+ means "⅓ or more".
Tendermint is a partially synchronous BFT consensus protocol derived from the DLS consensus algorithm . Tendermint is notable for its simplicity, performance, and fork-accountability. The protocol requires a fixed known set of validators, where each validator is identified by their public key. Validators attempt to come to consensus on one block at a time, where a block is a list of transactions. Voting for consensus on a block proceeds in rounds. Each round has a round-leader, or proposer, who proposes a block. The validators then vote, in stages, on whether to accept the proposed block or move on to the next round. The proposer for a round is chosen deterministically from the ordered list of validators, in proportion to their voting power.
The full details of the protocol are described here.
Tendermint’s security derives from its use of optimal Byzantine fault-tolerance via super-majority (+⅔) voting and a locking mechanism. Together, they ensure that:
- ⅓+ voting power must be Byzantine to cause a violation of safety, where more than two values are committed.
- if any set of validators ever succeeds in violating safety, or even attempts to do so, they can be identified by the protocol. This includes both voting for conflicting blocks and broadcasting unjustified votes.
Despite its strong guarantees, Tendermint provides exceptional performance. In benchmarks of 64 nodes distributed across 7 datacenters on 5 continents, on commodity cloud instances, Tendermint consensus can process thousands of transactions per second, with commit latencies on the order of one to two seconds. Notably, performance of well over a thousand transactions per second is maintained even in harsh adversarial conditions, with validators crashing or broadcasting maliciously crafted votes. See the figure below for details.
A major benefit of Tendermint's consensus algorithm is simplified light client security, making it an ideal candidate for mobile and internet-of-things use cases. While a Bitcoin light client must sync chains of block headers and find the one with the most proof of work, Tendermint light clients need only to keep up with changes to the validator set, and then verify the +⅔ PreCommits in the latest block to determine the latest state.
Succinct light client proofs also enable inter-blockchain communication .
The Tendermint consensus algorithm is implemented in a program called Tendermint Core. Tendermint Core is an application-agnostic "consensus engine" that can turn any deterministic blackbox application into a distributedly replicated blockchain. Tendermint Core connects to blockchain applications via the Tendermint Socket Protocol (TMSP) . Thus, TMSP allows for blockchain applications to be programmed in any language, not just the programming language that the consensus engine is written in. Additionally, TMSP makes it possible to easily swap out the consensus layer of any existing blockchain stack.
We draw an analogy with the well-known cryptocurrency Bitcoin. Bitcoin is a cryptocurrency blockchain where each node maintains a fully audited Unspent Transaction Output (UTXO) database. If one wanted to create a Bitcoin-like system on top of TMSP, Tendermint Core would be responsible for
- Sharing blocks and transactions between nodes
- Establishing a canonical/immutable order of transactions (the blockchain)
Meanwhile, the TMSP application would be responsible for
- Maintaining the UTXO database
- Validating cryptographic signatures of transactions
- Preventing transactions from spending non-existent funds
- Allowing clients to query the UTXO database
Tendermint is able to decompose the blockchain design by offering a very simple API between the application process and consensus process.
The Cosmos Hub is the first public blockchain in the Cosmos Network, powered by Tendermint's BFT consensus algorithm. The Tendermint open-source project was born in 2014 to address the speed, scalability, and environmental issues of Bitcoin's proof-of-work consensus algorithm. By using and improving upon proven BFT algorithms developed at MIT in 1988 , the Tendermint team was the first to conceptually demonstrate a proof-of-stake cryptocurrency that addresses the nothing-at-stake problem suffered by first-generation proof-of-stake cryptocurrencies such as NXT and BitShares.
Today, practically all Bitcoin mobile wallets use trusted servers to provide them with transaction verification. This is because proof-of-work requires waiting for many confirmations before a transaction can be considered irreversibly committed. Double-spend attacks have already been demonstrated on services like CoinBase.
Unlike other blockchain consensus systems, Tendermint offers instant and provably secure mobile-client payment verification. Since the Tendermint is designed to never fork at all, mobile wallets can receive instant transaction confirmation, which makes trustless and practical payments a reality on smartphones. This has significant ramifications for Internet of Things applications as well.
Validators in Cosmos have a similar role to Bitcoin miners, but instead use cryptographic signatures to vote. Validators are secure, dedicated machines that are responsible for committing blocks. Non-validators can delegate their staking tokens (called "atoms") to any validator to earn a portion of block fees and atom rewards, but they incur the risk of getting punished (slashed) if the delegate validator gets hacked or violates the protocol. The proven safety guarantees of Tendermint BFT consensus, and the collateral deposit of stakeholders--validators and delegators--provide provable, quantifiable security for nodes and light clients.
Distributed public ledgers should have a constitution and a governance system. Bitcoin relies on the Bitcoin Foundation and mining to coordinate upgrades, but this is a slow process. Ethereum split into ETH and ETC after hard-forking to address TheDAO hack, largely because there was no prior social contract nor mechanism for making such decisions.
Validators and delegators on the Cosmos Hub can vote on proposals that can change preset parameters of the system automatically (such as the block gas limit), coordinate upgrades, as well as vote on amendments to the human-readable constitution that govern the policies of the Cosmos Hub. The constitution allows for cohesion among the stakeholders on issues such as theft and bugs (such as TheDAO incident), allowing for quicker and cleaner resolution.
Each zone can also have their own constitution and governance mechanism as well. For example, the Cosmos Hub could have a constitution that enforces immutability at the Hub (no roll-backs, save for bugs of the Cosmos Hub node implementation), while each zone can set their own policies regarding roll-backs.
By enabling interoperability among differing policy zones, the Cosmos network gives its users ultimate freedom and potential for permissionless experimentation.
The Hub and Zones
Here we describe a novel model of decentralization and scalability. Cosmos is a network of many blockchains powered by Tendermint. While existing proposals aim to create a "single blockchain" with total global transaction ordering, Cosmos permits many blockchains to run concurrently with one another while retaining interoperability.
At the basis, the Cosmos Hub manages many independent blockchains called "zones" (sometimes referred to as "shards", in reference to the database scaling technique known as "sharding"). A constant stream of recent block commits from zones posted on the Hub allows the Hub to keep up with the state of each zone. Likewise, each zone keeps up with the state of the Hub (but zones do not keep up with each other except indirectly through the Hub). Packets of information are then communicated from one zone to another by posting Merkle-proofs as evidence that the information was sent and received. This mechanism is called inter-blockchain communication, or IBC for short.
Any of the zones can themselves be hubs to form an acyclic graph, but for the sake of clarity we will only describe the simple configuration where there is only one hub, and many non-hub zones.
The Cosmos Hub is a blockchain that hosts a multi-asset distributed ledger, where tokens can be held by individual users or by zones themselves. These tokens can be moved from one zone to another in a special IBC packet called a "coin packet". The hub is responsible for preserving the global invariance of the total amount of each token across the zones. IBC coin packet transactions must be committed by the sender, hub, and receiver blockchains.
Since the Cosmos Hub acts as the central ledger for the whole system, the security of the Hub is of paramount importance. While each zone may be a Tendermint blockchain that is secured by as few as 4 (or even less if BFT consensus is not needed), the Hub must be secured by a globally decentralized set of validators that can withstand the most severe attack scenarios, such as a continental network partition or a nation-state sponsored attack.
A Cosmos zone is an independent blockchain that exchanges IBC messages with the Hub. From the Hub's perspective, a zone is a multi-asset dynamic-membership multi-signature account that can send and receive tokens using IBC packets. Like a cryptocurrency account, a zone cannot transfer more tokens than it has, but can receive tokens from others who have them. A zone may be designated as an "source" of one or more token types, granting it the power to inflate that token supply.
Atoms of the Cosmos Hub may be staked by validators of a zone connected to the Hub. While double-spend attacks on these zones would result in the slashing of atoms with Tendermint's fork-accountability, a zone where +⅔ of the voting power are Byzantine can commit invalid state. The Cosmos Hub does not verify or execute transactions committed on other zones, so it is the responsibility of users to send tokens to zones that they trust. In the future, the Cosmos Hub's governance system may pass Hub improvement proposals that account for zone failures. For example, outbound token transfers from some (or all) zones may be throttled to allow for the emergency circuit-breaking of zones (a temporary halt of token transfers) when an attack is detected.
Inter-blockchain Communication (IBC)
Now we look at how the Hub and zones communicate with each other. For example, if there are three blockchains, "Zone1", "Zone2", and "Hub", and we wish for "Zone1" to produce a packet destined for "Zone2" going through "Hub". To move a packet from one blockchain to another, a proof is posted on the receiving chain. The proof states that the sending chain published a packet for the alleged destination. For the receiving chain to check this proof, it must be able keep up with the sender's block headers. This mechanism is similar to that used by sidechains, which requires two interacting chains to be aware of one another via a bidirectional stream of proof-of-existence datagrams (transactions).
The IBC protocol can naturally be defined using two types of transactions: an
IBCBlockCommitTxtransaction, which allows a blockchain to prove to any observer of its most recent block-hash, and an
IBCPacketTxtransaction, which allows a blockchain to prove to any observer that the given packet was indeed published by the sender's application, via a Merkle-proof to the recent block-hash.
By splitting the IBC mechanics into two separate transactions, we allow the native fee market-mechanism of the receiving chain to determine which packets get committed (i.e. acknowledged), while allowing for complete freedom on the sending chain as to how many outbound packets are allowed.
In the example above, in order to update the block-hash of "Zone1" on "Hub" (or of "Hub" on "Zone2"), an
IBCBlockCommitTxtransaction must be posted on "Hub" with the block-hash of "Zone1" (or on "Zone2" with the block-hash of "Hub").
Cosmos Crowdfund Plan
LAST UPDATED: Aug 12th, 2016
NOTE: The details in this plan override what is currently in the whitepaper.
Update 1 (Sept 21st, 2016):
We are exploring an alternative plan which involves a smaller pre-funding round from non-US funders, US-accredited funders, and strategic validating partners. We will make a final decision by the end of September. If we proceed with this alternative plan, we will delay the main crowdfund until as late as Jan/Feb next year. Sorry for any inconvenience or confusion. Please contact us if you have any questions.
Update 2 (Sept 21st, 2016):
The crowdfund will be administrated by the US Delaware entity behind Tendermint, called ALL IN BITS, Inc. Previously we had mentioned that the crowdfund will be administrated by a Canadian non-profit entity. This is no longer the case.
- All in Bits, Inc (AIB) is a for-profit Delaware C-Corp behind Tendermint. Its mission is to create, maintain, and further develop, Tendermint and Cosmos.
- There will be a Crowdfunding campaign to sell tokens, called "atoms", that give the holder limited license to use the Cosmos Hub. The proceeds of the Crowdfunding campaign will go to AIB to develop the Essential Cosmos Software and Services.
- There will be 20,000,000 atoms on Genesis day. On Genesis day, the
distribution of atoms will be split between:
- Pre-funders (5%)
- AIB (20%)
- Crowdfund Funders (75%)
- Upon completion of the Crowdfund, all the atom holders, including AIB, play the Delegation Game in a special purpose Ethereum smart contract (which holds no Ether). The top 100 validators after delegation will be chosen as validators on Genesis.
- Everyone's atoms will vest over a period of two years after Genesis. Unvested atoms cannot be transferred until vested. Unvested atoms will vest over time, at a rate of 1/(24x365x2) of the account's atoms, every hour.
- Every validator must participate in governance, or else become inactivated and eventually unbonded. Delegators who delegate atoms to such validators will also likewise get their delegated atoms inactivated and eventually unbonded.
- Anyone may receive more atoms by passing a proposal with an attached award. Such reward atoms will be purely inflationary.
- 1/3 of the total number of atoms will be distributed back to the bonded atom holders for having a stake in consensus. This a tax (disincentive) for not putting atoms at stake, and not participating in governance during the first two years after Genesis.
Cosmos Ecosystem: Includes the Cosmos Network and other software and services, including validator and client software.
Cosmos Hub: An Cosmos hub is itself a blockchain, or zone, that connects to many other zones. The hub facilitates token movement between zones. The Cosmos Hub will be the first hub, and the first zone.
Cosmos Hub Block Reward: The blockchain will reward the Validators and Delegators in proportion to their bonded atoms, and afterwards account for any commissions that delegators pay to delegate validators. The reward will consist of two categories -- transaction fees, and inflationary atoms. The transction fees will be any fee collected by a validator. In addition, there will be inflationary atoms at a rate of 1/3 of the total number of atoms per year. Cosmos holders who do not put their atoms at stake by being a validator or delegating to a validator will not receive any of the Cosmos Hub Block Rewards.
Cosmos Network: Includes the Cosmos Hub and all connected zones.
Crowdfund: An atom token crowdfund event that happens during a period of 42 days. There will be a website where those who wish to purchase atoms can sign up The crowdfund proceeds will be used to complete the Essential Cosmos Software and Services, starting with the release of TendermintCore.
Delegator: An atom holder who puts their atoms at stake by delegating its validating power and voting power to a validator. They are still responsible for voting on proposals during the vesting period. If they don't vote they will be penalized, but they will inherit the vote of the delegated validator.
Early Funders: The Early Funders are qualified investors who purchase 5% of the Genesis atoms prior to the crowdfund. The majority of the proceeds from the early funding will go toward legal and PR fees, and also help pay salary for AIB until the crowdfunding is complete.
Validator: Validators are full nodes of a Cosmos zone that have the responsibility of committing blocks in that zone. The Cosmos Hub will start with 100 validator spots. Due to the limited number of validator spots, not everyone who has atoms can be a validator. Instead, everyone else can bond atoms and delegate their consensus voting power to any of the 100 validators. Before Genesis, the Cosmos Crowdfund funders will play the Delegation Game to determine the top 100 bonded delegates who will become the genesis validators.
- fix existing issues
- mempool optimization
- peer exchange handler
- validator set changes
- fork detection and handling
- tendermint consensus v2
- multiasset accounts
- atom staking with delegation
- basic wallet client
- zone support
- exchange zone
- ethereum zone
- import crypto distributions
- Cosmos network explorer client
- zone support
- hardware wallet integration with sufficient funding
- Ethereum peg with sufficient funding
- Bitcoin peg with partner, if possible
Funds will be raised by AIB in 2 phases.
During the Prefund, 5% of future Genesis atoms will be sold to qualified investors with a cap and/or discount. The proceeds from the Early Investors will be used to prepare for and execute the crowdfund, as well as to pay for legal expenses.
During the Crowdfund, 75% of future Genesis atoms will be sold to sophisticated members of the public who wish to support or participate in this project. The crowdfund will happen over a period of 42 days as the Ethereum crowdfund.
The crowdfund will be capped at $9M equivalent of bitcoins after the first 24 hours of the crowfund. After 24 hours since the beginning of the crowdfund, when the total amount raised exceeds $9M given the price of bitcoin at 9am PDT the morning of, the crowdfund will immediately stop.
- If the crowdfund does not meet the minimum $3M -- 95+% of funds returned
- If the crowdfund exceeds $3M -- Essential Cosmos Software
- If the crowdfund exceeds $5M -- Ethereum peg
- If the crowdfund exceeds $7M -- Open-source hardware wallet (sold separately)
- Prefund for 5% of Genesis atoms
- Canadian non-profit is created
- Begin Crowdfund
- End of Crowdfund after 42 days or cap reache (EoCF)
- EoCF + 2 months: alpha release candidate of TendermintCore for security audit
- EoCF + 4 months: alpha release of TendermintCore
- EoCF + 7 months: alpha release candidate of Cosmos Hub for security audit
- EoCF + 9 months: alpha release of Cosmos Hub
- EoCF + 10 months: launch Cosmos Hub alpha
- EoCF + 12 months: begin sale of open-source hardware wallet (if funding milestone reached)
- EoCF + 13 months: beta release candidate of Alpha Hub for security audit
- EoCF + 15 months: launch Cosmos Hub beta
- EoCF + 15 months+: Continuous development, timeline set by AIB
- Timeline for Bitcoin peg support depends on partnership
- Timeline for Ethereum peg support set after alpha release of Cosmos Hub
This posting is fake. The real cosmos is at http://cosmos.network . We are not having an ico on yobit. The poster is a scammer.
Thanx For Reply, We receive ICO Details of Cosmos Coin from another sources now we remove ICO Details from our post,remain details we receive from your website.
kindly review the Article once again and give some feedback and your update .
@cryptoking all the links are still false/fake. Please remove them. Better yet, remove all the content and just link to cosmos.network if that's the intention. The correct github is github.com/cosmos/cosmos. There is no pool or released software yet.
kindly review this link:https://bitcointalk.org/index.php?topic=1607111.0
and Give us feed back above link post is also fake?