Hard Spoon: Ethermint VM Zone For Ethereum Cryptocurrency?
In September last year, the Cosmos Network announced that they were introducing a Hard Spoon. This was a new technical concept, which they would launch on the Mainnet in late May or early June 2018. Besides that, they announced that they would be introducing a native fee token for the Ethermint. They clarified that this token would be separate from the ATOM, which is the staking token for Cosmos.
So What Is A Hard Spoon?
According to expert, a hard spoon is a new chain, which takes into the state of an existing chain. The aim of a hard spoon is not to be a competitor but to offer broad access. For a hard spoon to occur, new crypto is minted by duplicating the account balances of the existing crypto.
For Cosmos, they would hard spoon Ethereum by duplicating the existing account balances of Ethereum holders. The balances will then be pegged within the Ethermint VM zone. In essence, holders of ETH will have the coins replicated in the EVM zone. They can then be redeemed as fee token within Ethermint. In short, Ethermint will be the hard spoon of Ethereum by Cosmos Network.
Others have defined a hard spoon as a meta-protocol on top of an existing blockchain. This leads to the creation of a token, which inherits the underlying token balances of the blockchain. The idea behind this is to come up with a pair of competing branches of protocol, which run on the same blockchain.
At its core, a hard spoon is designed to be non-competitive. The aim is not to compete with or take away the market share of the underlying blockchain. However, a hard spoon does promise to offer advantages over an existing blockchain. For instance, it could lead to a performance boost, which complements the existing blockchain.
The Hard Spoon In A Nutshell
If you have been interested in the world of crypto in the last few weeks, you have no doubt heard of the hard fork. The hard spoon is quite different from the hard fork. However, as time progresses, it may become quite common. It is important to emphasise that there is still no clear definition how much value this approach will bring to the table.
The first hard spoon is expected to occur this May or June on the Cosmos Network. It will lead to the creation of the Ethermint token. As blockchain project become more complicated, it is quite evident that some interesting problems may occur.
A hard spoon, in essence, is a blockchain that takes into account the existing chain. The hard spoon aims to offer broader access to an existing blockchain. In most cases, when a hard fork occurs, replicating balances can be a huge problem. However, due to the approach used with a hard spoon, this becomes quite easy.
This is an interesting concept that may not make much sense to many people right now. However, even the Bitcoin did not make much sense to anyone except its creators. Right now, the whole world has come around to the concept, and it is now worth billions of dollars.