Tendermint Director: Bitcoin to Utilize Cosmos Network, the Internet of Blockchains, to Absorb It All
Zaki Manian, the Director of Tendermint Labs, in a recent interview with CryptoGlobe spoke about various issues around the Cosmos network.
Described as the “Internet of Blockchains,” Cosmos allows otherwise independent blockchains to communicate and transact with one another. It acts as an intermediary layer that can connect two blockchains together as well as providing scalability solutions, including a new BFT consensus mechanism that can scale to thousands of transactions a second. Instead of trying to provide a universal decentralized solution for everyone and every problem, Cosmos has focused specifically on developing a new way for different projects to interact with one another.
Regarding this one size fits all solution, Zaki comments:
“We do not believe there will ever be one final system that like encompasses everyone. Because, not for technical reasons, I believe you can build very scalable blockchains. But for political reasons, that you will never be able to get everyone to agree with each other.”
He went on to say that Tendermint’s founder, Jae Kwon is convinced that Proof-Of-Work is a huge waste of energy. According to him and most decision makers in the company, Proof of stakes is the way of the future:
“I'm excited about using this notion of staking and slashing and collateralization to build this sort of expansive universe of useful blockchain protocols. That would be really hard to do under proof-of-work. Proof-of-work definitely favors the simplicity of something like Bitcoin.”
Response To Bitcoin Maximalists
There is a vocal group of bitcoin supporters that back BTC above all other digital currencies. This faction has come to be known as the “bitcoin maximalist” group. Many of them are pretty hard to deal with. To them, Manian says
“Cosmos is the technology Bitcoin will use to absorb everything.”
He clarifies that ATOM was not created to be a form of money rather be a “form of collateral” users can use to
“collateralized the security of many computational assets.”
“So we’ve created an opportunity for money to come into the system, because obviously people who are using our blockchains will need mediums of exchange, and I think many people in the project hope that medium of exchange will be big.”
The vision of Cosmos is to make it easy for developers to build blockchains and break the barriers between blockchains by allowing them to transact with each other. The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases.