In the universe of cryptocurrencies, Ethereum inevitably appears as the blockchain generating the most important attraction of the crypto ecosystem. The majority of developers and projects are gathered on this blockchain.
However, the difficulties regularly highlighted regarding its use are the high transaction costs and the obligation to use the Solidity development language to interact with Ethereum.
Evmos’ project is to offer the community the possibility of taking advantage of the Ethereum (ETH) environment directly on the Cosmos network thanks to a blockchain compatible with Ethereum.
Let’s discover this project, its intentions and its news.
- EVMOS: Ethereum on Cosmos Network
- EVMOS governance
- The delicate launch of the EVMOS mainnet
- EVMOS Tokenomics (Token Economy)
- The EVMOS ecosystem
EVMOS: Ethereum on Cosmos Network
Made from the SDK made available by Cosmos Network, Evmos offers a blockchain in Proof of stake with the originality of being compatible and interoperable with the Solidity programming language. In other words, they want to integrate the Ethereum ecosystem with the Cosmos Network ecosystem.
Ethereum often represents the flagship blockchain when it comes to writing and executing smart contracts. After knowing the appearance of smart contracts thanks to projects like Secret Network or Juno , Cosmos Network could reach a new dimension thanks to this project.
A promise of scalability
Among the dilemmas faced by blockchain designers, network scalability is a major issue. Evmos promises instantaneous transactions for users.
This announcement comes with a subtle difference in block management.
Concretely, as it stands, block finality is not possible on Ethereum due to the probabilistic architecture deployed on the network. Thus, the waiting blocks are validated with a probabilistic finality creating a waiting state within the transactions passed on the network. To simplify, it is recommended to wait several tens of blocks or several minutes before considering a transaction as finalized and valid on Ethereum.
The architecture deployed here benefits from the Tendermint consensus offered by Cosmos Network. In fact, this concept of waiting state intrinsic to the native network does not exist on this one. All transactions are validated by the next block, providing theoretically instantaneous finality to past transactions.
An ambition for interoperability
The Cosmos Network environment offers a variety of possibilities to users of its network. The presence of the IBC ( Inter-blockchain communication) protocol bodes well for the large-scale deployment of Cosmos Network.
Thus, any blockchain including the IBC in its development will be able to communicate directly with EVMOS. The Ethereum virtual machine (EVM) will be deployed on Cosmos while ensuring that blockchains – not necessarily coded in Solidity – can interact directly with it without prior friction.
Any user of the network has the possibility of intervening at the level of the governance of the blockchain. This option allows members of the community to transmit text proposals, modify the parameters of the blockchain or even spend funds from the community pool.
These different prerogatives can be executed through three distinct methods :
- A governance proposal
- An architectural decision file
- Technical standards or specifications
The designers’ philosophy is part of a democratic ideology not based on your initial wealth. Thus, anyone can participate in the filing period following a governance proposal. This 5-day filing period provides a framework in which members of the community can join forces to submit a vote to the community.
If the proposal is canceled or declined , contributors to the proposal get their Evmos back. However, there are certain cases in which contributors to a deposit can see their tokens disappear without being compensated.
The delicate launch of the EVMOS mainnet
Prior to the launch of the mainnet, the developers wanted to offer an airdrop – as is customary in the Cosmos environment – to long-time contributors to Cosmos (ATOM) and Osmosis (OSMO).
This incentive is distinguished from other airdrops by a unique marketing approach .
To claim this allocation of tokens called Rektdrop , it was necessary in particular to be able to justify having been forced to pay large transaction fees on applications such as AAVE, SushiSwap or OpenSea.
The actual launch of the mainnet was not easy. Users wishing to retrieve coins from rektdrop were unable to do so due to several issues related to the compatibility of the process with Keplr and Metamask wallets. These bugs resulted in not getting the airdrop, but sometimes also sending it to the wrong place. All the technical information of the problem is here .
As a result of these difficulties, upgrades have been made without success resulting in the mainnet being completely interrupted only a few days after its official launch. Nevertheless, the exchange of information and the transparency of the teams remains to be welcomed in this crossing of the desert.
To respond effectively to these problems, the team has set up a testnet to continue integrating external players while working on problem solving. When the mainnet is launched again, it will not be possible to recover its airdrop directly. This constraint appears to ensure the proper deployment of the network.
Sources : Blog, Twitter & Twitter
EVMOS Tokenomics (Token Economy)
The native crypto is the EVMOS but it is difficult to do an analysis of its price due to its recent release. Moreover, it is not found on centralized exchanges. Its market capitalization is not yet available but the price of this asset is currently around the price of $3.
The desire displayed by Evmos is always integrated into a philosophy of sharing with the community . To do this, initially, the distribution of the first 200 million crypto $EVMOS will be shared as in the following graphic representation:
It should be noted that the strategic part represents a DAO held by the Evmos foundation, but which aims to expand while maintaining complete transparency on future strategic decisions.
Finally, there will be no dirty public in the distribution of these tokens allowing to reward the historical users of Cosmos Network as much as possible through airdrop.
The inflation forecast for the token will be high for the first few years until it stabilizes once the real objective of one billion $EVMOS tokens has been put into circulation. This objective will be achieved by decreasing inflation over time while creating a balanced distribution among the different members of the community.
Finally, Evmos wants to introduce something new in the way transaction fees are managed. Instead of creating a classic burn system , they want to help remunerate participants by creating a Dapp store reminiscent of the App Store model. Thus, this system would make it possible to remunerate both the developers and the operators of the network.
Source : Blog
The EVMOS ecosystem
Evmos offers a program to help develop applications on their blockchain. Through the Evmos Grants Program , they want to subsidize, in two stages, developers willing to expose themselves to their environment.
The first will be purely pecuniary. The second will be strictly business-oriented by providing aid beneficiaries with technical and marketing support directly from the Evmos team and their partners.
During the first launch of the mainnet, they highlighted the help of the creators of Diffusion Finance in the analysis of the problem impacting the recovery of the airdrop by the users. This platform presents itself as the automated market makers (AMM) of Evmos.
This is a fork of Uniswap version 2. Promising to answer the trilemma of composability, interoperability and speed, Diffusion Finance wishes to unlock the infinite potential of smart contracts on Cosmos Network through the use of a blockchain compatible with Ethereum.
Other services are already developing even though the mainnet is not available. Nevertheless, in the context of this article, for lack of concrete experience feedback, a reservation will be taken in the presentation of these different projects.
Diffusion Finance being regularly highlighted by the official twitter account, it seemed interesting to mention its presence.
The Cosmos Network ecosystem has been in full swing for a few months now. Evmos brings its stone to the building by concretely introducing interoperability with the Ethereum ecosystem .
The analysis of the failed launch of the mainnet perfectly illustrates all the difficulty inherent in the issue of interoperability. To respond effectively, time and patience will be required for all contributors to the ecosystem. Nevertheless, the deployment of the new version of the mainnet indicates the perseverance of the creators of this blockchain.