If you’re an active member of the blockchain industry, it’s pretty evident that you go through the top and unique projects from time to time. So if you hear a name that has made its place with its unique approach, it’s easy to recognize the project without a second thought.
One such name among the popular Web3 and blockchain industry projects is Cosmos Hub. Does that name sound familiar to you? Yes, we’re talking about the interchange service provider in Cosmos, an open, scalable, and interconnected economy that introduced itself with $ATOM.
Now, how has Cosmos Hub grown, and where is it further headed? Let’s analyze its current and future progress as per the whitepaper they released:
- Unique Approach and Achieved Success:
The objective of the Cosmos Hub, which was to function as an interchain originator, was completed. Tendermint, the Cosmos SDK, and Company’s work is currently being produced, and the IBC connects more than fifty sovereign networks.
Today, Cosmos Hub is in the unique position of successfully providing a service that no other chain offers. This service is known as interchain security and liquid staking. While the project’s whitepaper does mention Schedulers & Allocators to have a similar structure, these platforms still function on a specific hub.
- Plan for Evolution:
At this point, Cosmos Hub is entirely ready to evolve into an interchain service provider.
- New Monetary System for $ATOM:
According to the whitepaper, Cosmos Hub is also getting ready to introduce a new monetary system for the $ATOM. This announcement was made in reference to cryptocurrency. The current inflation rate for the $ATOM is dynamic and ranges from 7% to 20%, related to the bond ratio. Staking is being (dis)encouraged by this dynamic inflation rate, which also helps to keep the network secure.
In addition, the new concept for its design calls for a monthly issue of a predetermined target of 300 thousand $ATOM, which will eventually be replaced by money generated through the native protocol.
- Funding the Community Pool:
In addition, Cosmos Hub is contributing to the community pool’s funding in a way that is both sustainable (this has been an issue in the past) and fuels hub-specific capabilities.
If we follow the specifics provided in the Cosmos Hub whitepaper, it is evident that it is primarily focused on no fee burn but a sustainable monetary policy design plan, which would have made the Cosmos Hub a provider of interchain services. According to the current status of this project, Cosmos Hub has been able to complete all of the goals that were outlined in its initial whitepaper.
What do you think is the next step for this platform, which is the first of its kind in the crypto industry? Attending the conference of Cosmos Hubs is essential if you want to remain current with the latest information regarding the platform.