After the recent launch of the Cosmos Hub, a highly anticipated proof-of-stake (PoS)-based network that primarily aims to facilitate blockchain interoperability, or communication between independent chains, the platform’s developers have released some important updates.
Although transfers involving ATOM, Cosmos’ native token, have not yet been enabled, more than 50% of the ATOMs in circulation “are now bonded to just under 100 validators.” This, according to a blog post published on April 5 by “Chjango Unchained,” a Medium account operated by the head of communications at Tendermint (an organization involved in the development of Cosmos).
Blocks Being Generated “Every 6 or 7 Seconds”
Chjango Unchained’s blog mentioned that the nearly 100 transaction validators on Cosmos are currently generating new blocks at the rate of “every 6 or 7 seconds.” This activity can be tracked through an informative website that contains links to important data and real-time updates related to the development of the nascent Cosmos ecosystem.
Those contributing to the growth and adoption of the Cosmos Hub, including Sunny Agarwal and Ethan Buchman, have been covering specific topics such as “the launch, staking, governance, [and] app development” on the platform. These discussions are being held and uploaded to EpiCenter.
Decentralized Governance On Cosmos
As noted in Chjango Unchained’s post, the “first governance transaction” on the Cosmos network “came a week after” the platform’s mainnet was launched. This was reportedly done “in the form of a proposal” which aims to “align the expected block time of 5 seconds” with “the observed one of at least 6.5 seconds.”
Currently, approximately “80% of the bonded stake has voted” (almost all for “Yes”) and the Cosmos network’s participants are more carefully examining “proposals for the activation of ATOM transfers.” So far, there have only been two ATOM transfers while “voter participation” on the network remains “relatively high,” Unchained’s post states.
Going on to cite important governance-related challenges that other decentralized networks have faced, the post notes: “Will Voter apathy be a concern for Cosmos? Only time will tell.”
Those looking to learn more about how the governance process on Cosmos works can read this detailed article about its “mechanics.” Moreover, as the Cosmos network continues to grow, its community members will be developing “social norms” around the platform’s “governance practices.”
Key Development Updates For Cosmos
Ledger support for Cosmos App release v1.1.1 has been updated and those using the Ledger line of hardware wallets have been requested to install the latest version of the Ledger firmware (v1.5.5). This latest version, which includes key upgrades to the Cosmos App, must be installed if users are planning on transferring ATOM tokens to their Ledger Nano S devices.
Notably, Cosmos’ validator app, known as the Ledger Validator App, allows transaction validators on the platform to “use their Ledgers as hardware security modules (HSMs).” The validators’ apps will reportedly “remain in developer mode since this software is meant to be used specifically for devops engineers.”
Other notable updates include those made to Lunie, an “open beta” (previously known as Voyager) which “supports delegating, re-delegating, and voting via the Ledger Nano S.”