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EVMOS is the hottest new blockchain to launch. Despite all the anticipation, the blockchain stopped stacking blocks only a few days after launch after a failed update. But before we dive into the accident, let's find out why people had such high hopes for this new blockchain.
Chapter 1. What is EVMOS?
Evmos is fundamentally a layer 1 protocol and was created to integrate the advantages of the Ethereum Virtual Machine (EVM) with the Cosmos-based Inter-Blockchain communication (IBC) protocol. The EVM-compatible environment is popular among developers of alternative Layer 1 blockchains because it allows teams to easily port implementations of protocols already running on Ethereum.
Young EVM-compatible ecosystems also often come as a lucrative opportunity for yield farmers and traders, as newly released protocols tend to be more tolerant of tokens.
Besides allowing EVM compatibility and bridging, Evmos also allows cross-blockchain transactions using the EIP-712 standard. In other words, Ethereum-based users can directly interact with Evmos’s contracts.
If it was released properly, the chain could have been the base to few Decentralized Financial Mainstream and Fork.
Rari Capital Fork and Uniswap Fork were advertised in the press release, and ‘Kullmer’ also mentioned about ‘Balancer Fork’, ‘CryptoPunks Fork’, Loan Platform, and ‘Olympus Fork’, many of which said they would be distributed with a new token economy. Earlier this month, Aave DAO also passed a proposal to distribute V3 implementations to the chain immediately after the launch.
The highlight of this release is the Airdrop for Cosmos and Ethereum communities.
Most of the Airdrops are allocated to various Cosmos ecosystem participants including Cosmos hub and ATOM stackers, and liquidity providers of OSMOSIS. However, Evmos aimed at early distributions, especially Ethereum users who are “reckt.”
Their standard includes damages of high gas payers and MEV(miner extractable value) of popular Defi apps. Kunze Kullmer said “when studying this system, it was found that miners and verifiers receive most of the commissions.
That is why we wanted to create incentive adjustments together with variety of users, and therefore we introduced an idea of sharing commission fee.
The commission fee sharing is partially given to the verifier, but it is delivered to the team that created the contract leading the use of the chain as well.
Users can also vote for smart contracts that receive "use rewards" from a community pool that allocates tokens to users to interact with the selected contracts.
While other chains have large-scale budget incentives worth hundreds of millions of dollars on launch, Kunze Kullmer believes that the incentives included in the base layer will help stand out for Evmos. He said “Unlike all of liquidity programs that Polygon has or like Avalanche rush, it is a token economy within a protocol in order to generate incentives.”
In addition, he said “in order for all users to be sorted, this was implemented by default.”
Chapter 3. Ecosystem
Evmos has expanded its ecosystem rapidly. Considering the reason it was able to rapidly expand, people are fascinated with ETH. There is a distributed, secured, and large community. However, scaling is a little disappointing. Cosmos has a huge scale. It is distributed. However, security can be problems sometimes.
As you can see above the ecosystem of Cosmos is enormous, and in the future, multichain has a great possibility of becoming the mainstream. It is the most optimized and efficient method.
Evmos consolidates ETH and EVM compatible chain in the Cosmos. This means that chains such as Fantom, Avalanche, and Harmony one can be consolidated with the Cosmos.
This is possible because there is such thing as IBC in the Cosmos ecosystem that allows communication and transmission of assets. Evmos is compatible with all EVMs, tokens, NFTs, and Dapp connections.
There are billions of dollars locked in ETH-based Dapps. They have a huge ETH community. Everyone wants this kind of Dapp. However, teams can now choose the chain that best suits their needs and use Evmos to maximize both types.
Evmos activates Ethereum as a blockchain for each Cosmos SDK application programs. This allows teams to choose what they want from Ethereum such as EVM compatibility, high throughput, Ethereum that allows horizontal expansion and fast transaction through IBC, and Tendermint’s Pos Consensus system.
As Evmos provides access to Pos Consensus, fast transaction, low commission fee, and IBC ecosystem, ETH dapp will want to distribute to Evmos.
$EVMOS is a basic token used for governance, staking, and reward. In general, there are 3 participants in L2 who are developers, users, and block proposers(Miners or validators). Historically, L1 was not able to provide equal values to these participants. Generally, while the block proposers accumulate the biggest share from the network, users and developers get only less remaining. Evmos taking steps to ensure that all the participants receive a fair share.
At the time of its release, 200 million $EVMOS tokens were airdropped. In the first year, another 300 million tokens will be issued. This means that $EVMOS is very inflationary. Inflation will decrease every year on an exponentially decreasing schedule.
Chapter 5. Cevmos
Cevmos is a compound word of Celestia and Evmos.
Celestia is the first modular blockchain that aims to be a base layer of all the chains. This allows L1 and L2 to leave the foundation to Celestia and focus on execution and specialization.
Nowadays, the problem of most chains is that it they try everything and build it from scratch. This leads to inefficiency and reduced professionalism.
All blockchain must perform 3 main functions:
1) Agreement indicating whether everyone on a particular network agrees on things(what transactions have occurred, and its order)
2) Execution to determine which of the transactions is valid and chain update
3) Availability of data indicating transaction data available on the node to be downloaded
If you take a look at ETH, ETH uses nakamoto agreement and proof of work. It utilizes EVM to verify transaction.
This PoW based system disturbed scalability of ETH. ETH is moving into PoS that uses lesser amount of energy. Yet, ETH still uses EVM to process transaction which is not a better way to do it.
Celestia, however, is a modular L1 that achieves scalability, flexibility, and interoperability that is incomparable to previous blockchains. It is a plug-in consensus and data availability layer that allows people to quickly deploy blockchains without having to create their own consensus.
Celestia is like cloud computing for Web3. Crowd services such as AWS allow users to start websites from VMs that share physical servers. Through Celestia, users to start Dapp from a chain that shares a consensus layer.
Monolithic chain makes not of things difficult. In the monolithic chain, everyone executes all the transaction. Execution and consensus which is blockchain’s main purpose occurs simultaneously and it is executed by group of same verifiers.
This fundamentally blocks expansion. This is the reason everyone is moving forward for the future of multi-chain.
ETH plans to do this through roll-ups. Roll-ups are less flexible, but they share security.
Cosmos does this by creating an interoperable L1 ecosystem. It is relatively cheaper and more flexible than roll-ups, but it is not secured. Celestia combines them. Celestia combines Cosmos's independent interoperable areas with shared security and roll-up-oriented Ethereum.
This is done by separating the blockchain stack into more specialized components. The core functions, consensus and execution, are separated into different layers. Therefore, one layer can concentrate only on agreement, while the other layer can concentrate on execution.
This enables specialization and optimization. In a modular blockchain, nodes only need to check small samples. This requires very little power so that the phone can become a node. It will be huge because it allows efficiency, decentralization, security, and scalability. This allows everything to be more optimized. The future is modular. Celestia, of course, is still in its infancy. There's a lot coming out and this is very interesting. For large adoption, technology needs to be scalable, and Celestia is doing this. The token has not been released yet, but it will be released soon. And the most important part is the players who provide this multi-chain infrastructure. Celestia and Evmos both do this in their own ways, and both have tremendous potential to change the encryption environment.
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