Cosmos (CRYPTO: COSMOS) is supposed to be the internet of blockchains. The Cosmos hub is a blockchain with currently 9 different chains, which is expected to grow to 30 by the end of the year. These chains include the notable Binance Smart Chain (CRYPTO: BNB) and Polygon (CRYPTO: MATIC).
See also: How to Buy Kosmos
Tendermint is in charge of the open source development for Cosmos. Led by CEO Peng Zhong, who stopped at Benzinga’s “Moon or Bust” show to talk about the future of inter-blockchain communications and how blockchains will eventually be abstracted from the end user.
Peng has been CEO of Tendermint since May 2020 and has a background in user experience and design. On Monday, July 15th, Tendermint made the Gravity DEX (decentralized exchange) available in the Cosmos Hub mainnet.
“Suppose you want to buy a token that is not in the Ethereum ecosystem. For now, all you have to do is go to Binance and exchange your ETH for Solana there. It’s a really centralized platform. ”The Gravity DEX can facilitate decentralized trading of crypto assets based on different chains.
Later this year, Tendermint will deploy the Gravity Bridge, which enables 2-way trading between Ethereum (CRYPTO: ETH) and the Cosmos Hub. “Every single ERC-20 token that you can imagine on Ethereum will be able to flow into the cosmos”
Also coming later this year is Emeris, the easy-to-use one-stop shop for access to the Cosmos Hub, Gravity DEX, and your collection of multi-chain assets.
When asked about the competition from Cosmos, Zhong said, “We don’t see any multichain ecosystem as a competitor. but as a collaborator, because we try to bridge all the chains together. “
Zhong explained the goal of the Cosmos blockchain, pointing out the unstable nature of centralized platforms as a source of error for cryptocurrencies. “Over the years we have used centralized exchanges to trade cryptocurrencies. When you put your tokens on an exchange, you are not really sure who controls your tokens. The idea of a multichain world that allows tokens to communicate with each other at the convenience of users really allows you to keep all of your assets in custody and exchange them for any other asset you might want. “
The story goes on
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.