Evmos Cosmos Chain, Mounts a Comeback
Evmos is a blockchain application that enables Cosmos chains to be compatible with Ethereum smart contracts. This allows for Cosmos chains to interact with Ethereum’s decentralized ecosystem of applications.
The previous launch by Evmos was botched after months of hype. The team behind Evmos had to delay the launch multiple times due to technical issues. Evmos is finally relaunching this Wednesday.
Evmos blockchain was initially scheduled for launch back in February and initial reports pointed toward a successful launch. It would mean successful Ethereum development into the Cosmos ecosystem. But then the Ethereum community began to take issue with the concept of a centralized platform like Cosmos. This made it difficult for Evmos to complete its network.
However, Evmos is finally ready to launch its blockchain platform on Wednesday a month and a half after Evmos shut down. The team claims it has resolved all issues with its old code and has developed a new system that offers more reliability and stability than
Since the last botched launch, the Evmos team has worked to allow its users to claim tokens that were lost during Evmos’s March airdrop. The team has also addressed other complaints, such as the lack of transparency.
This time, the team is confident that the platform will be successful. The team is also working on adding more features to Evmos, such as smart contracts and decentralized applications. The Evmos team is also introducing a dashboard that will allow users to stake their tokens and participate in protocol governance. The users will be able to claim the lost airdropped tokens.
“We implemented additional checks on the claiming process and we also introduced our recovery for all the funds that were stuck,” said Kunze Küllmer. “We also have a clear guide for how to claim the tokens and how to recover tokens permanently stuck.”
How Will Ethereum & Cosmos Co-exist
Ethereum has been the most popular blockchain for launching new projects via Initial Coin Offerings (ICOs), but it is not without its fair share of problems.
For one, Ethereum’s transaction fees have skyrocketed in recent months as the network has become congested with activity. This has led to a phenomenon known as “gas wars,” where developers are forced to increase their gas limits in order to get their transactions mined and included in a block. The higher the gas limit, the more fees that must be paid. And with an expensive price tag like this, it is becoming increasingly difficult for projects to reach their fundraising goals.
Another problem facing Ethereum is its scalability. The network can currently only handle around 15 transactions per second (TPS), which is a far cry from the thousands of TPS that other networks like Visa are able to process. This lack of scalability has led to a number of high-profile projects moving away from Ethereum, in search of greener pastures.
Cosmos is an interconnected community of blockchains that communicate via the IBC protocol. IBC enables distinct blockchains to swap assets without the need for specialized tooling.
According to Cosmos builders Ignite, Cosmos has scaled over the past couple of years into one of the largest blockchain ecosystems. IBC-enabled chains like Terra and Osmosis reached a combined market cap of nearly $70 billion in the same time frame.
Ethereum hosts most of the decentralized app developments despite the growth of other blockchain ecosystems. Most of the newer chains like Avalanche, Fantom and Polygon are built to be compatible with the Ethereum Virtual Machine (EVM).
Ethereum Virtual Machine (EVM) is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. EVM is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack, designed to run the same code exactly as intended.
EVM offers several advantages over traditional programming languages. For one, it is extremely fast and efficient, which makes it ideal for executing smart contracts on the blockchain. Additionally, EVM allows developers to write decentralized apps in a wide range of programming languages, making it easier for them to get started with developing on the Ethereum platform.
EVMos is a new blockchain platform that aims to use the power of Ethereum’s EVM to create a truly decentralized ecosystem for developers.