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Many chains, many tokens, one ecosystem

Many chains, many tokens, one ecosystem

Presented at Sinteza conference (http://sinteza.singidunum.ac.rs/) in Belgrade, Serbia

Anton Kaliaev

April 20, 2018
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  1. Many Chains, Many Tokens, One Ecosystem

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  2. About me
    ● Software Developer at Cosmos
    Tendermint
    ● Work on BFT algorithm and p2p
    networking
    ● Traveler (been to 22 23 countries)
    ● Avid reader
    ● http://homeonrails.com/
    Anton Kaliaev

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  3. Goals for the Internet
    ✓ Ability to connect multiple separate networks of servers into a single
    network of networks.
    ✓ Ability to scale in terms of throughput and geography
    ✓ Ability to tolerate and recover from failures

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  4. Goals for Cosmos
    ✓ Ability to connect multiple separate networks of servers blockchains
    into a single network of networks blockchains.
    ✓ Ability to scale in terms of throughput and geography
    ✓ Ability to tolerate and recover from failures

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  5. Cosmos Hub
    ● Multi-asset PoS blockchain
    ● Communication to other independent
    blockchains (zones) via an IBC protocol
    ● IBC Protocol: Packets of information
    transferred from one zone to another
    ● Tokens can be moved from one zone to
    another
    ● Any of the zones can become a hub
    IBC IBC

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  6. Diversity
    Security
    Sovereignty
    Privacy
    Scalability

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  7. Scalability
    ● Vertical scalability: How much tps
    can a single blockchain archive. Has
    a cap
    ● Horizontal scalability: Several
    separate and specialized chains that
    interact efficiently through a
    network

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  8. Tendermint
    Vertical Scaling

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  9. Blockchain Stack
    Consensus Layer
    Application Layer
    Networking Layer
    Application Layer
    Networking Layer
    Consensus Layer
    ABCI
    Tendermint Core

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  10. Networking Layer
    Consensus Layer
    ABCI
    Ethermint
    Networking Layer
    Consensus Layer
    ABCI
    Chainmint

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  11. Application Layer
    Networking Layer
    Consensus Layer
    ABCI
    Tendermint Core
    ● Provable liveness in partially
    synchronous network
    ● Safety threshold: ⅓ of
    validators’ power
    ● Public/private chain
    compatible
    ● Instant finality: 1–3 seconds
    depending on number of
    validators.
    ● Consistency-prioritizing

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  12. Tendermint BFT
    Consensus

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  13. Tendermint BFT
    Consensus
    Polka

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  14. Tendermint BFT
    Consensus
    Commit Polka

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  15. Maximum throughput
    (tps)
    Bitcoin 3.2
    Ethereum 15
    Ethermint 200
    Tendermint ~14,000*
    Visa 56,000
    * Depends on the number of validators and block size
    Throughput

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  16. Horizontal Scaling
    IBC IBC

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  17. Peg Zones
    ● Bitcoin and Ethereum have no
    finality guarantees
    ● Pegzone: account-based
    blockchain which bridges
    zones by imposing a finality
    threshold at some arbitrary
    number of blocks to achieve
    pseudo-finality
    ● EVM is not IBC-compatible
    Peggy IBC

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  18. +2/3 validators
    have signed
    secp256k1
    signature
    Mint ERC20
    Photons
    waits for 100
    blocks
    Logs events

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  19. Diversity
    ● Application implementations in
    over 12 programming
    languages
    ● Optimization for each use case
    ● Connect existing platforms to
    ABCI
    ● Cosmos SDK for IBC support
    Cosmos
    SDK

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  20. Cosmos
    SDK
    Networking Layer
    Consensus Layer
    ABCI
    module
    BaseApp
    Framework includes:
    ✓ Token
    ✓ Governance
    ✓ Staking
    ✓ Handlers for messages and txs
    ✓ REST and CLI interactions
    module module

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  21. Sovereignty
    ● Maintain sovereignty of each
    zone according to their values
    and interests
    ● Each zone has its own
    validator set
    ● Higher security than pure
    economic incentives alone
    ● Private chains can interoperate
    with Public Chains

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  22. Governance
    ● Each zone has its own
    constitution and governance
    mechanism
    ● Validators and delegators vote
    on proposals
    ● Vote on amendments to the
    constitution that governs
    policies of the Cosmos Hub

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  23. Security
    ● BFT: Tolerate up to ⅓
    malicious/faulty nodes
    ● Pooled security: validator gets
    slashed in all the zones he
    belongs
    ● Slashing conditions: double
    signing, unavailability, non-voting.
    ● Freezing deposits: for long range
    attacks
    ● Hack bounties: incentive to hack
    validators

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  24. Security
    ● Economic utility of a PoS token
    is twofold: staking and
    transactional
    ○ Less incentive to stake
    ● Weaker network security
    ● Solution: two different tokens
    for staking and fees
    ● Atoms: staking token
    ● Photons: fee token

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  25. Developer tools
    Ethermint
    lotion

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  26. https://cosmos.network/
    https://tendermint.com/

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  27. Cosmos use cases
    ● DEX
    ● Existing DApps (read CryptoKitties)
    ● (future) Sending any data (e.g. smart contracts) between
    blockchains
    ● Scaling Ethereum using Ethermint Zones

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  28. Future of Cosmos
    ● Improvements to Tendermint (BLS or Shnorr signatures,
    consensus visualisation tool, distributed tracing, pluggable
    consensus algorithms)
    ● Improvements to Cosmos SDK (more modules, implementations
    in other languages, future IBC development)
    https://github.com/cosmos/research

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  29. ABCI
    Tendermint Core
    ABCI
    Tendermint Core
    Peggy
    IBC
    ABCI
    Tendermint Core
    ABCI
    Tendermint Core
    IBC
    IBC
    Cosmos
    Hub
    Cosmos
    Ecosystem

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