Informal Systems, a company that develops on Cosmos, has published the first preview for the new shared security model. This model not only provides security for Cosmos blockchains but also makes it easier to launch a blockchain.
We will explore the Informal Systems model, also known as the “Interchain Security”, and its impact on the Cosmos ecosystem.
One blockchain at a. time: Sharing security on Cosmos
Proof-of-Stake networks have revolutionized blockchain technology. Users can now secure the network using their token stake rather than the hash rate. The more valuable the token, the more secure the network becomes. Bad actors can’t carry out attacks on the network if it is larger.
Small and emerging PoS Blockchains have a difficult time with low market caps and limited resources. The network’s position on the market is affected by its vulnerability to attackers due to the low number of stakers as well as the small staked value.
Cosmos was created to serve as the “internet among blockchains” and facilitate interconnected, interoperable networks that are built on the same infrastructure. The Cosmos Hub shares security with other Blockchains and lends its capital for block validation on smaller chains.
Many blockchain networks have adopted different types of shared security such as optimistic rollups and zk-rollups. Interchain Security, a Cosmos-specific type of shared security, is built using Inter-Blockchain Communication Protocol.
Interchain Security Coming to Cosmos
This is the first overview of Interchain Security, a Cosmos-specific type of Shared Security that uses the #IBC – Inter-Blockchain Communication protocol by @informalinc.
It’s worth a look
Cosmos – Internet of Blockchains
(@cosmos February 2, 2022)
Interchain Security is a system that allows the Cosmos hub to produce blocks for a consumer-chain. It allows its validators to operate two nodes, one for the Cosmos hub and one for a consumer chain. Validators must stake ATOM tokens in order to participate in consumer chains.
Any evidence of misbehavior or downtime on the consumer chain is immediately transmitted to the provider chain. There, the staked ATOM tokens are destroyed by a mechanism known as “slashing.”
The Inter Blockchain Communication Protocol is used by the consumer chains to communicate with the Cosmos hub and keep track which validators are part of the Interchain Security system. They also report any downtime.
Informal Systems, the company behind Interchain Security, today announced that it is close to completing the first version of its Cosmos-specific, shared security. Interchain Security v1 will be completed by the end this quarter, and launched on Cosmos in Q2 2022.
Anyone can launch a blockchain with V1 by making a governance request. The Cosmos community will accept the proposal and the consumer chain can launch immediately.
Why is Interchain Security so important?
Although the Cosmos ecosystem is well-established and has reached many milestones, Interchain Security may be the most significant update.
Interchain Security’s value to Cosmos is more than increasing network security. It brings together diverse user groups and reduces conflict of interests between them.
First, Interchain Security will allow Practical Hub Minimalism to be possible, which is a strategic strategy leading the Cosmos Hub. This will not compromise the platform’s efficiency. Practical Hub Minimalism is, as the name suggests, a belief that the Cosmos Hub should contain as few features as possible. It is claimed to reduce security vulnerabilities and the risk of conflict of interests between users groups, which could lead to a hard fork.
Many users worry that the security of the Cosmos Hub will be compromised, as it is continually adding new features to its current version. Interchain Security will be in a position to satisfy these “hub minimalists”, allowing each feature to become its own chain.
The separate chains could be programed to have their own governance tokens or fees to encourage validators to join.
Bad actors can manipulate the network by gaining access to more chains as more chains join the Cosmos ecosystem. The cost of attacking a network’s security is often measured by how much it costs to attack it. Therefore, the more Cosmos is flooded with value, the more secure it becomes. Interchain Security will allow the Cosmos hub to link the ATOM token’s value to its consumer chains. Any potential bad actors will need to take into account ATOM’s market capital when attacking consumer chains.
Cosmos developers explained that Interchain Security allows Cosmos’ philosophy of sovereignty, open source, and allows blockchains to integrate economically and not politically in a blog last year.
Interchain Security: What is it and why is it important for the Cosmos (ATOM?) ecosystem? CryptoSlate.