The Cosmos Hub, a prominent player in the cryptocurrency ecosystem, is set to undergo a significant upgrade with the integration of permissioned CosmWasm smart contracts. This move aims to bolster security and expand the functionality of the Cosmos network, offering a more controlled and vetted approach to contract deployments.
Key Highlights:
- Cosmos Hub to integrate permissioned CosmWasm smart contracts in v18 upgrade
- Permissioned model requires governance approval for contract deployments
- Enhances security and enables complex functionalities
- Cosmos Hub to use permissioned CosmWasm for specialized DAO deployments
- Cosmos Hub team seeks community feedback on deployment guidelines
- Osmosis celebrates 3rd mainnet anniversary with impressive metrics
1/ @DA0_DA0 is set to be the first app to utilize the permissioned CosmWasm, which will be added to the Hub on v18 (approx mid-July).
Worked on by @ATOMAccelerator, both teams are seeking feedback on the Forum.
— Cosmos Hub ⚛️ (@cosmoshub) June 17, 2024
Permissioned CosmWasm: A New Layer of Control
Unlike the traditional CosmWasm, where anyone can freely deploy contracts, the upcoming Cosmos Hub v18 upgrade will introduce a permissioned model. Under this new system, smart contract deployments will require prior approval from the Cosmos Hub governance. This rigorous approach minimizes the risk of exploits and ensures that only high-quality, thoroughly vetted contracts are deployed on the platform.
Enhancing Transparency and Efficiency
The permissioned CosmWasm feature will unlock the potential for complex functionalities that might be challenging or impractical through other means. The Cosmos Hub plans to utilize this new capability for deploying specialized Decentralized Autonomous Organizations (DAOs), such as DAO DAO, which will manage specific governance aspects to enhance transparency and efficiency in decision-making.
Collaborative Approach to Development
The Cosmos Hub team is actively seeking community feedback on the guidelines for deploying CosmWasm contracts on the Hub versus alternative platforms like Neutron. This collaborative approach ensures that the new features align with the specific needs and requirements of the Cosmos ecosystem.
Osmosis: A Thriving Decentralized Exchange
Coinciding with the Cosmos Hub’s upcoming upgrade, Osmosis, a decentralized exchange within the Cosmos ecosystem, is celebrating its third mainnet anniversary. Osmosis has processed an impressive 210 million transactions, recorded 967,000 addresses, and burned 1.8 million OSMO. The platform has seen 364 million OSMO staked by 541,000 delegators, with 150 validators securing the network.
“The remarkable growth of Osmosis is a testament to the dedication of its team and community, showcasing the innovation and potential within the Cosmos ecosystem.”
As the Cosmos ecosystem continues to evolve, this latest development in the Cosmos Hub’s security enhancement and the thriving success of Osmosis underscore the ongoing innovation and growth within the broader cryptocurrency landscape.
