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Cosmos has introduced its ambitious roadmap for 2024, aiming to fortify its blockchain network with a direct focus on Ethereum’s leadership. Announced on September 25, Cosmos plans to improve its modularity, enhance the developer experience, address “technical debt,” and increase user adoption. This all-encompassing strategy is a clear attempt to contest Ethereum, the current frontrunner in the blockchain landscape.
Cosmos features several distinguishing attributes. The Tendermint consensus mechanism supports blockchains such as the BNB Chain. The Cosmos SDK, a development toolkit, enables developers to create customized blockchains suited to their specifications. Furthermore, Inter-Blockchain Communication (IBC) allows for smooth interaction and communication among the custom chains within Cosmos, fostering interoperability.
A key aspect of the 2024 roadmap is the focus on addressing and repaying “technical debt.” Technical debt can impede software development progress due to unexpected challenges stemming from resource constraints or changing code requirements. Cosmos aims to expand its developer community to mitigate this debt. The ultimate goal is to make the Cosmos SDK exceptionally modular. Although the SDK has been theoretically modular, real-world applications have encountered obstacles.
As a result, the 2024 strategy will build on the efforts already dedicated to the Cosmos SDK. The focus will be on enhancing core modularity, ensuring that the toolkit is flexible and better aligned with developer requirements.
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Nonetheless, Ethereum’s leading position remains significant. It is the foremost smart contract platform, a status achieved through its market capitalization and considerable total value locked (TVL) in DeFi. Additionally, Ethereum’s ecosystem, with its growing layer-2 solutions, is witnessing an influx of blockchains and protocols eager to capitalize on the platform’s innovative initiatives.
Data from DeFiLlama on September 29 supports Ethereum’s dominance. All of the top 10 bridges are connected to Ethereum. Stargate by Cosmos integrates with Ethereum and various blockchains, including Avalanche and the BNB Chain.
Moreover, other notable bridges, such as zkSync Era, Base, Arbitrum, Polygon, and the Optimism Gateway, demonstrate compatibility with the Ethereum Virtual Machine (EVM). These bridges primarily link to Ethereum’s layer-2 solutions and Polygon. Collectively, they facilitate the transfer of millions in token value to and from Ethereum.
In conclusion, while Cosmos’ roadmap for 2024 appears promising, surpassing Ethereum’s established position will be a monumental challenge. Only time will determine if Cosmos can genuinely compete with Ethereum’s dominance.
The post Cosmos Sets Its Sights on Challenging Ethereum’s Dominance in 2024 appeared first on BitcoinWorld.
