What is Evmos? What is its development prospect?

Dec 03,2022
What is Evmos? What is its development prospect?

When Evmos was released earlier this year, it directly interacted with Ethereum, a blockchain Cosmos worth US $3.76 billion. Ethereum is the second largest encryption network with the largest number of decentralized applications or dApps. So, what is Evmos? What is its development prospect? Next, let's have a look.

What is Evmos?

Evmos is an Ethereum Virtual Machine (EVM) center. After years of development, it was released on the Cosmos blockchain in April. The first layer of blockchain allows users and developers to deploy smart contracts and properties from Ethereum for the Cosmos ecosystem.

EVM is the key to Ethereum network, which enables developers to establish smart contracts and decentralized applications or dApps. Most dApps used today are also built through EVM.

Four functions of Evmos coin:

Trading: Evmos coins can be traded on the Cosmos ecological exchange.

Pledge: You can use Metamask wallet or Keplr wallet to pledge

Participation in remediation: Evmos coin holders can submit proposals and vote on the management of assets on the chain.

GasFees: used to pay the gas expenses required for transactions.

What is the development prospect of Evmos?

The future of Evmos may not only be EVM compatible in the Cosmos ecosystem, but also become the settlement center of the Cosmos ecosystem and EVM ecosystem.

The occurrence of Cosmos breaks the chip chain layout represented by Ethereum. Decentralized applications can not rely on the entire network security and occupy blocks with other applications, thus suffering from slow characteristics and poor scalability. Compared with a complete blockchain, Cosmos gives the concept of a multi chain universe. Each "Zone" is a sovereign blockchain that enjoys real management rights. At the same time, through the Cosmos SDK, deploying a sovereign chain is as simple as deploying a smart contract. Developers do not need to design complex consensus mechanisms, and can directly use the POS+BFT consensus of the Tendermint Core to obtain efficient security assurance.

At the level of cross chain communication, Cosmos has designed the IBC protocol, which provides a general cross chain protocol specification to facilitate reliable and reliable sharing of cross chain transactions among multiple zones. Compared with Ethereum, Solana, BSC and other chip chains, cross chain interoperability is designed from the source of Cosmos. The proposed concept of inter chain interoperability is more efficient than multi chain deployment. No matter in terms of development quantities or the difficulty of cross chain management, projects can enjoy the interoperability between ecological projects once deployed.

Therefore, with these unique designs, the Cosmos ecological project has been given more management power, flexibility, and better features. For example, because of the use of the BFT consensus mechanism of Tendermint Core, the blockchain has no concept of pending situations, and the submitted transactions can be determined quickly, reducing the generation of MEV.

But on the other side of the domain board, a huge developer ecosystem has grown even stronger - Ethereum Virtual Machine (EVM). EVM is being adapted by more and more public chains, making it the most powerful developer base in the whole encryption field. In addition to being the core of Ethereum, Ethereum murderers such as Polygon, BSC, Avalanche, Fantom and others took the lead in adapting EVM and received rapid recognition from the market. They found that compared with other public chains, which boast unique design and fast transaction response speed, EVM adaptation can quickly win developers and customers in the bull market of Defi. Later, Near introduced Aurora adapted to EVM, Polkadot also added Moonbeam, and so did Arbitrum and Optimism in Layer2.

The reasons why EVM can be so popular mainly include that it uses the programming language (Solidity) familiar to developers, has a large number of developer tools that make it easier to write and detect smart contracts, Etherscan, a powerful blockchain browser for users, and, most importantly, Metamask, the most popular front-end wallet in the whole blockchain industry, with tens of millions of users. For these reasons, EVM compatible projects can be copied quickly without rewriting the code, and multi chain deployment can be carried out, which undoubtedly promotes the breakthrough and development of the entire market.

However, the interoperability between the Cosmos ecosystem and EVM based applications has not been effectively handled in the past. The two ecosystems are basically isolated. Cosmos cannot undertake the huge outflow value of Ethereum, and the emergence of Evmos has opened up this kind of problem.

The predecessor of Evmos is Ethermint. The original purpose of Ethermint was to introduce the extensibility of the Tendermint consensus protocol into Ethereum as a Layer2 solution. However, this goal has already been completed by Rollup such as Arbitrum. Therefore, Tharsis Labs, which is responsible for the development of Ethermint, decided to upgrade to Evmos - an EVM compatible connection based on the development of the Cosmos SDK, and can achieve complete interoperability with the Cosmos ecosystem through the IBC protocol. The mission of Evmos is just like its name, to be the EVM hub of Cosmos

Speaking of this, I believe you have a certain understanding of what Evmos is and its development prospects. In general, we believe that in the future, Evmos will develop towards a blockchain with multi chain structure. The future positioning of Evmos will not only be EVM compatible in the Cosmos ecosystem, but also become the settlement center of the Cosmos ecosystem and EVM ecosystem. Therefore, we are optimistic and applying to the development of this ecosystem.