WHAT DOES THE LATEST THETA UPGRADE OF THE COSMOS ECOSYSTEM HAVE TO OFFER?
- Interchain Security: Interchain Security is currently being developed by the Interchain Foundation and Informal Systems to enable Cosmos chains to effectively lease security to each other for their development and economic growth.
- Interchain Accounts: Upon the completion of the Theta upgrade scheduled for Q1 2022, Interchain accounts will power Cosmos DeFi to a higher level, allowing secure control over account security on other ecosystem chains, instead of just transferring Tokens from one chain to another like before. In the Cosmos ecosystem, smart contracts do not have immediate access to each other, because each smart contract is essentially a blockchain. The Interchain account provides the aggregation and interoperability that smart contracts require, and makes connecting to IBC easier for developers. New chains can take advantage of the functions and capabilities of existing accounts instead of having to recreate these functions from scratch. The Evmos implementation allows assets and projects that operate on the Ethereum (ETH) network to migrate to the Cosmos ecosystem.
- Liquid Staking: The first version of Liquid Staking will launch in February 2022 at the earliest, and be directly integrated into the Cosmos SDK. Secret Network (SCRT) is a smart contract built by Cosmos based on Cosmos SDK; the focus of the project is on data privacy, DeFi and NFT, making it possible to use assets that have been staked elsewhere in the Cosmos ecosystem. The upgrade also includes NFT modules, allowing for simple management of identifiers. In 2022, IBC adoption will be truly remarkable thanks to Cosmos' powerful technology for secure connectivity, such as Bitcoin, Celo, Polkadot, Kusama, Harmony, etc.
- NFT Cosmos: Many projects in the Cosmos ecosystem have been laying the groundwork for their NFT launch this year including Stargaze, Pylons, BitSong, Omniflix, and Evmos. The Strangeclan Project has released its first virtual town in its adventure game in 2021, completed with quests, social activities, skirmishes, and the ability to create characters, merchandise, and NFTs.
Published on February 28, 2022
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