We are edging closer to the launch of Cosmos Hub, which is good news for ATOM holders eager to see whether investing in the blockchain project, focused on interoperability, will pay off. This according to a blog entry on Medium, February 8, 2019.
Thanks to the bearish price action in the cryptocurrency markets, there are many cryptocurrency projects that were once popular and now seem to be flying under the radar thanks to the fact that the cryptocurrency markets dwindled in capitalization. However, that hasn’t stopped projects from developing, and it appears as though the Cosmos mainnet is quickly approaching.
For those that are unaware, Cosmos is an ERC-20 project focused on interoperability, which many believe will be one of the sector’s largest challenges. Cosmos has also been praised for the fact that it is developer-friendly, which could give it a competitive edge with regards to other platforms, such as Polkadot. In fact, BTCManager compared two of the most well-known blockchain projects with regards to interoperability, Cosmos and Polkadot, several weeks ago.
Cosmos aims to develop an ecosystem where blockchains not only scale appropriately, but also interact with each other. The project is relevant, considering that there are concerns about the fact that blockchains won’t be able to communicate with each other effectively, given that there are so many different blockchains with various characteristics. The project is not necessarily that new, as the whitepaper was released in 2016.
Cosmos Hub has detailed things to consider before the mainnet launch. The post urged patience within the Cosmos community, as it emphasized that the Cosmos Hub is “highly experimental software” that is sure to have its share of “issues, updates, and bugs”.
For those interested in the day-to-day progress, a Cosmos launch schedule is easily accessible as well. The post also urged ATOM holders to be extra vigilant with regards to potential phishing or cyber attacks and to follow well-known security steps such as enabling 2-factor authentication, and verifying transactions before hitting send.
It should be noted that this isn’t exactly the climate for many to inject money into blockchain and cryptocurrency-related startups. For context, Galaxy Digital, the cryptocurrency merchant bank owned by former billionaire Mike Novogratz, lost well over $100 million in 2018. About a month ago, there were various high-profile blockchain startups that also began to give into the bear market, including companies such as Consensys, Steem, and Spankchain.
Despite this climate, Polkadot is still looking to aim $60 million from investors, indicating that interoperability might end up being a main focus for various cryptocurrency investors going forward. Of course, time will tell whether the Cosmos mainnett launch leads to more exposure and visibility for the project.