MCS Crypto News - Issue #9

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If you’ve met me and heard me talk about crypto, you’ve probably heard me mention Cosmos. Actually, you’ve definitely heard me mention Cosmos.

Cosmos got me into crypto two and a half years ago now - and I’ve watched the ecosystem evolve over the past couple of years.

Ecosystem? What?

Today we’re gonna cover the basics of Cosmos, along with some important updates that you missed from Cosmoverse, the 3 day Cosmos conference held in Turkey this past week.

Cosmos, often dubbed as "the internet of blockchains," is a revolutionary system designed to bring different blockchains together. Normally blockchains are like isolated planets, alone in space. Imagine a universe where different planets (blockchains) can easily communicate and share resources. That's Cosmos!

🌐 What is Cosmos? 🌐

Cosmos is a network that connects various blockchains, allowing them to talk to each other and send assets back and forth in a trustless manner. It's like a massive hub where different blockchain communities can come together and interact seamlessly.

🔗 How Does It Connect? 🔗

Cosmos uses a technology called IBC, or inter-blockchain communication. This feature allows transfer of assets between two blockchains that have it implemented. It solves one of the biggest problems in blockchain and cryptocurrency - interoperability.

🛠 Tools for Developers 🛠

Cosmos offers a special toolkit called the Cosmos SDK. This is like a magic box that helps developers create their own custom blockchains that can easily connect to the Cosmos network.

💼 How to Use It? 💼

For users, Cosmos simplifies the world of crypto. With the Cosmos network, you can send tokens from one blockchain to another without needing any middlemen or exchanges. Download a wallet like Keplr or Leap, and then you can instantly connect and use over 50 blockchains.

🌟 Why It's Cool? 🌟

• Interoperability: Before Cosmos, blockchains existed in isolation. Cosmos breaks these barriers, allowing them to communicate and share.

• Scalability: As more blockchains join, the Cosmos network can handle the increased load, ensuring fast and smooth transactions.

• Innovation: With tools like the Cosmos SDK, developers can innovate, creating new and exciting applications for users.

In essence, Cosmos is like the United Nations of blockchains, bringing different communities together under one roof. It's a step towards a more connected, interoperable, and innovative blockchain future.

Cosmoverse is an annual conference about all things cosmos. This was it’s 3rd anniversary - and although I didn’t make it to turkey myself, I watched the livestreams from the comfort of my own home.

Oh boy were there some cool updates. Here’s a few things that you missed:

🪙 Bitcoin is Coming to The Cosmos 🪙

👴 Bitcoin's Legacy

Bitcoin is hailed as the pioneer of cryptocurrencies. it was the first, and is the largest and most decentralized. Its main challenge is interoperability. Essentially, Bitcoin exists on its own blockchain, making it tough to integrate and use on other chains. Usually if you want to use Bitcoin on say, Ethereum, you have to wrap it

🎁 Wrapped Bitcoin (WBTC):

• Security Adaptation: Represents Bitcoin on the Ethereum blockchain as an ERC-20 token.

• Trust Factor: Requires trust in intermediaries to manage the system. This introduces a potential point of vulnerability compared to the trustless nature of pure Bitcoin.

• Transparency Measures:

  • Regular audits are conducted to ensure the amount of WBTC matches the Bitcoin locked.

  • Transparent on-chain transactions allow users to track WBTC operations.

🛡 Nomic's Solution:

• Nomic addresses this by overseeing the management of the stored bitcoin through a group of decentralized validators.

• This takes the risk out of, say, a group of multisig key holders, and puts it in the hands of a larger, decentralized group of people/entities.

Nomic revealed at Cosmoverse that $nBTC will be accessible across The Cosmos by October's end. This means exchange platforms like Osmosis, Kujira, and Levana - all part of the Cosmos Ecosystem - will support it.

🧪 Osmosis 2.0 🧪

Speaking of Osmosis, they had some big Cosmoverse updates of their own. Osmosis is an exchange in the Cosmos Ecosystem that allows you to trade IBC enabled assets. It’s the leader in the cosmos ecosystem, has one of the best teams in crypto, and is frankly, the best DEX I’ve ever used - and it’s not close.

Here are the key updates from Cosmoverse:

🔑 Legacy vs. Smart Accounts 🔑

• Legacy Accounts: Traditionally, when you sign up for a crypto wallet, you begin with a private key, which then generates an address. This address is permanently linked to the key.
  

• Smart Accounts Update:

  • Introducing flexibility! Add multiple new keys to your account, each of a different type.

  • Feel like a change? Discard your old key through key rotation.

  • Diverse login methods, ranging from Facebook to iCloud.

  • Enhance security with combined verifications. For instance, use your laptop's fingerprint scanner, but only if your Apple Watch is nearby.

  • Customize key permissions, such as setting trading limits.

📲 Integrated App Experience 📲

• Seamless Interactions: With the new update, you we be able to use various Dapps directly within the Osmosis user experience (UX).

  • Fancy liquid staking on Stride? Do it straight from Osmosis.

  • Want to deposit on Mars? Osmosis has got you covered.

🌐 Cross-Chain Transactions 🌐

• Broadening Horizons: The update isn't limited to apps. You will be able to execute transactions on different blockchains directly from the Osmosis UX

Osmosis is already the leader in DEX UX, and this update is putting them on par with centralized exhanges like Coinbase and Binance.

🌌 Stargaze 🌌

Stargaze.zone is a decentralized blockchain built on The Cosmos SDK. It’s designed specifically for all-things NFT.

You can buy, sell, mint, and launch NFT’s directly on the platform. You can read more about stargaze HERE. 3rd headline.

Stargaze announced at Cosmoverse that they will be building a new and improved version of Friend.tech - the wildly popular Social-Fi project that has taken the bear market by storm. Miss friend.tech? Read more about it HERE.

🌐 Introducing IBC.chat 🌐

With ibc.chat, you can engage in secure conversations using any Cosmos blockchain wallets. The best part? Zero gas fees and utmost simplicity.

NFT-Gated Rooms: Exclusive NFT-gated channels, accessible only to wallets possessing at least one NFT from the collection. But remember, if you no longer own an NFT from a specific collection, you'll lose access to its room.

Telegram Integration: Want to stay updated? Link your Telegram account in the settings. The bot will notify you of new messages, ensuring you're always in the loop.

Invite Codes: For a seamless user experience, ibc.chat is currently accessible via a waiting list and exclusive invite codes. These codes are shared periodically, and you can locate yours in the settings.

What's on the Horizon?:

• Mobile Access: Stay connected on the go with mobile compatibility.

• End-to-End Encryption: IBC.chat is in the process of implementing E2EE for personal messages.

• Friends Feature: Soon, you can follow friends and create exclusive rooms just for your circle.

• Discord Notifications: Alongside Telegram, receive updates on Discord.

• User-Driven Rooms: Craft your private spaces and decide who joins.

• Online Status: See who's active in real-time.

Stargaze already has a strong community - and if this follows the trend of other SocialFi projects, it could be incredibly bullish for stargaze.

That’s all for today. We hope you enjoyed traveling through The Cosmos with us.

Thank you so much for subscribing to Make Crypto Simple.

Chris Schawel


^{The content provided in this newsletter is for entertainment purposes only and should not be construed as financial advice. All information, including but not limited to market analysis, price predictions, and investment strategies, is purely speculative in nature. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. We are not responsible for any losses incurred as a result of the information presented in this newsletter.}