Editor’s note: This article from the Orange Book: (ID:chengpishu), author: orangefans, source: Eric Meltzer, https://proofofwork.news/ point of view, the authorized reprint by Odaily sunday.
Yesterday just finished the Cosmos line of the grid, but “why need to cross chain” is still to be found today, immediately saw a new discussion.
Proof of Work newsletter (the author should be Eric Meltzer) provides an interesting point: Cosmos is not the most interesting cross chain, but as a bitcoin two layer network possibilities.
This year is the fire lightning network may be the most people know and agree bitcoin two layer network solutions, but Cosmos has the potential to provide another alternative to layer 2, it has a different trade-off with lightning network.
Imagine, using Cosmos to do a zone, the zone authentication controls a bitcoin wallet sign. You can through a variety of ways to select the verification node (using token as the staking, or the use of bitcoin as staking, or variants of a POW), the point is, you can through this framework allows users to send bitcoin zone, then bitcoin can not achieve the way to use these coins. For example, these coins can be used in a very complex intelligent contract, it can perform the logic greatly exceeded the bitcoin script scripting language restrictions.
The benefits of this approach, compared with the etheric Fang, do some application premise can’t generate new tokens. The etheric Fang almost every innovation will be supporting a token, but we can Cosmos this mechanism with bitcoin to create a new token does not need to predict the market. The author believes that bitcoin is most like a token currency “, its liquidity, the maximum degree of acceptance most widely, many may be used to complete the transaction only through bitcoin, using the product or service, do not need to send money.
Obviously, this is a bitcoin maximum (Bitcoin maximalists) view. The authors say some people is actually Bitcoin maximalists Cosmos team, they think the world needs only one hash function to consume a large amount of power of the pow chain, whereas the purpose of Cosmos is to become a bitcoin bitcoin energy injection engine, the Everfount.
Of course, there are many Cosmos in addition to bitcoin outside of zone, but this possibility about bitcoin is the most exciting. Also, verify node and intelligent contract owners, will therefore have a do not need to send money to the new business model: if you have a bunch of bitcoin in Cosmos zone, you can make money by renting zone in bitcoin, or charge a fee. Whether it’s two, may not count down than lightning network routing earn less money.
Of course, this scheme has different tradeoffs. Lightning network is completely non regulatory type, Cosmos this way is a bit like half the supervision, because you are essentially the bitcoin to a node driven economic incentive verification process, you need to trust the authentication node will not conspire to steal your money. Of course, this point may be restricted by the punishment mechanism of Cosmos slashing.
This view is fresh, but he doesn’t say how to run through the verification node of a smart contract, there will have other technical difficulties. But the discussion in so many of the current Cosmos, this is indeed a I have seen the most brain hole, but with the recent lightning network link. Despite the feasibility of the concrete scheme does not say, we do not really need so many new token, you only need a liquidity best, acceptance of the most extensive and most like bitcoin sound money nested in different applications and services can be? This problem may be more worthy of discussion.