Traditional proof-of-work blockchains (eg. bitcoin) are slow. They use a lot of energy. They cannot communicate with each other. So people are thinking of alternatives. Cosmos is one of them. Cosmos has introduced the concept of bonded proof-of-stakes (BPoS). This is expected that Cosmos Hub, the backbone of Cosmos ecosystem, will be launching in 1 – 2 weeks. But its China’s strategic partner IRISnet has already launched on 1 March 2019 (yeah!) and claimed the title of “the first BPoS blockchain”.
BPoS chains need a role called validators who provide the security, operation and decision making on the chains. They are like congressmen. They are also like security guards. They are similar to the miners in proof-of-work chains (eg. bitcoin) in certain ways, but require far more skills and knowledge.
Validators do their works and receive remunerations through a process of staking. We believe validating is becoming a new kind of digital asset management business, and validators are a new kind of digital asset portfolio manager.
In the past few weeks we have completed some milestones. We were a named winner in Game of Stakes by Cosmos which will make us one of the Cosmos validators at genesis. We ranked #1 in the Incentivised Testnet by IRISnet and we are currently one of the top validators on IRIS Hub and generating inflow of its native token called “IRIS”. I have written a post to tell you why I am bullish on IRISnet from a non-tech point of view.
ps. We have been covered by an active Cosmos community member monikered Jesse Livermore. In his post we have shared our blockchain journey and our prediction.
Thanks for reading!