Juno uses the CosmWasm smart contract engine, allowing for the execution of WebAssembly (Wasm) smart contracts on the blockchain, and the Inter Blockchain Communication (IBC) protocol, which enables easy and secure transfer of assets and data between sovereign networks. The native token of the Juno Network is JUNO, serving multiple purposes within the ecosystem, including payment for network fees, rewards for validators participating in the proof-of-stake consensus, and as a governance token for voting on network proposals.
Juno Token (JUNO)
The native token of the Juno Network is JUNO, which serves multiple purposes within the ecosystem. JUNO is used as a means of payment for network fees, a reward for validators participating in the proof of stake consensus, and as a governance token for voting on network proposals. This multi-functional utility of JUNO helps drive the overall value and utility of the Juno Network while also ensuring active participation from its community members in the platform’s growth and decision-making process.
Community Ownership and Decentralization
One of the key aspects of the Juno Network is its strong focus on community ownership and decentralization. A large majority of the genesis supply of the Juno blockchain was dropped to the community, which means that the network is largely owned and governed by its users. This high degree of decentralization aims to promote transparency, fairness, and participation in the development and governance of the network, fostering a strong and engaged community around the Juno project as well as its SubDAOs like DaoDao and the Juno Growth Fund.
While many people cite the difficulties and pitfalls that come with being as decentralized and organically run as Juno is, others are quick to point out that these aspects are the only reasons that cryptocurrencies have gotten popular at all, and that in many ways, Juno is one of the most true-to-purpose blockchains in all of Web3.
Smart Contracts and CosmWasm
Juno Network is focused on providing a platform for interoperable smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Juno uses the CosmWasm smart contract engine, which allows for the execution of WebAssembly (Wasm) smart contracts on the blockchain. This engine enables the development of highly efficient, secure, and interoperable smart contracts that can be executed on multiple chains within the Cosmos ecosystem. CosmWasm/Wasm is Rust based, while the SDK for the underlying blockchain is written in GO, as with all Cosmos SDK chains.
Inter Blockchain Communication (IBC) Protocol
The IBC protocol is a core component of the Cosmos ecosystem and plays a vital role in the interoperability of the Juno Network. The protocol allows for the seamless and secure exchange of data and assets between sovereign blockchains, enabling cross-chain communication and collaboration. This feature allows developers to build applications and smart contracts on the Juno Network that can interact with other blockchains within the Cosmos ecosystem, creating a more connected and versatile environment for decentralized applications (dApps).
Juno Network Use Cases
The Juno Network enables a wide range of use cases for its users, developers, and businesses. Some of these use cases include:
- Decentralized Finance (DeFi): Juno enables the creation of decentralized financial applications, such as lending platforms, decentralized exchanges (DEXs), and asset management solutions, that can interact seamlessly with other chains within the Cosmos ecosystem.
- Non-Fungible Tokens (NFTs): The platform supports the development of NFT marketplaces and applications, allowing for the creation, trading, and management of unique digital assets across multiple blockchains.
- Gaming and Virtual Worlds: Juno’s interoperable smart contract capabilities can be leveraged to build blockchain-based gaming platforms and virtual worlds, enabling cross-chain interactions and asset transfers within these digital environments.
- Cross-chain Identity Management: The network can be used to create decentralized identity solutions that work across different blockchains, simplifying user authentication and data management in a secure and privacy-preserving manner.
- Launchpads & Incubators: Due to the permissionless and general purpose nature of Juno, it’s a perfect place to launch otherwise chain agnostic projects, like Spark IBC, which aims to help fund and incubate projects on Juno and across the Interchain.
Developer Resources and Community
The Juno Network offers resources such as comprehensive documentation, developer guides, and open-source tools for developers building on the platform. It also has a strong and active community that provides support and feedback to developers, fostering collaboration and innovation.
Recently, Reece Williams has been hired by the community to be the lead dev, and ICI will be working along side him and some other community members to flesh out Juno’s documentation further and make the process of onboarding new developers as easy as possible.
DAOs and Juno Network
The Juno Network is an ideal platform for Decentralized Autonomous Organizations (DAOs) due to its versatility and interoperability. DAOs built on Juno can interact with other blockchains within the Cosmos ecosystem, expanding their reach and capabilities. This opportunity was noticed by Jake Hartnell and a few others core developers in the early days of Cosmos, and thus the idea of DAO DAO was born.
DAO DAO and Juno SubDAOs
DAO DAO is a social DAO platform built on the Juno Network, enabling users to create DAOs (and Multi-sigs) with no coding skill requirement. The Juno Growth Fund, an official SubDAO of the Juno Network (meaning its a DAO who is ultimately controlled by chain level governance), focuses on the long-term growth and sustainability of the network by supporting projects that drive value to the Juno Network and JUNO stakers. In addition, the founding developers of the Juno network, Core-1, have transferred the entirety of their funds and control to a sub-DAO by the same name that is ultimately controlled by the Juno community through governance.
Future Developments and Roadmap
As a rapidly evolving project, the Juno Network continues to expand its features and capabilities in line with its roadmap. Key future developments include the implementation of additional scaling solutions, enhanced privacy features, and further improvements to the IBC protocol to promote even greater interoperability within the Cosmos ecosystem. By continuing to innovate and adapt, the Juno Network aims to maintain its position as a leading platform for interoperable smart contracts and cross-chain applications.
Vesta Upgrade (v.17)
The Vesta upgrade on Juno’s mainnet enriched the network with notable features primarily aimed at enhancing developer experiences and user interactions.
- Contract Clock Module: Eliminates need for internal bots to update contract states by allowing contracts to be called every block.
- Drip Module for Airdrops: Simplifies airdrops, letting developers deposit tokens into the chain with a single command, distributed to users based on their staked Juno amount.
- 3-Second Block Times: Improves user experience and enables new application development.
- FeeShare for DAODAO Contracts: Allows contracts uploaded via DAODAO to register fee payouts to their DAO, other contracts, or standard user wallets.
- Increased Free IBC Limit to 2 Million Gas/Transaction: Doubles previous limit, reducing cost for relayers and accommodating larger IBC packet sizes.
- TokenFactoryMsgs to Interconnect with Osmosis: Adjusted to facilitate better interface and testing in cross-chain applications.
- CosmWasm 1.3: Update brings features like Rust 1.70+ Support, Signed Integers, and additional queries and messages.
- Prettier GlobalFee Errors: Improved error messages for a better developer experience.
Allows contracts to ‘tick’ every block, eliminating extra infrastructure for contract state updates.
Streamlines airdropping process for new projects, allowing easy distribution of tokens to Juno stakers.
Plans to address limitations like the manual push required for IBC transactions above 2 million gas and work towards a dynamic fee structure.
Invictus Upgrade (v.16)
The Invictus upgrade marks another significant step in the continuous improvement of the Juno Network. This update focuses on enhancing the performance, security, and usability of the network.
- Performance Improvements: Optimization of the core processing engine to handle transactions faster and more efficiently.
- Security Enhancements: Upgrades to the network’s security protocols to ensure a safer environment for all users and developers.
- Usability Features: Introduction of new features that enhance user experience, including better transaction tracking and more intuitive user interfaces.
- Smart Contract Innovations: Enhancements in the smart contract execution engine to facilitate more complex and robust contract interactions.
- Community Engagement: Increased community engagement initiatives to gather feedback and ensure the network evolves to meet the needs of its users and developers.
Aurora Upgrade (v.14)
The Aurora upgrade was launched shortly after the feature-packed v.13 core software release, and it brought several significant improvements:
- x/GlobalFee Module: Introduced a minimum gas fee set by governance as a gas price floor.
- 0 Fee IBC Relaying: IBC transfer packets bypass the fee minimum to reduce the cost of relaying for the Juno network.
- x/IBCHooks Module: Facilitates IBC token transfers to execute contracts on other chains with one click.
- Stargate Staking Queries: Enhanced staking query functionalities.
- Token Factory: Introduced methods like ForceTransfer, MintTo, and BurnFrom.
- x/wasmd 0.31 & wasmvm 1.2.1: Included the instantiate2 feature within contracts among other improvements.
The version 13 upgrade introduced features like FeeShare, TokenFactory, Packet Forward Middleware, Relayer IBC Fee Payment, Interchain Controller, and enhanced CosmWasm functionalities, making it the most significant upgrade as of early 2023.
Implemented as part of proposal 51, FeeShare allows Juno developers to opt-in and earn 50% of the gas fees on their contracts for any JUNO tokens paid as gas. This feature enables developers and communities to earn JUNO income passively.
A module enabling developers to interact with native tokens directly, enhancing user experience through functionalities like airdropping to token holders and reducing overall contract logic.
With Packet Forward Middleware and Relayer IBC Fee Payment, Juno now serves as an interchain forwarding hub, making relaying more sustainable and improving interchain interactions.
A documentation overhaul is underway to provide better examples and explanations for Juno developers. This includes tutorials ranging from backend to frontend, aiming to be the one-stop website for developers to gather resources and solve common problems.