In this post we will exploring entering the Cosmos Ecosystem from other blockchains.
Contents:
- Terminology
- User Journey
- Wallets
- Interchain Swaps
- Staking Platforms
Terminology:
- Cosmos Ecosystem: The Cosmos ecosystem is a decentralized network of interoperable blockchains that enables seamless communication and asset transfers between soverign blockchains. At its core is the Cosmos Hub, a hub-and-zone model facilitates secure and scalable communication between independent blockchains within the broader Cosmos network.
- IBC: Inter-Blockchain Communication (IBC) within the Cosmos ecosystem is a protocol allowing secure and trustless communication between sovereign blockchains, enabling them to exchange tokens and data seamlessly. IBC enhances interoperability by facilitating the transfer of assets and information between different blockchains connected within the Cosmos network.
- Cosmos App Chain: A Cosmos App Chain is an independent blockchain within the Cosmos ecosystem that utilizes the Tendermint consensus algorithm, enabling it to securely interoperate with other chains through the Inter-Blockchain Communication (IBC) protocol.
- Staking: Staking in a Delegated Proof of Stake (DPoS) blockchain involves participants locking up their cryptocurrency tokens to support network operations. Those who stake tokens may earn rewards and voting influence, contributing to the selection of delegates who validate transactions and produce blocks on behalf of the network.
User Journey:
This user journey will guide you through the essential steps to become an active participant in the vibrant Cosmos blockchain ecosystem.
- Adding Snaps to MetaMask or installing a native Cosmos wallet
- Swapping from an ecosystem outside of the Cosmos directly to a Cosmos app chain
- Staking your Cosmos assets and participating in things like governance
Wallets:
Leap: Leap Snaps brings MetaMask into the Cosmos Ecosystem attracting more Ethereum & EVM users! Leap also has a native Cosmos wallet for both computer and mobile devices that offer a wider range of features within the Cosmos Ecosystem.
Keplr: Keplr wallet is native to the Ecosystem. It offers an easy to access staking dashboard that has a wide variety of features governance related activities.
Interchain Swaps:
Squid Router: Squid Router & Axelar make it quick and easy to move your assets from one chain to another!
Staking Platforms:
Staking: There are 3 main staking platforms within the Cosmos Ecosystem built by OmniFlix, Keplr & Ping. Each offer something unique so try them all out to find out which is best for you!
You should now have the neccesary knowledge to begin your journey within the Cosmos Ecosystem. Follow us on our other social platforms!
