Interchain Security
Interchain Security
Blockchain protection
One of the most significant values of blockchain technology is network security and transactions. In POW (Proof-Of-Work) networks, the blockchain is protected by miners, which provide high computational speed. Therefore, the higher the hash rate, the more difficult it is to carry out an attack and the more secure the network. A similar principle is used in POS (Proof-Of-Stake) blockchains. Only validators provide security by checking new blocks. The more validators have contributed to the network, the more blocks they can study and the more rewards they can receive, thus making the network safer. But what about new projects that have a small number of validators and staked coins? The security of such blockchain networks may be at risk. Using relatively small resources, attackers can hack the network, steal all they can, and make it vulnerable. Cosmos network is planning to implement Interchain Security technology in January 2023, designed to resolve such issues. It will allow large networks to share their security with start-up projects. In addition, more extensive networks will be able to share security by providing cryptocurrency capital to validate blocks on a smaller chain. On the Cosmos network, this general security is known as Interchain Security.
How will Interchain Security Work?
Other terms are sometimes used when describing Interchain Security, such as Shared Security, Cross Chain Validation, Shared Staking, and Interchain Staking. The blockchain provider may be responsible for creating the blockchain of the consumer network. Validators must run two nodes on the primary grid, thread the consumer network, and receive commissions and rewards. If a validator does a poor job of creating blocks on any chain, he risks destroying its tokens through a mechanism called "slashing." The consumer network uses IBC to communicate with the supply chain to track which validators participate in Interchain Security using Cross Chain validation. Thus, the security gained from the value of the share locked in the provider chain is shared with the consumer chain. Interchain Security technology will allow large ecosystem projects like Cosmos to share their security with start-up projects, making the creation of new decentralized projects and services more accessible to creators and developers, lowering the entry threshold, and making them safe for the end user.
The Importance of ICS
Although the Cosmos ecosystem has been around for quite some time,the launch of Interchain Security may become its most significant update. Interchain Security's value to Cosmos is much broader than just improving network security. For example, it unites various user groups and reduces their conflict of interest. Interchain Security will make possible the practical minimalism and the strategic philosophy leading to the Cosmos Hub without compromising the platform's effectiveness. It will eliminate security vulnerabilities and reduce the likelihood of a conflict of interest between user groups, which can lead to a hard fork. Since Cosmos Hub constantly adds new features, many users are concerned that the network's security will be compromised. Interchain Security will be able to satisfy these "hub minimalists" by allowing each of these functions to become a separate chain. These individual chains could then be programmed to have their management tokens and fees, which would encourage the participation of validators. The more networks join the Cosmos ecosystem, the more expensive it becomes for hackers to manipulate the web. Since the cost of its attack often measures the security of a network, the more value is invested in Cosmos, the more secure it becomes.
When will ICS be available?
In the Cosmos roadmap, the official launch of ICS is scheduled for January 2023. This means that many new projects will be added to the Cosmos ecosystem shortly, which will positively affect the cost of ATOM. So don't miss the opportunity to buy ATOM now and stake it with us. We are looking forward to taking off!
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