Cosmos Sets Its Sights on Challenging Ethereum’s Dominance in 2024

Cosmos has unveiled its ambitious 2024 roadmap, with plans to strengthen its blockchain network, aiming directly at Ethereum’s dominance. Revealed on September 25, Cosmos intends to enhance its modularity, enrich the developer experience, rectify “technical debt,” and bolster user adoption. This comprehensive strategy is an overt play to challenge Ethereum, the current leading platform in the blockchain sphere.

Cosmos boasts of Features that set it apart. Tendermint, the consensus system, supports BLOCKCHAINs like the BNB Chain. The Cosmos SDK, a toolkit, equips developers to craft custom BLOCKCHAINs tailored to their needs. Additionally, Inter-Blockchain Communication (IBC) facilitates seamless interaction and communication between the custom chains on Cosmos, promoting interoperability.

A focal point in the 2024 roadmap is addressing and repaying “technical debt.” Technical debt can hinder progress in software development due to unforeseen challenges arising from resource limitations or evolving code requirements. Cosmos plans to amplify its developer community to offset this debt. The end game is to make the Cosmos SDK supremely modular. While the SDK has theoretically been modular, practical applications have met with hiccups.

Consequently, the 2024 strategy will build upon the work already invested in Cosmos SDK. The emphasis will be on core modularity, ensuring the kit is adaptable and better attuned to developer needs.

However, Ethereum’s dominant position cannot be understated. It is the premier smart contract platform, a distinction earned through its market cap and substantial total value locked (TVL) in DeFi. Moreover, Ethereum’s ecosystem, with its expanding layer-2s, is seeing a surge in blockchains and protocols seeking to leverage the platform’s pioneering initiatives.

Data from DeFiLlama on September 29 corroborates Ethereum’s dominance. All the top 10 bridges have links to Ethereum. Stargate by Cosmos integrates with Ethereum and several BLOCKCHAINs, including Avalanche and the BNB Chain.

Moreover, other prominent bridges, like the zkSync Era, Base, Arbitrum, Polygon, and the Optimism Gateway, exhibit compatibility with Ethereum Virtual Machine (EVM). These bridges predominantly connect to Ethereum’s layer-2s and Polygon. Together, they facilitate the movement of millions in token value to and from Ethereum.

In sum, while Cosmos’ roadmap for 2024 seems promising, overtaking Ethereum’s entrenched position will be a colossal endeavor. Only time will reveal if Cosmos can truly rival Ethereum’s supremacy.

 

The post Cosmos Sets Its Sights on Challenging Ethereum’s Dominance in 2024 appeared first on BitcoinWorld.

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