CrossFi Chain – What are Cosmos and EVM?

In this blog, we will dive deeper into Cosmos and EVM technology.

The CrossFi Chain is a Layer 1 blockchain that powers the CrossFi DeFi ecosystem. The CrossFi Chain has a modular architecture consisting of two technologies, Cosmos and EVM. These technologies offer specific functionalities integral to the utility and services provided by CrossFi. In this blog, we will dive deeper into Cosmos and EVM technology. 

Cosmos

Cosmos and Tendermint are foundational technologies in the Web3 ecosystem. They provide infrastructure for building and connecting decentralized applications (dApps) and blockchains.

Cosmos: Cosmos is a network of interoperable blockchains that aims to solve the scalability, usability, and sovereignty issues many blockchain projects face. It enables developers to create their sovereign blockchains, called “zones,” while still being able to interoperate and communicate with other chains in the Cosmos ecosystem. Cosmos uses a consensus algorithm called Tendermint Core to achieve fast finality and secure transactions. 

The Cosmos-based part of CrossFi is responsible for:

• Consensus
• Production
• Verification of Blocks
• Transaction Creation
• New Coin Emissions

This is done by integrating the Byzantine Fault Tolerant (BFT) consensus engine, Tendermint, the blockchain application framework, and Cosmos SDK.

Tendermint: Tendermint Core is an open-source blockchain developer software. It allows you to create applications in any programming language. The key quality of Tendermint is speed. The transaction is included in the block in seconds and does not require time for confirmation. Tendermint Core architecture is a Byzantine Fault Tolerant (BFT) consensus protocol. It is secure and eliminates fraud, as the Tendermint algorithm automatically blocks nodes transmitting incorrect information during validation. Tendermint is used to scale public PoS blockchains. The Tendermint Core is based on the well-known decentralized, scalable, interoperable ecosystem of interconnected independent Cosmos blockchains. Tendermint Core is known for its simplicity, efficiency, and fast transaction finality, making it suitable for various applications, from public blockchains to enterprise solutions.

Together, Cosmos and Tendermint form a robust framework for building scalable, interoperable, and secure decentralized systems in the Web3 space. They enable developers to create custom modular blockchains with specific features and functionalities while still being able to connect and interact with other chains in the broader Cosmos network. The Tendermint BFT and Cosmos SDK enable the CrossFi Chain to deliver:

• Consensus protocol – DPoS (Delegated Proof of Stake)
• Byzantine fault tolerance – 2/3
• Maximum number of validators – 64
• Block time – 5 seconds (possible reduction to 1 second)
• Transaction per second – up to 10 000
• Operations per transaction – up to 100
• Transaction confirmations – 1 block
• Basic transaction fee – $ 0.02

Ethereum Virtual Machine

EVM stands for Ethereum Virtual Machine. It’s a crucial component of the Ethereum blockchain platform and is responsible for executing smart contracts. The EVM is a runtime environment that enables developers to deploy and execute decentralized applications (DApps) on the Ethereum network. The EVM operates on every node in the Ethereum network, ensuring that smart contracts are executed consistently and securely across all nodes. 

The EVM-based part of CrossFi is responsible for:

• Interaction with smart contracts
• Deployment of decentralized applications
• Achieving full EVM compatibility

This is done by integrating the Cosmos library, Ethermint, and Evmos, a Proof-of-stake blockchain that is interoperable with the Ethereum Virtual Machine (EVM). Ethermint is a Cosmos SDK library for running scalable and interoperable EVM chains. 

Evmos is the first decentralized EVM chain on the Cosmos Network. It’s implementing the first EVM stack focused on native, cross-chain applications. Evmos is the flagship implementation of Ethermint, an EVM library built for the Cosmos Network by the Evmos Core Development Team.

Ethermint and Evmos make CrossFi Chain fully compatible with Ethereum Virtual Machine, and it provides the following:

• A fully Ethereum-compatible smart contract environment
• Creating DeFi services
• Anonymous payments
• Account abstraction (biometrics and 2FA). This will improve and simplify the work with the blockchain for ordinary users, create more opportunities
• Cross-chain bridges. It will allow free movement of digital assets between blockchains
• Payment channels for instant payments
• Adding CrossFi Chain to MetaMask and Other Wallets
• Creating your crypto assets and releasing them in any EVM-compatible network

Future Proof Technologies

The Web3 industry is witnessing a transformative shift from monolithic to modular blockchain architectures, driven by the pursuit of faster, more efficient, and accessible solutions. Cosmos and EVM play pivotal roles in the CrossFi ecosystem. Cosmos delivers the speed and scalability for instant global payments, while EVM provides interoperability to work across multiple chains and currencies within the same network. They enable the creation of a future-proof blockchain that provides the infrastructure for building dApps and solutions for any business and developer. Experience the revolution today by joining our testnet.