Cosmos & Chainlink, an Unexpected Connection and How Toon Finance Binds it
Cosmos is a decentralized network of blockchains that can scale and interoperate with one another. The vision for Cosmos is to create an Internet of Blockchains, where any blockchain can connect to the Cosmos Hub and transact with any other connected blockchain. This would allow for a truly decentralized ecosystem of blockchains, where each blockchain can focus on its own niche use case.
Chainlink is a decentralized oracle network that provides secure, reliable data to smart contracts on any blockchain. The Chainlink network consists of nodes that are run by operators around the world. These nodes fetch data from off-chain data sources and relay that data to smart contracts on the blockchain. In this way, Chainlink allows smart contracts to interact with the real world.
What is a Decentralized Network & How it’s Important for WEB3
A decentralized network is a type of network where each node (computer or other device) in the network is independent and can make its own decisions. This is in contrast to a centralized network, where all decisions are made by a single central authority. Decentralized networks have many advantages over centralized ones. They are more resistant to failure, since any one node going down does not affect the rest of the network. They are also more secure, since it is much harder for a hacker to take over the entire network if it is spread out across many different nodes. Finally, decentralized networks are often more efficient, since information can be shared directly between nodes without having to go through a central server. In the future, decentralized networks are likely to become increasingly important as our world becomes more connected. With so much of our lives now taking place online, it is vital that we have a robust and secure way to communicate and share information. Decentralized networks offer us the best chance of achieving this.
Decentralized Network Technologies- What Has Changed in 2020?
At the start of 2020, there was a lot of talk about how decentralized technologies would take over traditional networks. This was based on the belief that people were becoming more privacy-conscious and wanted to have control over their data. While this is still true, the COVID-19 pandemic has changed the way we use technology.
Decentralized technologies are those that do not rely on a central authority. Instead, they are distributed among a network of computers. This means that there is no single point of failure and that the network is more resistant to attacks. These technologies have been around for some time, but they have only recently started to gain mainstream adoption.
One of the most popular decentralized technologies is the blockchain. A blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This makes it ideal for use cases such as supply chain management and cross-border payments. Other popular decentralized technologies include IPFS and Sia.
IPFS is a distributed file system that allows for users to share files without the need for a central server. Sia is a decentralized storage platform that allows users to rent out excess storage space on their computer.
While these technologies have been around for some time, they have only recently started to gain mainstream adoption. The COVID-19 pandemic has accelerated this trend as people are increasingly working remotely and are looking for ways to keep their data safe and secure.
There is no doubt that decentralized technologies are here to stay. They offer many advantages over traditional centralized systems, including increased security and privacy. The COVID-19 pandemic has accelerated the adoption of these technologies as people are increasingly working remotely and are looking for ways to keep their data safe and secure.
Born from the same minds
The history of Cosmos and Chainlink are inextricably linked, as both projects were founded by the same team of individuals. Jae Kwon, Ethan Buchman, and Sunny Aggarwal started work on the Cosmos Network in early 2016 and launched the first testnet in March 2017. TheChainlink project was launched in September 2017 with a public ICO raise of $32 million.
The idea for Cosmos came about as a result of frustrations with existing blockchain solutions at the time. Bitcoin was slow and could only handle seven transactions per second (TPS). Ethereum was much faster but was still limited by Its scalability issues. Kwon believed that these limitations could be addressed by creating a network of blockchains that could communicate with each other.
The original vision for Chainlink was to create a blockchain-agnostic solution for connecting smart contracts to real-world data sources. This would allow any blockchain to take advantage of external data without having to depend on a centralized third party. However, it soon became apparent that there was a need for such a solution within the burgeoning Cosmos ecosystem as well.
In 2018, Chainlink announced its partnership with Tendermint, the company behind the Cosmos SDK. Through this partnership, Tendermint Core (the engine that powers the Cosmos Hub) would be integrated with Chainlink’s oracle network. This would allow smart contracts on any Cosmoshub-powered blockchain to interact with external data sources in a secure and reliable way.
Today, both Cosmos and Chainlink are key players in the growing DeFi space. The ability to securely connect smart contracts to real-world data sources has allowed developers to build a wide variety of dapps ranging from decentralized exchanges (DEXs) to synthetic assets platforms. With their technologies being used by some of the most popular DeFi projects in existence, it’s safe to say that their impact on the ecosystem will be felt for years to come.
Cosmo’s vs Chainlink: Who wins this war?
So far, Cosmos seems to be winning the war with over 50% more market share than Chainlink. However, Chainlink has some advantages that could help it make a comeback. First, Chainlink has more real-world applications at this time than Cosmos. This is due in part to the fact that Ethereum is the most popular platform for DApps, and Chainlink was designed specifically for Ethereum. In addition, Chainlink has partnered with some major companies, such as Google and Oracle, which could help increase its adoption rate. Only time will tell what the future holds for these two decentralized oracle networks.
Both Cosmos and Chainlink have their own strengths and weaknesses, but at this point in time, Cosmo seems to be winning the war between these two decentralized oracle networks. However, things could change in the future as Chainink has some major partnerships that could help increase its adoption rate. Only time will tell who will ultimately come out on top in this battle.
Toon Finance’s Come Back from Behind
The world of Decentralized Finance (DeFi) is a competitive one. Only a few years ago, the sector was populated by a handful of small projects. But as the space has grown, so too has the number of competitors. Nowhere is this more apparent than in the oracle sector, where projects like Chainlink and Cosmos are locked in a battle for supremacy. But it looks like they may have underestimated a new player on the scene...Toon Finance.
So, who is Toon Finance? And what are their plans for DeFi? Let's take a closer look.
Toon Finance is a relative newcomer to the DeFi space, but they're already making waves with their unique offering. Toon Finance is an Ethereum-based protocol that provides scalable, secure, and decentralized data oracles. What sets them apart from their competitors is their use of "tethering." Tethering allows Toon to securely connect to off-chain data sources without having to rely on third-party centralized infrastructure. This gives them a distinct advantage in terms of security and scalability.
But why stop there? Toon is also planning to launch their own Decentralized Exchange (DEX), which will be fully integrated with their data oracle solution. This will allow them to offer a complete end-to-end solution for Decentralized applications (dApps). In fact, they're already in talks with some of the biggest names in the DeFi space about using their protocol. With all this momentum, it looks like Toon may soon become the new king of DeFi!
It's still early days for Toon Finance, but they're already making big waves in the world of DeFi. With their unique tethering technology and plans to launch a DEX, they're well positioned to become the go-to protocol for dApp development. Only time will tell if they can dethrone Chainlink and Cosmos, but one thing is for sure...they're definitely one to watch out for!
To participate in Toon Finance's presale, here are the links below:
Website: https://toon.finance/
Presale: https://buy.toon.finance/
Twitter: https://twitter.com/ToonSwapFinance
Telegram: https://t.me/ToonSwapFinance
CoinMarketCap: https://coinmarketcap.com/currencies/toon-finance/
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