Jay Kwon describes the core architecture and purpose of Cosmos, powered by Tendermint's Byzantine fault-tolerant consensus engine.
0:00 / 0:09exact quote · 10.0s
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“We use this to create a network of blockchains that can talk to each other and interoperate, and that's called Cosmos. That's the project we're building.”
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More from Jay Kwon
AssertionSupported
Kwon: Tendermint Secures Distributed Ledgers Without Energy-Intensive Mining
“Tendermint, Tendermint is a replacement. It's an alternative to proof of work. It's a way to have a secure distributed ledger without having to Burn energy to try to win a lottery ticket.”
Jay KwonOct 23, 2017▶ 8:05821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
Disclosure
Kwon: Cosmos avoids the term 'ICO' to sidestep securities classification
“You know, we avoid the term ICO precisely because we don't want to associate it with a security offering.”
Jay KwonOct 23, 2017▶ 10:57821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
AssertionSupported
Kwon: Bitcoin Miners Burn Energy Because Block Rewards Dwarf Transaction Fees
“You see that the block reward is a hefty, like, hundreds of millions of dollars a year, if not a billion at this point, of rewards. And the transaction fees, In comparison, are much smaller. That's why Bitcoin miners don't care about the transaction fee right …”
Jay KwonOct 23, 2017▶ 6:35821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
AssertionSupported
Kwon: Cosmos reached its $17 million fundraising cap in 29 minutes
“We raised we had a cap of seventeen million. At USD? USD. So we filled that cap in 29 minutes, so we had to stop accepting funds.”
Jay KwonOct 23, 2017▶ 12:08821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
Insight
Kwon: Blockchains derive security from being lightweight enough for users to audit locally
“Everyone gets security from the fact that they know that they can download the blockchain around themselves. They can audit it themselves. It's accessible. So, it's good that a blockchain is a small machine, but replicated all around the world so that it's not…”
Jay KwonOct 23, 2017▶ 2:49821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
Disclosure
Kwon: Cosmos contributors will receive Atom staking and governance tokens at Genesis
“And on Genesis Day, all the contributors are going to get, on that Genesis block Atom tokens. They are staking tokens. They're tokens that allow you to vote on the blockchain, participate in consensus, you know, make governance governance decisions about where…”
Jay KwonOct 23, 2017▶ 11:21821: Crypto: $17m Raised to Speed Up Mining Blocks Using New "Validators"
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