Cosmos Hub, the interchain service provider for the Cosmos ecosystem, has given its approval for Neutron, a blockchain network developed to integrate smart contracts into the Cosmos network using CosmWasm (Cosmos WebAssembly). With several audits completed, core modules implemented, and successful testnet deployments, the Cosmos Hub initiated an on-chain vote to determine if Neutron was prepared to launch on Replicated Security (RS).
RS, formerly known as inter-chain security, is a shared security model designed by the Cosmos Hub that offers enhanced security to projects launching as consumer chains on the Hub. Through revenue sharing, consumer chains can benefit from the Cosmos Hub's validator network and bolster their security.
Last week, the proposal was passed with a 61% voter turnout rate. Over 90% of community members voted in favor, while 1% voted against and nearly 9% abstained. According to Avril Dutheil, Neutron's general manager, passing proposal 792 establishes Neutron as the first chain to launch on RS, making it a top-10 proof-of-stake chain in terms of economic security. Dutheil believes this positions Neutron as the central, neutral smart-contracting platform for the entire Cosmos ecosystem.
Launching app chains in the Cosmos ecosystem, a network of interconnected blockchains, can be resource-intensive and costly due to the complex infrastructure required. Additionally, a diverse validator set is crucial for the success of app chains, which smaller, newly-launched app chains may struggle to achieve. Neutron aims to address this issue by enabling various smart contracts to deploy on the Cosmos Hub.
Dutheil stated:
“This is a major milestone for the Hub because it demonstrates that the technology is functional and that it can attract promising projects such as Neutron, Duality, and Stride. It also helps refine all of the processes involved in launching a Consumer Chain, making it easier for future projects to join the ATOM Economic Zone.”
Neutron's launch can also bring cost benefits to the Cosmos Hub by allowing various smart contract-run applications to operate on the Hub without having to seek additional validators, thus generating more revenue.
Acknowledging the challenges that RS faces regarding its economic model and infrastructure costs, Dutheil claims that Neutron is an excellent first consumer chain for the Hub.
"By providing developers the ability to launch applications as smart contracts, Neutron essentially allows Replicated Security to scale from day one," he explained. "Through Neutron, developers can enjoy the benefits of Replicated Security without any additional cost to the Hub and its validator set."
Built with the Cosmos SDK and powered by Tendermint, Neutron is the most secure permission-less smart contract platform for Interchain DeFi. Neutron enables developers to launch smart contracts and provides tools to interoperate with other protocols and app chains.
Interchain Security allows validators from a Provider-Chain (e.g., the Cosmos Hub) to produce blocks for a Consumer-Chain (e.g., Neutron). Node operators receive additional native tokens as rewards but may face sanctions for failing to validate the Consumer-Chain. In essence, Interchain Security offers Neutron the same level of security as the Cosmos Hub, the 10th largest blockchain by value staked.
Interchain Accounts (ICA) allows Cosmos blockchains to control remote zone accounts (or "wallets") via IBC, instead of local private keys, and write transactions executable on the remote chain. Neutron will function as both a "host" and a "controller," launching with a custom implementation that makes Interchain Accounts accessible to smart contracts. This feature enables smart contracts on Neutron to interact with modules and zones from other ICA-enabled Cosmos chains and vice versa.
Featuring native support for CosmWasm, Neutron allows smart contracts written in Rust, AssemblyScript, and other coding languages to run on Cosmos blockchains through a virtual machine. CosmWasm smart contracts have numerous advantages over an Appchain's binary, such as an extensive library of testing tools, easier deployment and upgrade processes, and more efficient auditing capabilities.
Being permission-less means that smart contracts can launch on Neutron without requiring whitelisting through a governance vote. This feature makes Neutron more scalable, neutral, and competitive. With faster deployment, streamlined governance, and system-defaulted neutrality. Neutron's successful approval to launch on RS marks a significant milestone in the development of the Cosmos ecosystem. The first chain to launch on RS, Neutron's entry will pave the way for future projects to join the ATOM Economic Zone, ultimately boosting the growth and adoption of the entire ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
