Cosmos Hub v18 Upgrade to Feature Permissioned CosmWasm Smart Contracts for Enhanced Security and Functionality

  • Cosmos Hub is set to introduce permissioned CosmWasm smart contracts through its v18 upgrade, aiming to enhance security and functionality.
  • This integration requires governance approval, ensuring that only high-quality, vetted contracts are deployed, thus adding an additional layer of security.
  • In parallel, Osmosis DEX celebrates its third anniversary with impressive metrics, including 210 million transactions and $34 billion in trading volume.

Discover how Cosmos Hub’s v18 upgrade enhances smart contract security, while Osmosis DEX celebrates significant milestones in its three-year journey.

Cosmos Hub’s v18 Upgrade: A Paradigm Shift in Smart Contract Security

The forthcoming v18 upgrade for Cosmos Hub marks a significant milestone in bolstering the network’s security and operational efficiency. Scheduled for release in mid-July, this upgrade will introduce permissioned CosmWasm smart contracts, a groundbreaking feature that requires governance approval before deployment. This move is aimed at ensuring that only the highest quality, thoroughly vetted contracts make it onto the platform.

Governance Approval: Elevating the Standards for Smart Contracts

Permissioned CosmWasm brings a new level of oversight to the Cosmos ecosystem. Unlike the traditional CosmWasm model, where contracts can be deployed freely, this new approach mandates that contracts must be pre-approved by Cosmos Hub governance. By doing so, the risk of malicious code entering the system is significantly reduced. Additionally, this system ensures the deployment of efficient and necessary contracts, avoiding redundancy and maintaining a streamlined network. This not only enhances security but also opens doors for more complex functionalities that might be challenging to achieve otherwise.

Introducing Specialized DAOs: A New Era of Governance

One of the most exciting applications of permissioned CosmWasm is the deployment of specialized Decentralized Autonomous Organizations (DAOs). Cosmos Hub plans to use this technology to establish DAOs like DAO DAO, which will handle specific governance tasks. This innovation promises to enhance transparency and efficiency in decision-making processes, setting a precedent for future governance models. DAO DAO is set to be the inaugural application built on the permissioned CosmWasm framework once the v18 upgrade is deployed.

Community Involvement: Shaping the Future of Cosmos Hub

The Cosmos Hub team is proactively seeking input from the community to establish guidelines for deploying CosmWasm contracts. This collaborative approach ensures the new features align accurately with the ecosystem’s needs. By engaging the community, the team aims to balance innovation with security, fostering an environment where stakeholders can contribute to and benefit from these advancements.

Osmosis DEX: Three Years of Growth and Achievement

As Cosmos Hub gears up for its v18 upgrade, Osmosis, a key decentralized exchange within the Cosmos ecosystem, is celebrating its third mainnet anniversary. The platform’s growth over the past three years is noteworthy: Osmosis has processed an impressive 210 million transactions and facilitated a trading volume of $34 billion. Additionally, the platform boasts 967,000 Osmosis addresses, with 1.8 million OSMO tokens burned significantly.

Community Engagement and Network Security

Osmosis’ success is further highlighted by its robust community engagement and commitment to network security. With 364 million OSMO staked by 541,000 delegators and 150 validators ensuring the network’s stability, Osmosis exemplifies a well-coordinated and secure platform within the Cosmos ecosystem. These achievements underscore the collaborative efforts and the vital role of community participation in driving the platform’s success.

Conclusion

In summary, Cosmos Hub’s upcoming v18 upgrade, featuring permissioned CosmWasm smart contracts, represents a significant advancement in security and functionality for the network. This innovation, coupled with the impressive milestones achieved by Osmosis DEX, highlights the dynamic and evolving nature of the Cosmos ecosystem. As these developments unfold, they promise to set new standards in smart contract deployment and decentralized governance, paving the way for more secure and efficient blockchain operations.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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