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Strictly speaking, Cosmos is a decentralized network of parallel blockchains, each driven by BFT consensus algorithms such as Tendermint consensus.

In other terms, Cosmos is a blockchain ecosystem that can scale and communicate with one another. Blockchains were previously isolated and unable to connect until Cosmos. They were difficult to construct and could only handle a limited number of transactions per second. Cosmos employs a novel technical approach to address these issues. To comprehend this idea, we must first grasp the foundations of blockchain technology.

What is a Blockchain?

A blockchain is a digital record maintained by a group of validators that stays correct even if some (less than a third) of the validators are malevolent. When each participant receives blocks of transactions, they keep a copy of the ledger on their computer and update it according to the protocol’s rules. Blockchain technology aims to ensure that the ledger is accurately duplicated. At any given time, each honest participant sees the same version of the ledger.

The capacity for participants to share a ledger without relying on a central authority is the fundamental feature of blockchain technology. Blockchains are distributed ledgers. Bitcoin, a decentralised currency, is the earliest and most well-known implementation of blockchain technology today.

Let’s take a closer look at the definition of blockchain from a technical standpoint now that we have a clearer grasp of what it is from a high-level perspective. A blockchain is a full-node replica of a deterministic state machine that maintains consensus safety as long as less than a third of its maintainers are Byzantine.

A state machine is simply a fancy term for a software that maintains a state and updates it when inputs are received. There’s a state, which may represent a variety of things depending on the application (for example, cryptocurrency token balances), and transactions, which change the state (e.g. by subtracting balances from one account and adding them to another).

Deterministic means that if you replay the same transactions starting from the same genesis state, the resulting state will always be the same.

Consensus safety implies that every honest node on which the state machine is replicated sees the same state at the same time. When nodes receive blocks of transactions, they check that each transaction is genuine and that the block was approved by more than two-thirds of the maintainers, known as validators. As long as less than a third of validators are Byzantine, or malevolent, security will be ensured.

Cosmos is more than a product; it’s an ecosystem built around a collection of modular, adaptive, and interchangeable tools. Developers are invited to join the effort to enhance existing tools and build new ones so that blockchain technology can deliver on its promise. These are the technologies that will be used to build the decentralised internet and global financial system of the future.

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