Zaki Manian, co-founder of the decentralised finance, or DeFi, project Sommel and former lead developer at Cosmos and Tendermint (a fundamental contributor to the Cosmos network), kicked off the two-day event by discussing a variety of technologies in development by the Cosmos ecosystem.
According to Manian, a new feature dubbed ABCI ++ would allow for the inclusion of consensus events from other blockchains in the block generation process. Boosting the efficiency of the network’s cross-chain bridges and oracles. Next, instead of relying solely on IBC token transfers, developers may employ dynamic IBC (dIBC) capability. In order to offer governance ideas across several blockchains. Liquid staking, on the other hand, would allow users to stake their ATOM. While also obtaining a derivative of the asset that could be utilisable in DeFi applications. Finally, interchain accounts designed to aid in the development of multichain applications in which decentralised autonomous organisations, or DAOs, on one chain have direct control over accounts or wallets on another.
The notion of liquidity staking
During the event, Sunny Aggarwal, co-founder of Osmosis, a Cosmos-based decentralised exchange, or DEX, expanded on the notion of liquidity staking. According to Aggarwal, coin holders will soon be able to access numerous DeFi pools with the same underlying tokens at the same time, resulting in higher payouts. Users commit their Osmosis (OSMO) tokens to create trading liquidity for the exchange, earning OSMO liquidity provider tokens. And then putting the same OSMO LP tokens back into a staking pool, he explained. As a result, coin holders may simultaneously reap the benefits of both the LP and staking pools.
Enrico Talin, co-founder of Commercio.network, claimed in another part to have constructed the world’s first legally binding blockchain. Its infrastructure keeps encrypted copies of users’ personal information, such as immunisation records, driver’s licences, passports, and so on. When asked, users might theoretically provide their electronic signature and evidence of identification over the blockchain. Such as when opening a new bank account. The verifier can then certify that the signature is real. And that a legitimate issuer to issue the papers using decentralised consensus.
However, only proofs are transferable on the blockchain, not personal data. The prospect of implementing legally enforceable nonfungible token, or NFT, contracts to certify the ownership of real-world assets was then considered by Talin. Privacy-broadcast features, IBC, and legal document NFTs will all be accessible on Commercio.network later this year.