Simplifying the Blockchain Landscape
The Cosmos-based EVM (Ethereum Virtual Machine) chain, Evmos, has announced a strategic shift to streamline its operations. Starting from Q3 2024, Evmos will exclusively support Ethereum-formatted transactions, ending the current coexistence of Cosmos and Ethereum transactions.
Benefits of the Migration
- Simplified Transactions: Ethereum developers can seamlessly use their existing tools and wallets in Cosmos, fostering collaboration and innovation.
- Enhanced Security: Ethereum’s robust security protocols ensure the protection of assets and transactions in Cosmos.
- Improved Liquidity: Ethereum’s larger market presence and liquidity provide greater opportunities for asset trading and investment.
Transition Timeline
Leading up to the full migration by Q3 2024, Evmos will burn all Cosmos transaction fees, affecting the token economics for the EVMOS token. Further details on the revised tokenomics will be released soon.
FAQ
What is Cosmos?
Cosmos is a decentralized network that enables the creation and interaction of multiple blockchains.
What is Ethereum?
Ethereum is a blockchain platform that hosts smart contracts and facilitates decentralized applications.
What does “EVM Compatible” mean?
EVM compatibility allows Evmos to execute Ethereum-based smart contracts and transactions.
What is the Interchain Foundation?
The Interchain Foundation is a non-profit dedicated to promoting and supporting the Cosmos ecosystem.
Who is Federico Kunze Küllmer?
Federico Kunze Küllmer is a co-founder of Evmos.
Credit and Rights: BITboosters