EVMOS is a complete decentralized proof of stake blockchain which forms part of the Cosmos ecosystem. It is also fully compatible with the Ethereum blockchain because it is EVM-based (Ethereum Virtual Machine).
EVMOS wants Ethereum-based assets and apps to interconnect with the entire Cosmos ecosystem and, in doing so, will align developer and user incentives in the space of interchain compatibility and EVM. Cosmos SDK serves as an inter-blockchain communication protocol for EVMOS.
Evmos was built using the consensus of both the Terndermint Core and Cosmos SDK.
They offer high throughput and fast finality blockchain based on Cosmos chains.
While using the Ethereum EVM, developers have various benefits when launching their applications, like faster transaction speeds, lower transaction fees, and security through proof-of-stake.
How Does EVMOS (EVMOS) Work?
Connecting EVMOS EVM compatibility chains, besides using the IBC bridge, can also connect different Ethereum network protocols with the Cosmos ecosystem.
EVMOS makes money off gas fees that users must pay to complete transactions on the platform, but the company will cover these costs for end users.
The way that it will work is that they will designate incentives for a certain number of users by assigning them one reward per season.
One season is equal to one week, and they do this to coincide with the rate of the gas taxes. EVMOS leverages its unique design, EVMOS EVM compatibility, and interoperable network functionality to differentiate itself from competitors.
The transaction fees allotted by the platform are not simply for burning a fund; rather, they are used to demonstrate ownership of the protocol.
EVMOS will convert these fees into rewards by using a build-up service; they will then divide the rewards between network operators and developers; they call this distribution model a transaction fee/profit split distribution model.
What Is EVMOS Used For?
Using the Tendermint Core BFT, which is essentially a plug-and-play mechanism, allows developers to separate network and application layers on the blockchain.
An example might be that EVMOS is compatible with EVM and is essentially a copy of Ethereum, but it doesn’t use the energy-intensive proof-of-work protocol Ethereum uses; it runs on Cosmos SDK with a proof-of-stake protocol.
- Being compatible with EVM means developers will be able to build dApss on Ethereum as well as EVMOS.
- Using the Tendermint Core means you get better performance than on Ethereum.
- Cosmos has an inter-blockchain communication system, or IBC for short, which means that EVMOS is horizontally scalable while communicating with other Cosmos ecosystems like Terra, Crypto.org, and Binance Chain.
The EVMOS team is using modular blockchains to plan ahead. These can scale across multiple chains (horizontally) and also through a layer-two on top of layer-one on top of layer-zero (or, in other words, vertically).
This is contradictory to Ethereum, which only scales vertically for the most part.
Where To Buy EVMOS (EVMOS)
Due to the fact that EVMOS hasn’t been around for that long, there is only one cryptocurrency exchange you can purchase your EVMOS token on.
You can purchase tokens with your fiat currency; you’ll need to register on the exchange and put your wallet address in, then you can purchase these tokens.
The exchange making this possible is:
Note: This is not financial advice, and this article is for educational purposes only.
FAQs About EVMOS (EVMOS)
How long has EVMOS existed?
EVMOS started as Ethermint, which is a proof-of-concept protocol that was introduced in 2016. Federico Kunze Kullman, the current CEO, and Akash Khosla founded the company.
The reason behind the creation of Ethermint was to create a way where EVM-based smart contracts could be deployed on Tendermint to use their consensus for proof-of-stake.
The developers of Ethermint wanted to create something that would support all of Ethereum’s tooling, they later changed the name to EVMOS, and now the platform does exactly what it set out to do, creating a developer experience to solidify smart contracts on Tendermint the same way developers on Ethereum can.
After the launch of the IBC in March 2021, the development team started pushing the Ethermint initiative, but due to legal trademark and rights issues, they had to change the name to EVMOS.
The entire chain’s mainnet only went live in February of 2022.
What’s controversial about EVMOS?
It doesn’t matter how old any cryptocurrency or blockchain project is; there will always be controversy around it. It will take some time for companies to gain that trust.
EVMOS had a big task on its hands with combining the two biggest crypto ecosystems.
One of the biggest controversies they faced was the problem they had with bugs on their network.
As mentioned above, they launched the chain’s mainnet in February 2022, but unfortunately, that had to be postponed because of all the bugs in the network. If this had not been resolved, the network could’ve crashed, leaving participants with nothing. Luckily, it was sorted before the project was re-launched a month later.
How many EVMOS tokens are there?
EVMOS has an initial token supply of 1,000,000,000 tokens with a circulating supply of 271,895,503 tokens.
Can EVMOS be mined?
The EVMOS token can’t be mined because they have a proof-of-stake mechanism. With that said, they have a minimum validator stake at the moment, which is 50%, because of the transaction and gas fees.
If they decide to implement liquid staking in the future, then the rate will increase.
There is currently a three-way system that rewards users for staking EVMOS tokens.
- For the moment, the platform will distribute any transaction fees between active set validators; there is also the option of receiving Cosmos-based tokens as payment in the future, which can be enabled through governance staking. All application developers will also receive a percentage of the fees from EVMOS.
- EVMOS has inflationary rewards, essentially the percentage of the tokens inflation that will be distributed pro rata to all the active participants in the EVMOS network.
- When a validator successfully proposes a block into the consensus, the network will reward them with a proposer reward; this can be anything from a 1 to 5% bonus, depending on the number of pre-commit from the previous block.
What is the market cap of EVMOS?
The current market cap for EVMOS tokens is $497.4M, with a 24-h trading volume of $1.5M.
Biggest Competitors Of EVMOS
Competition between blockchains will never disappear, especially as the technology increases in popularity in various industries. There are currently a couple of companies we can see as direct competition for the EVMOS ecosystem. Those companies are:
Although EVMOS has some stiff competition, it also has to be noted that EVMOS is the first blockchain company to combine two of the biggest crypto ecosystems. This puts them at somewhat of an advantage above the rest.
What Are The Future Plans For EVMOS?
EVMOS has seen increasing success over the past year; this is because the network has become one of the leading standards in creating smart contracts.
The development team’s first plan is to achieve interoperability through bridges with Ethereum. They also want to expand within the Cosmos ecosystem with the IBC protocol to access more cosmos-enabled chains.
They are working on bringing more applications to platforms like NFTs, marketplaces, and even their decentralized exchange.
Pros And Cons Of EVMOS (EVMOS)
Pros:
- Smart Contract Functionality – Using the Cosmos SDK, they combine two excellent features, the framework of Cosmos with the smart contracts of Ethereum.
- Optimized Interface – Their application blockchain interface makes connecting the proof-of-stake mechanism and dApps possible, performing similarly to Ethereum’s proof-of-work.
- EVM – Ethereum’s computational engine that executes and deploys smart contracts on the blockchain.
- Transactional Finality – EVMOS provides faster transaction speeds with increased scalability.
- Interoperability – Developers can deploy quickly to all compatible chains using IBC.
Cons:
- Developer Risk Adversity – It has been noted that even though big names like Aave and Diffusion Fi are building on the EVMOS blockchain, tokenomics and inflation are pointing towards a significant risk for developers.
- Slashing – The rewards you receive from staking EVMOS are great, but with that said, there is a risk involved. This risk comes in the form of slashing, so when a validator doesn’t complete their task, their tokens get slashed, meaning they lose those tokens.
Resources:
https://blog.stakin.com/an-introduction-to-evmos/
EVMOS: All You Need To Know About Ethereum Virtual Machine (EVM) Hub On Cosmos
EVMOS: All You Need To Know About Ethereum Virtual Machine (EVM) Hub On Cosmos
https://hedgeworld.com/how-to-buy-evmos-evmos/
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