Cosmoly Proposal
Last updated
Last updated
Cosmoly is a Decentralized Finance (DeFi) application that facilitates the interconnection of wallets from various blockchains through a unified platform.
It's a one-stop-shop where users can exchange, send, receive, and save between multiple chains using a single wallet, akin to Metamask, TrustWallet, Rainbow, among others.
Currently, if you want to enter the world of cryptos, first thing you do is look up something on the topic. Most of the users come from traditional banking systems, and for the common user is an overload of information, and end up investing in exchanges, cryptos little efficient or simply in the one that has greater value. Without checking the technology behind it.
DeFis markets have grown exponentially but are limited to the blockchain where they reside. From this, propositions such as Blockchain Cosmos have emerged, which with its SDK has built new generation blockchains quite recognized as: IRIS Hub, Binance Chain, Kava and many more.
Although these blockchains can be natively connected to each other through the IBC protocol, they cannot interact with other blockchains that are not in the Cosmos network or use its SDK.
Exchanges and bridges. This is what you think when looking for a solution to this problem. Not a bad option, but could be improved.
If we check the Bitcoin whitepaper (the first blockchain), one of the quotes in the introduction is:
...an electronic payment system based on cryptographic evidence rather than trust, allowing two interested parties to transact directly with each other. instead of trust, allowing two interested parties to transact directly without the need for a trusted without the need for a trusted third party...
Therefore, we fervently believe that the future should be completely decentralized and that each user should be the owner of his or her own money.
Exchanges most often require account registration, and it should be noted that although they facilitate the process, you do not actually have access to those funds. Rather, they hold the crypto assets that they store in their reserves. Therefore, they are able to block or restrict withdrawals from your wallet if they feel it is necessary.
Bridges, most of them use wrapped tokens, which although they solve the problem of lack of liquidity, are often confusing for the user and are not very useful unless they are exchanged for a native token (which implies additional fees).
Create a multi-chain app that connects the most innovative services in the Defi world through a single platform, where the user is his own custodian and administrator.
In addition to creating a token, which can be transferred between chains at no cost except for the fees of the blockchain itself.
And for developers, provide the proper documentation so that they can use this technology to develop and develop smarter Dapps.
