What is Evmos?
Evmos is a Cosmos ecosystem fragmented proof of stake blockchain. It is based on the Ethereum Virtual Machine (EVM), which means it is completely compliant with the Ethereum network. The goal of Evmos is to bring the world of Ethereum-based applications and assets to the Cosmos ecosystem’s interoperable networks, whilst also trying to associate developer and user rewards and striving to innovate in the space of EVM and interchain composability.
Evmos, which was built with the Cosmos SDK and Tendermint Core consensus, provides the fast finality and maximum throughput of Cosmos-based blockchains. Developers can deploy Ethereum-based implementations in the Tendermint general agreement atmosphere with lower fees, faster transaction speeds, and the protection afforded by proof of stake consensus by using Ethereum’s EVM.
Evmos is a development of Ethermint, a prototype presented in 2016 as a way to implement EVM-based smart contracts on Tendermint using proof of stake for consensus. Ethermint had a perspective of assisting all Ethereum tooling, just as Evmos does today, in order to provide Solidity smart contract developers on Tendermint with the same developer experience they had on Ethereum. Following the launch of the IBC in March 2021, the Tharsis core developpers team suggested in Cosmos’ Proposal #44 that the Ethermint initiative be advanced through community governance. The proposal, now known as Evmos, was quickly approved by the community, receiving 98.31% approval in April 2021.
Evmos developers intend to use bridges to establish interoperability with Ethereum as a starting point for their objectives. Connext, Celer, Nomad, and other bridge programs are being used by the team to allow token transfers between the two chains.
Within the Cosmos ecosystem, there are also aspirations to expand. This blockchain can transfer information and resources with other Cosmos-enabled chains thanks to a method called Inter-Blockchain Communication (IBC).
QuantumSwap, Diffusion Finance, Nomad, Coslend, and others are among the decentralized exchanges, money markets, and NFTs planned to launch on Evmos.
How to Take Part?
On Evmos, there are two sorts of nodes:
- Validator nodes: are in charge of checking transactions and adding new blocks to the blockchain.
- Full nodes: When called, full nodes store the entire state of the blockchain and retrieve blockchain data.
A validator must run both a validator and a full node (both of which are used in a Coinbase Cloud validator node ensemble), whereas read/write infrastructure only needs a full node.
The Evmos active set consists of the 150 validators who have the highest EVMOS staked overall (including self-bonded and delegated stake). The next block is proposed by a validator based on its total stake in comparison to the total pledged throughout all validators
The types of rewards on Evmos
- In EVMOS, transaction costs are allocated evenly across active set validators, while governance could provide the possibility to accept any Cosmos-based currency as a payment in the future. All EVM transaction fees will be divided between the transaction’s validators and the Evmos dApp Store’s application developers, and application developers will earn a percentage of the fees.
- The percentage of EVMOS inflation provided pro-rata to all active members in the network is known as inflationary rewards (Block Provision).
- Validators who successfully propose a block in consensus receive a bonus 1-5 percent incentive, with the reward growing based on the amount of precommits contained in the previous block.
- As a bonus, use incentives account for 25% of block emissions, incorporating delayed gas rebates and liquidity mining, with extra incentives available through governance.
How do I move tokens from another chain to Evmos?
This is not currently possible on the testnet, but it will be enabled later via two separate mechanisms:
- The Gravity bridge is an initiative that allows Ethereum to send ERC-20 tokens to Cosmos and vice versa.
- IBC is an interoperability option that enables arbitrary data to be communicated among arbitrary state machines such as Cosmos SDK blockchains.