India Leads the Way to Crypto Innovation with Cosmos India’s 4 Key Initiatives in 2021.
With the support of non-profit organizations such as Cosmos India, which was founded in November 2019, the Cosmos community in India continues to grow rapidly. Cosmos India is a non-profit that promotes and accelerates blockchain adoption among developers, enterprises and other key stakeholders. Nine months after its creation, more than 1,000 people joined the network. The number is growing rapidly.
India has the largest number of crypto-owners in the world with 7.3% of its population (about 100 million) having digital assets. The average trading volume of various cryptocurrencies has seen a huge increase in India, rising as high as 500% between March 2020 and February 2021.
Asia is home to the largest number of GoLang developers worldwide, with India contributing significantly. India has the second largest GoLang community worldwide, and there is a growing demand for Tendermint Core and Cosmos SDK.
Let’s dive deeper into the Cosmos Indian community’s most popular projects.
Multi-chain DeFi Solutions from Persistence (XPRT), presented by Persistence (XPRT).
Persistence is creating a large ecosystem of Web3 products that will drive liquidity and interoperability. This is done using a Proof-of-Stake chain running on Tendermint’s BFT consensus engine. Its umbrella solution allows users to gain access to multiple blockchain-based asset classes.
Its multi-chain tech stack that consists of coding languages, frameworks, and tools is supported by various chains, making it easy and seamless for developers to deploy DEXs (decentralized exchanges), marketplaces, and debt financing applications. XPRT is the protocol’s native and governance token, allowing users to stake in return for rewards and vote on future project initiatives.
The Persistence ecosystem consists of multiple products. The first is pSTAKE, a liquid staking protocol that lets users stake supported assets to earn rewards while also receiving 1:1 pegged tokens to simultaneously transact with. The second is Asset Mantle, a framework allowing developers to build custom NFT (Non-fungible Token) marketplaces. The third is Comdex (third-party application built on top of Persistence SDK and Cosmos SDK), a trading platform where synthetic assets such as commodities and derivatives can be traded through an AMM (Automated Market Maker) interface.
Persistence has deep roots in India and has seen tremendous growth with more and more developer talent originating from its development center in Bangalore. “We’re extremely pleased to observe a significant growth in the number of Indian developers contributing to the Cosmos ecosystem,” comments Tushar Aggarwal, founder and CEO of Persistence. “Over the last year alone, we have seen the popularity of the GoLang programming language rise and are witnessing more developers building Web3 applications using GoLang and Cosmos SDK.”
At the time of writing, the project had amassed over 33,000 Twitter and 14,000 Telegram followers. The XRPT token now stands as a strong contender amongst competitors, with a total market cap of over $500 million.
Sentinel (DVPN) Offers a New Use Case for Internet Bandwidth
Sentinel is a global network of independent dVPN (decentralized Virtual Private Network) applications that allow users to access and browse the internet in a fully private and censorship-resistant manner on Web3. The network is built using the Cosmos SDK framework and is IBC enabled in order to optimize efficiency, scalability, and interoperability.
The protocol creates a decentralized internet bandwidth marketplace where anyone can monetize and earn passive income from their unused computer bandwidth. Users can elect to become “Bandwidth Miners” on Sentinel’s peer-to-peer network by seamlessly connecting dVPN nodes with hardware devices from their own homes. Moreover, developers can leverage provided bandwidth from the marketplace in order to build applications on the Sentinel protocol.
The native DVPN token is an essential driving force within the Sentinel ecosystem, as it’s used as a reward mechanism for validator nodes in return for verifying blockchain transactions and community peer-to-peer nodes lending their internet bandwidth. Holders will also be able to utilize the token as a form of payment for dVPN services.
With multiple VPNs being built on Sentinel, 500,000 registered devices tapping into its dVPN network, and over 15 TB of bandwidth consumed since its inception, it’s clear that Sentinel’s reach has not only grown in India but also vastly expanded on a global scale. Sentinel has been one of the first projects to commit to using Cosmos and IBC as core building blocks in their offering.
Polygon (MATIC) Introduces a Powerful Ethereum Scaling Solution
Originally known as Matic Network prior to a major rebrand, Polygon is a layer-2 framework and scaling solution created on Tendermint SDK designed for building Ethereum Virtual Machine (EVM) interoperable blockchains, creating a multi-chain ecosystem for Ethereum. Through its innovative solution, independent blockchains can interoperate with one another, allowing for the free flow of digital information and value.
Polygon’s platform offers multiple advanced scaling mechanisms for blockchains, such as ZK-Rollups and Optimistic Rollups, which are designed to increase transaction throughput while maintaining security and overall functionality. Developers can easily build and deploy their own Ethereum-compatible blockchains through Polygon’s advanced framework, allowing for customization and flexibility.
Its native MATIC token is utilized to secure Polygon’s vast ecosystem and facilitate governance for voting on project proposals. Users can also stake the token and leverage it to pay for transaction or gas fees on the network.
The adoption of Polygon’s network is impressive with now more than 566,500 active users, which surpasses Ethereum. In just one year, the MATIC token has surged over 13,000% and reached a total market cap of over $13 billion, pushing its way into a top-20 token position.
OmniFlix Network is the New Infrastructure for Decentralized Media
OmniFlix is a peer-to-peer network designed for creators, studios, and brands to mint, manage, and monetize media assets in the form of NFTs and DAO-governed communities in a multi-chain fashion. Through fractionalized ownership backed by NFTs, users can distribute and license their Web3 media assets to earn royalties and passive income.
Users can participate in collaborative content pools that are backed by NFTs in order to drive content within the network’s decentralized applications (dApps) and smart contracts. Its dApp ecosystem allows creators and users to self-publish their media assets, discover NFTs through watching videos and broadcasts, create a custom profile to showcase their artwork, and more.
OmniFlix Hub is the network’s chain, connecting with independent blockchains and DAOs to allow them to manage their media processes and discussions within communities. It’s also IBC enabled, so its marketplace protocols can connect to other interconnected Cosmos chains, allowing for the free flow of value and assets for creators and users alike.
The project originated in India and is continuing to broaden its horizons through new partnerships, upgrades, and continued innovation.
Stay Updated with Cosmos India
The communities within Cosmos India are building powerful and innovative systems and applications leveraging Cosmos frameworks and technology, bringing immense value to the entire ecosystem of interconnected systems. These four projects are just a flavor of what this promising country has in store.
