Cosmos hosts most of the infrastructure and finance related apps and projects. It also houses others such as privacy, marketplace, social influence, gaming, microservices, smart contracts, enterprise apps and projects. Crypto expert Will Izuchukwu introduces the top 5 Cosmos ecosystem tokens for under $2 to watch in August 2022.
First project based on Cosmos Secret Network (SCRT)
Secret (SCRT) is a privacy-focused Blockchain based on Cosmos. Because smart contracts run on Blockchains, Secret Contracts smart contracts enable DApps to leverage private data in Secret. Secret Contracts, on the other hand, hide data while converting encrypted inputs to encrypted outputs.
According to its website, Secret Network claims to be the first Blockchain with customizable privacy, reflecting a Web3 where users can choose what, with whom, and how to share. This means that Secret does not disclose sensitive user data on the Blockchain through private voting processes or credit scoring applications. Secret Network focuses on privacy and provides end-to-end data encryption. That’s why it’s different from other Blockchains like Ethereum.
The second altcoin in Cosmos is Band Protocol (BAND)
Band Protocol entered the market in 2019. A cross-chain data oracle platform that receives data from the real world and provides data to applications running on other Blockchains. It also connects APIs to smart contracts to make cross-chain data exchange from on-chain and off-chain data sources more accessible.
Thanks to Band Protocol’s permissionless oracle creation feature, everyone has the opportunity to fulfill their data requests. Using WebAssembly, programmers can quickly connect smart contracts to traditional web APIs by creating bespoke oracles. In addition, it provides simple smart contract integration that enables programmers to invoke a predefined interface with just a few lines of code, making Band Protocol information from their oracles.
Third project based on Cosmos Kadena (KDA)
Kadena was introduced to the market in 2016. A scalable variant of Bitcoin. The project is a PoW Blockchain that combines the Bitcoin PoW consensus process with the principles of the Directed Acyclic Graph (DAG). Kadena claims that it can provide the same level of security as Bitcoin while enabling businesses and entrepreneurs to use Blockchain. The developers used the multi-chain strategy in the project. That’s why they designed Kadena’s architecture to be decentralized and widely adopted.
Kadena guarantees industrial scalability that can support and scale in response to changing financial systems. Another difference from Bitcoin is that it promises to remain energy efficient at scale and provide more transactions with the same energy input. This allows it to print many blocks at once. Thus, it increases the efficiency of Kadena. Kadena uses a directed acyclic graph topology. This way it scales from a PoW Blockchain to a theoretically infinite number. It also improves scalability and real-world performance. For more information about the project cryptocoin.comCheck out this article.
In fourth place is Aragon (ANT)
Aragon (ANT) entered the market in 2016. The project is a decentralized platform built on the Ethereum network. It provides a modular mechanism for developing and managing decentralized applications (dApps), crypto protocols, and decentralized autonomous organizations (DAOs).
Aragon gives individuals the tools to transform a community, cause, or even a meme into its economy. This way it’s possible to open a long DAO queue not limited to protocols like Ethereum or Bitcoin only. In addition to basic financial tools such as tokenization, Aragon creates templates to define the boundaries of a community and transfer value to contributors over the internet without traditional intermediaries.
Latest Cosmos-based project Injective (INJ)
Access to unlimited decentralized financial markets is possible with Injective. Specifically, Injective is an interoperable protocol built for applications in decentralized finance. The developers specifically designed the Injective Chain to allow Ethereum-compatible DeFi implementations with instant precision, block times of less than two seconds, and processing 10,000 or more transactions per second.
The Injective ecosystem has more than 200,000 community members worldwide. Also, it has more than 100 projects. Many well-known investors support Injective, including Binance, Pantera Capital, and Mark Cuban. Additionally, it is possible for Injective to facilitate exchanges between Cosmos-based projects.
